Pandemic Partners: Regional Cooperation Has Helped Asia and the Pacific Mitigate and Recover from COVID-19
The region’s success with decades of growth and poverty reduction is due in large part to the international movement of trade, capital, people, knowledge, and resources – not only within the region but with the rest of the world. This type of regional cooperation is also a powerful tool in addressing the pandemic.
Central Asia’s long-term economic prosperity depends upon participation in global value chains and upgrading to higher value-added activities.
The Regional Comprehensive Economic Partnership brings 15 nations and 2.2 billion people into a trade partnership. It also offers broad economic and societal benefits that go beyond imports and exports.
The pandemic has underscored the importance of trade facilitation within South Asia and with the region’s neighbors.
By working together with countries to make sound socioeconomic development strategies, multilateral financial institutions can contribute substantially to the fight against the pandemic.
With expanding regional cooperation and a readily available platform, the building blocks are in place for Central Asia to achieve energy security, resilience and economic competitiveness.
The historic spirit of cross-border trade in Central Asia is being revived in the energy sector.
A forward-looking, regional approach is needed for countries in Central Asia to respond to the pandemic and prepare for future public health threats.
The pandemic provides an opportunity for regional financial cooperation on reforms to make Asian banks more resilient to crises.
The production processes and supply chains that feed into the production of masks, gloves and other personal protective equipment must be secured.