Trading more within Asia makes economic sense
1 year, 10 months ago

Trading more within Asia makes economic sense

The Hindu  

South Asia should now have a re-look at regional trade across Asia after the warning by the International Monetary Fund on January 31, 2023, that global trade would slow down from 5.4% in 2022 to 2.4% in 2023. A recently published paper in an IMF book, “South Asia’s Path to Resilient Growth”, argues that a strong base exists for South Asia trading more with dynamic East Asia: since the 1990s, South Asia-East Asia trade has gathered pace, which is linked to India’s trade re-aligning towards East Asia through its ‘Look East’ and ‘Act East’ policies, South Asia adopting reforms, and also China offshoring global supply chains to Asia. The handful of free trade agreements linking economies in South Asia with East Asia may rise to 30 by 2030. Improving SEZ processes and outcomes in South Asia requires ensuring macroeconomic and political stability, adopting good practice regulatory policies towards investors, providing reliable electricity and 5G broadband cellular technology, and also upgrading worker skills. Accordingly, a narrower geographical coverage between South Asia and Southeast Asia may be a building block for eventual trade integration across Asia.

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History of this topic

Trade cooperation to boost East Asian economy
3 weeks, 5 days ago

Trade cooperation to boost East Asian economy

China Daily  

WANG XIAOYING/CHINA DAILY The geopolitical and geo-economic landscapes will likely undergo profound changes after Donald Trump is sworn in as the United States president in January. Need to make new breakthroughs Trade and economic cooperation among China, Japan and the ROK has reached a critical juncture, from where they can "fall behind if not advancing". Since the next three to …

ASEAN's Industrial Landscape: A New Chapter with China's Relocation
1 month, 2 weeks ago

ASEAN's Industrial Landscape: A New Chapter with China's Relocation

China Daily  

East Asia's industrial chain is undergoing a significant shift as countries move away from China. The relocation of industrial chains from China to Southeast Asia will reshape the region's industrial structure, with Southeast Asian countries gaining greater development potential due to their diverse economic landscape and lower labor costs. However, China's dominance in the global industrial chain is threatened by …

A time to rethink
1 month, 2 weeks ago

A time to rethink

China Daily  

MA XUEJING/CHINA DAILY In recent years, the relocation of industrial chains from China has attracted widespread attention. The relocation of industrial chains from China to the Southeast Asian nations will not only expand the scale of East Asia's industrial chains, but also profoundly reshape the region's industrial structure. In East Asia's regional industrial chain, Southeast Asian countries have many advantages …

World Bank Calls for Tariff Reduction and Ease of FDI in India to Unlock Growth Potential
2 months, 1 week ago

World Bank Calls for Tariff Reduction and Ease of FDI in India to Unlock Growth Potential

Live Mint  

World Bank economist Franziska Ohnsorge urges India to reduce tariffs and ease foreign direct investment restrictions to unlock its full potential. She highlights India's small market share but emphasizes that it can still capitalize on opportunities due to its proximity to global supply chains. The World Bank expects South Asia to remain the fastest growing among emerging market and developing …

Northeast Asia needs stable China-Japan-ROK ties
6 months, 4 weeks ago

Northeast Asia needs stable China-Japan-ROK ties

China Daily  

MA XUEJING/CHINA DAILY Northeast Asia is becoming the center of major power competition. The three sides also need to boost intra-regional investment, as there is great demand for trilateral cooperation in areas such as medical care and financing, which could become new growth engines for the region. During the eighth China-Japan-ROK leaders' meeting in Chengdu, Sichuan province, in 2019, the …

Northeast Asia needs stable China-Japan-ROK ties
6 months, 4 weeks ago

Northeast Asia needs stable China-Japan-ROK ties

China Daily  

MA XUEJING/CHINA DAILY Northeast Asia is becoming the center of major power competition. The three sides also need to boost intra-regional investment, as there is great demand for trilateral cooperation in areas such as medical care and financing, which could become new growth engines for the region. During the eighth China-Japan-ROK leaders' meeting in Chengdu, Sichuan province, in 2019, the …

India’s transformation critical to strengthening multipolarity in Asia: Jaishankar
6 months, 4 weeks ago

India’s transformation critical to strengthening multipolarity in Asia: Jaishankar

