The ASEAN Economic Community, planned to come into effect in 2015, is expected to liberalize goods, capital and skilled labor flows in the ASEAN region. While there has been considerable progress in the area of trade integration, financial integration still lags behind. The ASEAN Banking Integration Framework, which aims to liberalize the banking market by 2020, could help pave the way for further integration and the entry of ASEAN banks into regional banking markets.
The rise of mega-regionals such as the Regional Comprehensive Economic Partnership (RCEP) and the Trans-Pacific Partnership (TPP) suggest that the world trade system is fragmenting to appear more like a jigsaw puzzle than a spaghetti bowl. How do we resolve the growing mess?
We’ve wrapped up our 47th Annual Meeting in Astana today with plenty of food for thought on what lies ahead for our vast, diverse region.
Almost 1,500 years ago in the sixth and seventh century, southern Kazakhstan was part of the famous Silk Road that carried goods, ideas and cultural influences from as far as China to Europe.
Asian success stories have broken down the old distinctions between rich countries and poor, developing and developing, development assistance providers and aid recipients.
Where are Asia’s economies headed to in the short and long term? What shape are they in to withstand future financial crises? And how can they respond to the yawning rich-poor divide, now a key concern among Asian and global policymakers? These were some of the key points discussed over the first two days of business at our 47th Annual Meeting, held in Astana, Kazakhstan.
With its stunning, modern architecture, crisp blue skies, and myriad influences, Kazakhstan’s capital, Astana, provides a dramatic backdrop for ADB’s 47th Meeting of the Board of Governors that starts 2 May and concludes three days later.
Central Asia has for centuries been seen as a neglected Russian “backyard,” but international interest in the region has increased over the last two decades because of its vast stores of energy and natural resources. To achieve a brighter future the region must pursue greater economic integration.
Striking rates of economic growth notwithstanding, 550 million people remain hungry in Asia and the Pacific, 65% of the population has no safe piped water, and more than 600 million people live without electricity. Overcoming these problems requires a combined approach in which food, water and energy are treated as a nexus, rather than as separate, standalone issues, which has too often been the case in the past.
Last Friday, 7 March, 2014, Shanghai Chaori Solar Energy Science and Technology Co Ltd defaulted on its 1 billion yuan ’Chaori-11 bond‘ when it failed to pay in full the coupon due that day. The default should not have taken investors by surprise as the company has been struggling over the past few years due to general weakness in the solar panel market.