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Regional trade

Navigating out of the crisis: a trade-led recovery: a practical guide for trade policymakers in Asia and the Pacific

Countering the economic crisis in the Asia Pacific region

Authors:
Publisher: United Nations Economic and Social Commission for Asia and the Pacific , 2009

Full text of document

Responding to the current economic and financial crisis, which is severely affecting global trade, is an unprecedented challenge for policy makers of the Asia-Pacific region. The severity and speed of the downturn was largely unpredicted and has triggered widespread populist pressure on governments to protect national markets and jobs through protectionist measures. This guide aims to sensitise policy makers as to various trade, investment and trade facilitation policy tools which could be used to counter the economic and social impacts of the crisis. The authors show how a regionally coordinated policy response will benefit most Asia-Pacific economies as they have grown interdependent as a result of regional integration initiatives and the establishment of intra-regional supply chains.

The guide considers the national coordination for a trade-led recovery and how to maintain the supremacy of the multilateral trading system. The authors address trade financing and trade development constraints and the potential for diversifying products and markets for exports. The importance of enhancing South-South trade and cooperation is highlighted in addition to promoting Asia-Pacific businesses for long-term competitiveness. Finally the document looks beyond the crisis – positioning the Asia-Pacific region for the future. The following points are made:

  • corporate social responsibility will contribute to sustainable growth and industry competitiveness over the long term
  • governments should promote all types of cooperation between public and private sectors, including public-private partnerships, to address new developmental challenges
  • incorporating the development and utilisation of environmentally sound products and processes into long-term development strategies
  • assisting companies in adopting energy-saving technologies and products and using renewable energy where possible.