The Asia-Latin America economic relationship is one of the most dynamic in the world economy today. Trade continues to increase between the two regions, and it now amounts to around half a billion dollars annually. Over 20 free trade agreements have also been concluded between the regions. However, there are considerable ongoing challenges to overcome if trade relationships are to continue deepening and overall trade between Asia and Latin America is to increase. Such challenges include the distance between the two regions, cultural differences, business practices, insufficient infrastructure, and regulatory impediments. Speaking at ADBI, Antoni Estevadeordal of the Inter-American Development Bank and Ganeshan Wignaraja of ADBI examine the current state of play between Asia and Latin America, opportunities for trade development, and the way forward. They draw upon the new ADBI-IDB publication New Frontiers in Asia-Latin America Integration: Trade Facilitation, Production Networks, and FTAs. See interview.
Trade Governance and the WTO in the 21st Century
What changes are taking place in the world trading system since the global financial crisis and what are the implications for Asia? The WTO Doha Development Round is in deadlock and the emergence of the mega-regional Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership are likely to transform world trade governance. Addressing these questions and the current state of play at an ADBI seminar held on 20 March, trade experts including Richard Baldwin, Professor of International Economics at the Graduate Institute Geneva, emphasized the need to start thinking ahead about the shape of regional and global trade governance and reforming the World Trade Organization. Former ADBI Dean and now Professor at the University of Tokyo, Masahiro Kawai, Ganeshan Wignaraja, ADBI's Director of Research, and Satoshi Inomata, Chief Senior Researcher at IDE-JETRO also presented at the seminar which was moderated by ADBI Dean Naoyuki Yoshino. Read more.
Capital Market and Financial Reforms in Asia: Trends, Developments, and Challenges
Many responses to the 2008 financial crisis involved the use of credit injections and monetary stimulus. While those measures successfully eased the transitional pain for many emerging economies, potential risks and vulnerabilities arising from higher interest rates, capital outflows, asset price volatility, and tighter banking regulations remain. At the 16th ADBI-OECD Roundtable on Capital Market and Financial Reform in Asia on 11-12 March, and a High-Level Panel on Institutional Investors and Long-Term Investment Financing on 13 March, at ADBI, it was recommended that in order to manage these unintended effects of regulatory reforms and transition to greater financial stability, policymakers should continue to strengthen risk management for banks, implement good governance, and encourage full functioning of capital markets for value creation and non-bank market-based financing. Read more.
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