Hindustan Times  

NEW DELHI: India’s transformation is critical to strengthening multipolarity in Asia and the country’s growing weight will ensure the world order remains in favour of freedom, openness and transparency, external affairs minister S Jaishankar said on Friday. External affairs minister S Jaishankar speaks during the 2024 Nikkei Future of Asia Forum on May 24 In a virtual address to Nikkei …

No push over
7 months, 3 weeks ago

No push over

China Daily  

LI MIN/CHINA DAILY The US will not be able to exclude China from the regional production and supply chains In a trilateral summit in Washington in April, the United States, the Philippines and Japan reached agreement on maritime security cooperation, and announced that the US and Japan will support the Philippines through a set of new economic partnerships, including developing …

Debt, trade barriers and uncertainty will drag on Asian economies in 2024, World Bank report says
8 months, 3 weeks ago

Debt, trade barriers and uncertainty will drag on Asian economies in 2024, World Bank report says

Associated Press  

BANGKOK — Asian economies are not doing as well as they could and growth in the region is forecast to slow to 4.5% this year from 5.1% in 2023, the World Bank said in a report released Monday. Debt, trade barriers and policy uncertainties are dulling the region’s economic dynamism and governments need to do more to address long-term problems …

3 Economic Stories in ASEAN to Watch in 2024
11 months, 3 weeks ago

3 Economic Stories in ASEAN to Watch in 2024

The Diplomat  

2023 was a year of big economic news in Southeast Asia. Because Southeast Asia has some of the largest and fastest growing economies in the world, and much of that growth has historically been powered by fossil fuels, the clean energy spotlight has recently turned toward countries like Indonesia, Vietnam, and Thailand. At this point it is pretty obvious that …

India and Japan Converge in Southeast Asia
1 year, 1 month ago

India and Japan Converge in Southeast Asia

The Hindu  

Upon dropping a series of Chinese-led infrastructure projects due to sustainability and geopolitical concerns, the Philippines is now redirecting its attention to Japan and India as alternative sources of development and security. Thus, Japan and India’s bolstered engagements in Southeast Asia complement the interest of resident countries like the Philippines to lessen their susceptibility to China’s expanding economic clout and …

India's trade trajectory: FTAs and beyond
1 year, 1 month ago

India's trade trajectory: FTAs and beyond

Live Mint  

India has been refining its global trade strategy, emphasizing a fresh outlook on Free Trade Agreements. India's readiness to face these emerging challenges will determine how well it can fulfil its ambitions of becoming an export-oriented manufacturing hub Not so long ago, India embarked on a journey to strengthen its trade relations with several nations, forging FTAs that promised mutual …

Indo-Malaysia tie: A counterbalance to growing volatility in East Asia?
1 year, 2 months ago

Indo-Malaysia tie: A counterbalance to growing volatility in East Asia?

Hindustan Times  

Contagion to conflict over the past few years have caused severe disruptions in global supply chains for goods, rising cost of commodities and cost-of-living crisis around the world. In the event of a possible conflict in the SCS region, ASEAN’s economic over-reliance on China could certainly become an impediment. India’s growing economic and geopolitical stature could provide Malaysia with a …

South Asia is expected to grow by nearly 6% this year, making it the world’s fastest-growing region
1 year, 2 months ago

South Asia is expected to grow by nearly 6% this year, making it the world’s fastest-growing region

Associated Press  

NEW DELHI — South Asia is expected to grow by 5.8% this year, making it the fastest-growing region in the world even as the pace remains below pre-pandemic levels, the World Bank said on Tuesday. The latest South Asia Development Update from the World Bank projected growth in the region to slow slightly to 5.6% in 2024 and 2025, as …

Eastern hedge: The Hindu Editorial on the need for India to stay closely engaged with ASEAN members
1 year, 3 months ago

Eastern hedge: The Hindu Editorial on the need for India to stay closely engaged with ASEAN members

The Hindu  

Prime Minister Narendra Modi’s whistle-stop summit sojourn to the Indonesian capital of Jakarta earlier this week was primarily aimed at deepening India’s engagement with the economically significant grouping of 10 Southeast Asian nations. Coming on the eve of India’s hosting of the G-20 summit in New Delhi as the current holder of the bloc’s presidency, Mr. Modi’s presence at the …

