Economies in Asia and the Pacific should consider utilization rates as a regional public good allowed to raise the value of trade agreements and foster regional value chains.
The pandemic, which devastated the tourism industry worldwide, illustrated the importance of Maldives diversifying its economy to sectors other than tourism and travel.
The rise of trade distorting measures adopted unilaterally by countries signals the need for reform of World Trade Organization rules and procedures.
Asia’s industries, primarily manufacturing, fueled phenomenal economic growth and poverty reduction in recent decades. But today many countries are looking to the service sector as an alternative.
With mega trade deals and digitalization, we need to rethink aid for trade with more focus on policy and regulatory support.
Business-friendly policies, and the transition to greater use of e-commerce and on-demand production, are key to helping Asia’s small and medium-sized fashion companies bounce back from the pandemic.
A range of factors have helped Asia’s supply chains weather the pandemic better than those in other parts of the world. Vigilance is needed to maintain these vital trade links.
These charts illustrate the strong momentum of Asia’s trade growth during 2021, showing its resilience amid continuing uncertainties around the pandemic and a potential slowdown in the pace of global economic recovery.
Greater transparency is required to make global trade and supply chains more reliable and to ensure sustainability and social standards are met. But that is easier said than done.
With the right policies and investments, Bangladesh can become a trade and transport hub in South Asia.