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The 2021 edition of the Outlook addresses reallocation of resources to digitalisation in response to COVID-19, with special focuses on health, education and Industry 4.0. During the COVID-19 crisis, digitalisation has proved critical to ensuring the continuity of essential services.
Asia's remarkable economic performance and transformation since the 1960s has shifted the center of global economic activity toward Asia, in particular toward the Association of Southeast Asian Nations (ASEAN) economies, the People's Republic of China, and India (collectively known as ACI). While these dynamic developing economies do not form any specific institutional group, they constitute very large economies and markets. These emerging Asian giants share common boundaries, opportunities, and challenges. Their trade, investment, production, and infrastructure already are significantly integrated and will become more so in the coming decades. This book focuses on the prospects and challenges for growth and transformation of the region's major and rapidly growing emerging economies to 2030. It examines the drivers of growth and development in the ACI economies and the factors that will affect the quality of development. It also explores the links among the ACI economies and how their links may shape regional and global competition and cooperation.
India is known as a leading voice in international affairs. India's economic size, vast and growing market, democratic institutions, access to ocean and foundation of science largely explain why India continues to play an important role in global and regional affairs. India is the only country in Asia having the heft to counterbalance China and thus welcomed by many countries in Asia and the Pacific. India has embarked on a period of radical changes in its foreign and economic policies. Faced with a major slowdown of India's trade with Southeast and East Asia in 2014-15, the government responded by initiating far-reaching Act East Policy (AEP) aimed at greater economic integration with South, Southeast and East Asian nations. Started with a fresh vigour in 2014, AEP has gained a new momentum while acting on the east. The Act 'East' is now getting transformed into Act 'Indo-Pacific'. This book presents short essays written by the author on several key aspects of India's economic relations and the challenges faced by India in the post-AEP period. Ten broad themes are analysed in this book: BBIN, BIMSTEC, SAARC, ASEAN, MGC, Act East - North East, BCIM, BRI, Act Far East and Indo-Pacific. This volume highlights what, in author's best judgement, should be the direction for India's expanding neighbourhood. It is an economist's insight and field experience based analysis that offers guidelines for international cooperation. This volume is an invaluable companion for the policymakers, academia, students of international relations, diplomats and the general readership as well. India's foreign policy started attracting renewed global attention since the beginning of the economic reforms in 1991 which led to the gradual opening of the Indian economy. India's trade has expanded manifold and today contributes over 40 per cent of its GDP, as compared about 3 per cent before. In PPP terms, India is the world's one of the top five largest economies. Clearly, the world expects India to play a larger role, commensurate with its size and growing power. In rising protectionism worldwide, countries, particularly developing and LDCs are looking towards a greater regional cooperation.
East Asia is the region of the world that is changing fastest in terms of trade arrangements. Dozens of free-trade agreements are signed every year, turning a complex situation into the East Asian noodle bowl of FTAs. This book addresses the crucial question posed by these new agreements how do they affect business? While many studies have focused on government-to-government issues, this book gets to the heart of the matter, studying what it means for the firms actually doing the trade and investment. I recommend this book to any serious student of trade, particularly those interested in understanding the rapidly evolving landscape in this most dynamic part of the world. Richard Baldwin, Professor of International Economics, Graduate Institute, Geneva, Switzerland The pursuit of more than one hundred Free Trade Agreements in East Asia is quietly producing a fundamental change in the global economic architecture. This path-breaking new volume provides an indispensable guide to the practical effect of such agreements on commercial transactions in the region. It is a must-read for businessmen and policymakers who seek to both understand the impact of FTAs in the real world and expand their contributions to economic growth and development. C. Fred Bergsten, Director, Peterson Institute for International Economics, US [East Asia] needs to think about appropriate measures to overcome the Asian FTA noodle bowl in the future. In this vein, the study suggests several practical measures including encouraging rationalization and flexibility of rules of origin, upgrading origin administration, improving business participation in FTA consultations, and strengthening institutional support systems for SMEs. . . It is hoped that this study will contribute to strengthening regional trade policies in Asia and compatibilities with global trade rules. Haruhiko Kuroda, President, Asian Development Bank This is a valuable contribution in a crowded field. Kawai and Wignaraja have gone beyond familiar arguments about the relative merits of regionalism and multilateralism to ask businesses what it all means to them. Policymakers should take note. Patrick Low, Chief Economist, WTO For policymakers in the region, the debate is no longer between regionalism and multilateralism. The real question is how we should create the model for regionalism that will become the building blocks to a multilateral trading system and avoid raising costs of doing business from the noodle bowl effect. Therefore the comparative and micro-level research found in this book provides valuable insights on the impact of FTAs on businesses. These insights will be relevant input as policymakers forge ahead in implementing regional FTAs, thinking of ways to amend and improve on them and, most importantly, harmonize or consolidate between existing regional FTAs in East Asia. Mari Pangestu, Minister of Trade, Indonesia The spread of Asia s free trade agreements (FTAs) has sparked an important debate on the impact of such agreements on business activity. This pioneering study uses new evidence from surveys of East Asian exporters including Japan, the People s Republic of China, the Republic of Korea and three ASEAN economies of the Philippines, Singapore and Thailand to shed light on the FTA debate. Critics are concerned that FTAs erode the multilateral trading process and foster an alarming noodle bowl of overlapping regulations and rules of origin requirements which may be costly to business. Asia s Free Trade Agreements makes key recommendations for improving business use of FTA preferences, reducing costs of FTAs and creating a region-wide FTA. This well-researched and documented book will appeal to undergraduate and postgraduate students in international business, international economics, economic development, public administration and public policy. Academics, researchers and members of think-tanks around the world will also benefit from this book as will trad