Japan, ASEAN, and ‘De-risking’ Through Free Trade
1 year, 4 months ago

Japan, ASEAN, and ‘De-risking’ Through Free Trade

The Diplomat  

This year is the 50th anniversary of ASEAN-Japan relations, which have been marked by a growing interdependence. Another factor, however, is ASEAN’s stance of constantly pursuing free trade, such as promoting trade liberalization within the region and sublimating it into the ASEAN Economic Community. Some countries, particularly advanced economies, have shown signs of “trade agreement fatigue.” Yet ASEAN has managed …

India-ASEAN trade deal ill conceived: Goyal
1 year, 4 months ago

India-ASEAN trade deal ill conceived: Goyal

Live Mint  

India-ASEAN trade deal signed under the UPA era is one of the most ill-conceived deals, commerce minister Piyush Goyal said on Thursday at an industry event. India mostly imports capital goods, raw materials and intermediates from Asean, the tariff concessions under the free trade agreements have also been advantageous to many sectors and adversely impacted domestic companies, especially chemicals and …

India, China to contribute half of global growth: IMF
1 year, 7 months ago

India, China to contribute half of global growth: IMF

Deccan Chronicle  

New Delhi: Growth in the dynamic Asia-Pacific region is projected to increase to 4.6 per cent this year from that of 3.8 per cent recorded in 2022, according to the International Monetary Fund which stated that the growth will be largely led by India and China. In its Regional Economic Outlook - Asia and Pacific report released on Tuesday, the …

Asia-Pacific to grow 4.6% in 2023; India, China to contribute half of global growth: IMF
1 year, 7 months ago

Asia-Pacific to grow 4.6% in 2023; India, China to contribute half of global growth: IMF

The Hindu  

Growth in the dynamic Asia-Pacific region is projected to increase to 4.6% this year from the 3.8% recorded in 2022, according to the International Monetary Fund which stated that the growth will be largely led by India and China. In its “Regional Economic Outlook - Asia and Pacific” report released on May 2, the Washington-based fund said the region would …

Aakar Patel | If our trade with China can see a rise, why not with our neighbours?
1 year, 11 months ago

Aakar Patel | If our trade with China can see a rise, why not with our neighbours?

Deccan Chronicle  

Reserve Bank governor Shaktikanta Das said last week that the government and the RBI were in discussions with South Asian countries to enable cross-border trade in the rupee. The World Bank says that trade between South Asian nations accounts for only five per cent of the region’s total trade. The World Bank says “border challenges mean it is about 20 …

Government, RBI in discussion with South Asian countries for cross-border rupee trade: Shaktikanta Das
1 year, 11 months ago

Government, RBI in discussion with South Asian countries for cross-border rupee trade: Shaktikanta Das

The Hindu  

RBI Governor Shaktikanta Das on January 6, 2023 said the government and the central bank are in discussion with South Asian countries to have cross-border trade in rupee. We are already in discussion with some of the countries in this region and to facilitate rupee settlement of cross border trade in the South Asian region," Mr. Das said. Mr. Das …

RBI, Govt In Discussions With South Asian Countries For Cross-Border Trade In Rupee: Shaktikanta Das
1 year, 11 months ago

RBI, Govt In Discussions With South Asian Countries For Cross-Border Trade In Rupee: Shaktikanta Das

News 18  

RBI Governor Shaktikanta Das on Friday said the government and the RBI are in discussions with South Asian countries to have a cross-border trade in the rupee. South Asian nations need to undertake deep reforms to raise productivity, Das said while addressing the IMF Conference on South Asia’s path to resilient growth. Taming inflation, containing external vulnerabilities, raising productivity, strengthening …

Instability in South Asia Spells Trouble for China
2 years, 7 months ago

Instability in South Asia Spells Trouble for China

The Diplomat  

It’s been one hell of a month in South Asia. As discussed in separate articles later in this issue, Pakistan and Sri Lanka have both seen major protests, with a full-on change of government in Islamabad and Sri Lanka’s rulers teetering on the edge. The new developments in South Asia are reshaping the diplomatic landscape and China’s interests will inevitably …

