Sophisticated and geographically dispersed global value chains have emerged as an important feature of Asia’s economic success, particularly in East Asia. This brief analyzes the export slowdown in real terms and in relation to real GDP growth for developing Asia and for major economies, focusing on the period since the crisis.
ADB Principal Economist and ARIC Team Leader Jong Woo Kang discusses the possible repercussions of the US President's protectionist stance. Read the blog here.
Asian FTAs continue to rise against the backdrop of growing trade protectionism. Three FTAs involving Asia came into force in 2016 while another three recently concluded negotiations. Numerous FTAs involving Asian economies and non-regional partners are currently being proposed suggesting Asia’s move to expand trade outside the region and explore new export markets.
On the back of Emerging East Asia’s sustained high economic growth and deepening regional economic integration, hypothesis on the region’s macroeconomic independence and its resilience to global shocks gained considerable attention. This paper, written by Cyn-Young Park, Director of ADB Research Cooperation and Integration Division, examines Asia’s decoupling from the world economy, with a special focus on the region’s interdependence with the G3 economies—the US, Japan, and the EU.
Against the backdrop of rising bilateralism in the West, where does Asia stand? Is the region moving towards the same direction or is it charting its own unique course? Understanding the evolution of Asia’s FTA landscape holds the key to these questions.
US President Donald Trump recently signed executive orders to withdraw the US from the Trans-Pacific Partnership (TPP) and renegotiate the North American Free Trade Agreement (NAFTA). Both moves suggest his pre-election rhetoric of criticizing the current international trade regime is being translated into concrete action.
The outcome of the US presidential election on 9 November was historic in that it provides a yardstick against which to assess where popular sentiment is heading on important issues such as globalization, inequality, and international trade.