Developing Asia: An Overview Srinivasa Madhur The rags-to-riches stories of economic success of Newly Industrialised Countries (NICs) have made trade liberalisation and exchange reforms a fad in south and south-east Asian countries. These countries are proceeding with reforms at a breakneck speed to make up for the 'precious time lost'. The reforms which South Korea and Taiwan implemented during the course of two decades are being carried out overnight.