Can India re-imagine South Asia
2 years, 7 months ago

Can India re-imagine South Asia

The Hindu  

After weeks of protests, Sri Lankan Prime Minister Mahinda Rajapaksa stepped down this month, but that is not the only big political non-electoral change in the neighbourhood in 2021-22. Then we had a similar kind of global economic shock triggered by the oil embargoes which hurt practically every South Asian country, including India. On the other hand, China has started …

South Asia: A region in search of regionalism
2 years, 8 months ago

South Asia: A region in search of regionalism

The Hindu  

South Asia as a concept is of recent vintage, a byproduct of the Cold War. Although it is not a part of the region as per international relations literature, it shares a border with Afghanistan, Bhutan, India, Nepal and Pakistan, five of the eight South Asian Association for Regional Cooperation countries. The China card China’s proximity to the region and …

What explains India's high import traiffs
2 years, 10 months ago

What explains India's high import traiffs

Live Mint  

Decoding India’s tariff and trade policy has become increasingly difficult for trade experts. Unlike them, India’s free-trade agreement partners like the Republic of Korea and Thailand also have fairly high average autonomous tariffs, compared to countries like Australia and New Zealand. Learnings from previous agreements: India’s comprehensive economic partnership agreement with ROK has been a key learning experience in the …

Cross-border controls impeding supply chains in Southeast Asia
2 years, 11 months ago

Cross-border controls impeding supply chains in Southeast Asia

Hindustan Times  

Just as the world had started moving towards greater openness away from the closure of borders since the outbreak of the Covid-19 pandemic almost two years ago, the recent global upsurge of the Omicron variant again has affected supply chain networks, as at least 56 countries have re-imposed certain forms of travel restrictions. Southeast Asia’s position in global trade comes …

China's growing trade benefits the world
3 years ago

China's growing trade benefits the world

China Daily  

MA XUEJING/CHINA DAILY Editor's note: What was the Chinese economy like in 2001 and how will its trade develop in the coming years? Excerpts follow: Q: This year marks the 20th anniversary of China's accession to the World Trade Organization. Through the much convenient and favorable trading of goods, China's trade with the Association of Southeast Asian Nations, Japan and …

RCEP poised to boost trade, investment in Asia-Pacific
3 years, 1 month ago

RCEP poised to boost trade, investment in Asia-Pacific

China Daily  

By ZHAO RUINAN| China Daily| Updated :2021-11-24 The Regional Comprehensive Economic Partnership will facilitate trade and investment in the Asia-Pacific region, boost post-pandemic economic recovery and set an example for regional and multilateral cooperation, analysts said. The trade deal, which is designed to remove tariffs on about 90 percent of goods, will facilitate trade and investment in the region, especially …

Batting for ‘One South Asia’ makes more sense
3 years, 1 month ago

Batting for ‘One South Asia’ makes more sense

The Hindu  

Over the course of four days, at the G20 in Rome and COP26 in Glasgow, Scotland, Prime Minister Narendra Modi spoke at nearly a dozen events, expanding on India’s plans to counter climate change. Missing however, was any reference to India’s own region, the subcontinent, South Asia, without which India’s multiple forays on fighting climate change could well prove fruitless. …

India must find its way back into trade arrangements
3 years, 2 months ago

India must find its way back into trade arrangements

Hindustan Times  

India and its neighbours have been hesitant to embrace trade as a core element in development. As India watches, Southeast Asian countries are signing free trade agreements, improving market access and creating conditions for deepening their already strong integration with global value chains. Some of these trade initiatives include the Comprehensive and Progressive Agreement for Trans-Pacific Partnership covering Pacific-rim countries; …

Global supply chains are being battered by fresh COVID surges
3 years, 4 months ago

Global supply chains are being battered by fresh COVID surges

LA Times  

Snarls at ports in Asia could affect global supply chains just as shipments would usually ramp up for the Christmas holiday shopping season. The snarls in Asia — where the United Nations estimates around 42% of global exports are sourced — risk affecting global supply chains just as shipments would usually ramp up for the Christmas holiday shopping season. But …

The global trade map after Covid-19
3 years, 5 months ago

The global trade map after Covid-19

Hindustan Times  

In the wake of rising protectionism over the last half decade, the sudden economic stops wrought by Covid-19, the corollary disruptions of supply chain activity, and shocks to supply and demand, commentators from across the globe have trumpeted the ‘end’ of globalisation. Looking beyond goods, cross-border exchanges of services, as well as flows of finance, and exchanges of human capital …

