By Rachel Lee
An international conference in Seoul has called for greater government efforts to strengthen economic cooperation and integration in the Asia-Pacific region to promote inclusive and sustainable growth.
The conference, hosted by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) East and the North-East Asia Office, was held at the Korea University on June 13 to 14.
The Asian Development Bank and the Korea International Economic Association co-hosted the International Conference on Regional Integration and Economic Resilience. It aimed to provide a platform for academics and policymakers to discuss how to bolster regional economic cooperation and integration in Asia amid global economic uncertainties and rising protectionism, the UNESCAP office said.
“Amid an emergence of nationalism and anti-globalization in Western countries, intraregional trade and investment in Asia have become more important than ever,” said Lee Jong-wha, president of the Korea International Economic Association (KIEA) and director of the Asiatic Research Institute at Korea University, said. “Despite being deeply interdependent, countries in the region still struggle to act collectively.”
On the first day, the conference focused on reviewing recent developments in Asian and global economies, and identifying challenges to regional economic integration and cooperation.
The conference’s second day covered the role of trade and investment integration in promoting inclusive and sustainable growth in Asia. Regional economic cooperation and integration were highlighted as key to achieving the U.N.’s Sustainable Development Goals (SDGs).
“Regional cooperation and integration can play a pivotal role in supporting the region’s progress and in addressing the challenges it faces,” the Asian Development Bank’s Chief Economist and Director General Yasuyuki Sawada said. “It can help accelerate economic growth, reduce poverty and economic disparities, raise productivity and employment, and strengthen institutions.”
The Chairman and President of the Export-Import Bank of Korea Choi Jong-ku said: “Asia is forecast to maintain a strong growth rate of 5 per cent for the next two years, continuing to drive global economic growth. Drawing on the Republic of Korea’s development knowhow and official development assistance (ODA) experiences in developing countries, Eximbank will continue to support the development of Asia by providing a wide range of innovative export-import financing tools.”
Kilaparti Ramakrishna, director and head of the UNESCAP East and North-East Asia Office, called for countries to take the lead in bringing together the Asia-Pacific region and advancing regional cooperation and integration.
“Integrated markets, seamless connectivity, financial cooperation and addressing shared vulnerabilities are the key areas for improving functional cooperation and integration in the region,” he said, referring to the Bangkok Declaration that was endorsed in 2014.
Regional participants underscored the importance of expanding global value chains and green trade to reduce climate change and disaster risks. In the face of an uncertain global environment and growing protectionism, they urged trade liberalization through multilateral free trade agreements and regional investment treaties to increase foreign direct investment and enhance the region’s economic resilience to slowing global growth.
ADB director Park Cyn-Young said: “Regional integration is a multidimensional process that cannot be captured by a single variable alone. While the Asia-Pacific region made significant progress in regional integration, driven largely by trade and investment, there is still a need to further develop institutional and social frameworks to fully achieve regional integration.”
The Second Ministerial Conference on Regional Economic Cooperation and Integration is tentatively scheduled for October in Bangkok to promote regional economic cooperation integration to help achieve the SDGs, the UNESCAP office said.
For further information, visit, www.aric.adb.org/events/integration-resilience.