A clear-eyed look at modern India's role in Asia's and the broader world One of India's most distinguished foreign policy thinkers addresses the many questions facing India as it seeks to find its way in the increasingly complex world of Asian geopolitics. A former Indian foreign secretary and national security adviser, Shivshankar Menon traces India's approach to the shifting regional landscape since its independence in 1947. From its leading role in the “nonaligned” movement during the cold war to its current status as a perceived counterweight to China, India often has been an after-thought for global leaders—until they realize how much they needed it. Examining India's own policy choices throughout its history, Menon focuses in particular on India's responses to the rise of China, as well as other regional powers. Menon also looks to the future and analyzes how India's policies are likely to evolve in response to current and new challenges. As India grows economically and gains new stature across the globe, both its domestic preoccupations and international choices become more significant. India itself will become more affected by what happens in the world around it. Menon makes a powerful geopolitical case for an India increasingly and positively engaged in Asia and the broader world in pursuit of a pluralistic, open, and inclusive world order.
"First published 1978"--T.p. verso. Includes bibliographical references and index.
India's 'Act East Policy' has been a significant reorientation in foreign policy towards realizing India's big power ambitions. During the initial years, the focus of the policy was on economic and diplomatic connectivity that cantered around the ASEAN. Since then, the policy has evolved to assume greater strategic dimensions with co-operation in security matters and incremental engagement with countries and regions beyond the ASEAN that include East Asia and the whole of Asia-Pacific. India's plans to become a global power depend to a great extent on its becoming a dominant economic actor, political and strategic player and soft power attraction in East Asia and Asia-Pacific. This region is the most vibrant economic arena and crucial strategic site in international politics presently. The changing geopolitical and strategic realities increasingly necessitate a new regional security architecture in the region. Along with its efforts towards economic integration and diplomatic connectivity, India needs to carve out a role in shaping the security structure of the region to deal with issues of maritime disputes and security. This book is a collection of 7 scholarly papers that d
China and India's spectacular economic rise over the last two decades has accelerated their trade and investment flows with the Middle East and North Africa (MENA), particularly with the oil-producing countries. And while these flows are still small, China and India's presence in the region is on the rise. This report focuses on the following questions: what have been evolution and the impact of MENA's trade and investment relations with China and India? what actions can be taken to maximize the benefits from these relations and to enhance MENA's international integration? The main findings indicate that the region as a whole has benefited from the rise of China and India in terms of better terms of trade, significant increases in oil and gas exports, and cheaper imports. However, producers of industrial goods have been negatively-and in a few cases severely-affected by competition with the two Asian countries in both third and domestic markets. While China and India are investing more in MENA, they are contributing very little to job creation or to the transfer and diffusion of technology. Faster growth in the two Asian countries-and the associated higher demand for energy-will increase revenues from oil and the difficult choices associated with their management. For the labor-abundant, non oil-producing countries, competition with China and India will increase. But the lack of competitive manufacturing industries and services, the insufficient attention given in the past to building technological capabilities and promoting openness and entrepreneurship are constraining their ability to respond to competition. They need to accelerate productivity to tackle unemployment, especially among youth. This may require the broader institutional changes seen in China and India-suggesting the importance of a pragmatic reform agenda that can accelerate productivity, trade, and investment in the region.
Following the end of the Cold War, the economic reforms in the early 1990s, and ensuing impressive growth rates, India has emerged as a leading voice in global affairs, particularly on international economic issues. Its domestic market is fast-growing and India is becoming increasingly important to global geo-strategic calculations, at a time when it has been outperforming many other growing economies, and is the only Asian country with the heft to counterbalance China. Indeed, so much is India defined internationally by its economic performance (and challenges) that other dimensions of its internal situation, notably relevant to security, and of its foreign policy have been relatively neglected in the existing literature. This handbook presents an innovative, high profile volume, providing an authoritative and accessible examination and critique of Indian foreign policy. The handbook brings together essays from a global team of leading experts in the field to provide a comprehensive study of the various dimensions of Indian foreign policy.