India's GDP to Grow at 11% This Fiscal, Surge in Covid Cases May Put Economic Recovery at Risk: ADB
3 years, 7 months ago

India's GDP to Grow at 11% This Fiscal, Surge in Covid Cases May Put Economic Recovery at Risk: ADB

News 18  

The Indian economy is projected to grow at 11 per cent in the current financial year amid the “strong” vaccine drive, said ADB on Wednesday, while cautioning that the recent surge in Covid cases may put the country’s economic recovery at “risk”. “India’s economy is expected to grow 11 per cent in fiscal year 2021, which ends on March 31, …

The surge of geopolitics in South Asia’s power trade
3 years, 9 months ago

The surge of geopolitics in South Asia’s power trade

The Hindu  

India has released new rules governing the trade of electricity across its borders. They define the contours of the South Asian electricity market, placing clear limits on who can buy from and sell into India. In masterful legalese, the rules strongly discourage the participation of plants owned by a company situated in “a third country with whom India shares a …

Patience please: India’s ASEAN journey has much further to go
3 years, 9 months ago

Patience please: India’s ASEAN journey has much further to go

Live Mint  

Very often, especially after India’s recent refusal to join the Regional Comprehensive Economic Partnership Agreement, we hear that “the ASEAN-India FTA is not good for India”. Bilateral trade between ASEAN and India presently accounts for almost 11% of India’s global trade, up marginally by 1% from 2010-11 to 2019-20. If we add numbers for China, Japan and Korea, then countries …

South Asia is Most Vulnerable to Conflict as Covid-19 Pandemic Causes an Unstable Global Scenario
3 years, 11 months ago

South Asia is Most Vulnerable to Conflict as Covid-19 Pandemic Causes an Unstable Global Scenario

News 18  

In an interview to mark the Remembrance Day in November last year, Britain’s Chief of Defence Staff, General Sir Nick Carter, remarked, “I think we are living at a moment in time where the world is a very uncertain and anxious place…the real risk we have with quite a lot of the regional conflicts that are going on at the …

15 Asian Nations Sign World's Largest Free Trade Pact in Major Coup for China, India Absent
4 years, 1 month ago

15 Asian Nations Sign World's Largest Free Trade Pact in Major Coup for China, India Absent

News 18  

Fifteen Asia-Pacific countries on Sunday signed the world’s biggest free trade deal, seen as a huge coup for China in extending its influence. “It clearly shows that multilateralism is the right way, and represents the right direction of the global economy and humanity’s progress.” The agreement to lower tariffs and open up the services trade within the bloc does not …

India and ASEAN to expand trade despite RCEP walkout
4 years, 1 month ago

India and ASEAN to expand trade despite RCEP walkout

The Hindu  

November 12, 2020 05:35 pm | Updated 09:45 pm IST - New Delhi India and ASEAN countries said they would explore ways to increase trade between them despite India’s exit from the 15-nation Regional Comprehensive Economic Partnership agreement. The RCEP free trade agreement, which India walked out from a year ago, is expected to be signed on November 15th, between …

India must take the lead in South Asia | Analysis
4 years, 3 months ago

India must take the lead in South Asia | Analysis

Hindustan Times  

With the privilege of being the region’s largest economy by far comes the power to make a difference. In a just-released report from the Centre for Policy Research, India as the Engine of Recovery for South Asia: A Multi-Sectoral Plan for India’s COVID-19 Diplomacy in the Region that we have co-authored with our colleagues, Shyam Saran and Sandeep Bhardwaj, we …

China's economic rebound good news for Southeast Asian nations, says economist
4 years, 5 months ago

China's economic rebound good news for Southeast Asian nations, says economist

China Daily  

A textile company resumes work in Zaozhuang, East China's Shandong province, on Feb 20, 2020. WASHINGTON - China's economic growth is likely to benefit Southeast Asian nations as the country commands a "lion's share" of regional exports, CNBC quoted an economist as saying on Thursday. China's gross domestic product expanded by 3.2 percent year-on-year in the second quarter, following a …

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