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Rethinking Globalization and Fragmentation:
From Regional to Global Linkages
Globalization has helped deliver remarkable development outcomes for Asia and the Pacific. While it has helped to expand markets, improve resource allocation and enhance productivity, globalization may have also amplified inequalities and accelerated climate change. While digitalization and environmental sustainability are now opening channels for stronger cooperation, geopolitical tensions and evidence of economic fragmentation warrant a rethinking of globalization and the role of regional integration in it.
This event gathered a group of academics, policymakers, and international organizations with three main objectives: (i) to assess current trends in global and regional integration through the latest measurement frameworks, (ii) to tackle emerging narratives of geoeconomic fragmentation and discuss economic implications for Asia and the Pacific; and (iii) to highlight policies on strengthening global and regional integration as a response to an increasingly polarized global economy. Policymakers and experts were invited to share their insights through presentation of research papers and in-depth panel discussions.
Event details:
Date/Venue:
-
08:30 (GMT+8, Manila)
02 July 2024
ADB Headquarters, Manila, Philippines
Downloads:
- Agenda (PDF)
Contacts:
- Rolando Avendano
Economist, Economic Research and Development Impact Department, Asian Development Bank
Email: ravendano@adb.org - Carol Onchangco
Operations Coordinator, Economic Research and Development Impact Department, Asian Development Bank
Email: congchangco@adb.org
- Rolando Avendano
Agenda:
02 July 2024 (Tuesday)Opening Session
- 8:30 – 09:00 am
- Registration (Coffee and refreshments will be served.)
- 09:00 – 09:10 am
- Opening RemarksAlbert Park Chief Economist and Director General, Economic Research and Development Impact Department, Asian Development BankBio
Albert F. Park is Chief Economist of the Asian Development Bank and Director General of its Economic Research and Development Impact Department. He is chief spokesperson on economic and development trends and leads the production of ADB’s flagship knowledge products and support for regional cooperation fora.
Mr. Park has more than 2 decades of experience as a development economist and is a well-known expert on the economy of the People’s Republic of China. He has worked on a broad range of development issues including poverty and inequality, intergenerational mobility, microfinance, migration and labor markets, the future of work, and foreign investment.
Mr. Park is Chair Professor of Economics, Social Science, and Public Policy at HKUST (on leave). He served as a founding director of HKUST’s Institute for Emerging Market Studies and Center for Economic Policy, and previously held faculty positions at the University of Oxford and University of Michigan.
A national of the United States, he received his bachelor’s degree in economics from Harvard University and his doctorate in applied economics from Stanford University.
- 09:10 – 09:50 am
Setting the StagePresentation: Changing Global Linkages and Implications to Asia and the PacificPetia Topalova Chief of the Macroeconomic Development Division, Research Department, International Monetary FundBio PresentationPetia Topalova is the Chief of the Macroeconomic Development Division of the Research Department at the IMF. Prior to that, she was Mission Chief for the Slovak Republic, deputy chief in the Emerging Economies Unit of the European Department and the World Economic Studies division in the Research department, economist in the European, and Asia and Pacific Department of the IMF, and Adjunct Lecturer at the Harvard Kennedy School of Government. She earned a Ph.D. in Economics from the Massachusetts Institute of Technology. Her research is in the areas of economic development and international trade.
Open Discussion
Session 1: Measuring Globalization: Frameworks and Emerging Trends
- 9:50 – 11:00 am
- Moderator:Nasrin Sultana Deputy Secretary, Trade Support Measures Wing, Ministry of Commerce, Government of BangladeshBio
Nasrin Sultana holds the position of Deputy Secretary in the Trade Support Measures Wing of Bangladesh’s Ministry of Commerce. This division is dedicated to preparing Bangladesh for a sustainable transition from its status as a least developed country (LDC), a milestone set to be achieved in 2026. In her role, Ms. Sultana is actively involved in implementing several strategic plans. These include the national plan, the Doha Program of Action, the Smooth Transition Strategy, and the Sustainable Development Goals and the 9th Five-Year-Plan that are related to Bangladesh’s commerce ministry.
Presentation: ADB’s Global Integration IndexHyeon-Seung Huh Professor of Economics, Yonsei UniversityBio PresentationHyeon-seung Huh is a professor of economics at Yonsei University, Republic of Korea. He is also dean of the Institute of Continuing Education for the Future and director of LearnUS (Yonsei University online education platform). His main research interests include macroeconomics, International Economics, and applied econometrics. Hyeon-seung is the president-elect of the Korea International Economic Association.
Presentation: The DHL Global Connectedness Index 2024Steven Altman Senior Research Scholar and Director, DHL Initiative on Globalization, NYU SternBioSteven A. Altman is a Senior Research Scholar at the New York University Stern School of Business and an Adjunct Assistant Professor in NYU Stern’s Department of Management and Organizations. He is also Director of the DHL Initiative on Globalization at NYU Stern’s Center for the Future of Management. Dr. Altman's research focuses on globalization and its implications for business strategy and public policy. He holds a PhD from the University of Reading, an MBA from the Harvard Business School, an MPA from Harvard’s John F. Kennedy School of Government, and a BS in Economics from the Wharton School of Business at the University of Pennsylvania.
Presentation: The Deglobalization Myth: How Asia’s Supply Chains are ChangingThang Nguyen-Quoc Lead Economist, Oxford EconomicsBio PresentationThang Nguyen-Quoc, Ph.D. leads Oxford Economics Asia’s Macro consulting team in Singapore. In this capacity, he supports clients with carrying out bespoke forecast and scenario modelling, as well as thought-leadership reports on trade and green transition. His core expertise is in policy analysis related to international trade and investment. His doctoral thesis evaluated the impacts of digitalization, protectionism and regionalism on the trade patterns of developing countries.
Prior to joining OE in 2022, Thang spent a decade delivering flagship economic reports on Asian and African economies at the Organisation for Economic Cooperation and Development (OECD) in Paris. He also worked in various roles at the World Bank, National Academy of Social Sciences (US), and Vietnam Commercial Bank. He got a Ph.D. in International Economics from University Paris-Dauphine, M.Sc. from Barcelona School of Economics and B.A. from Ohio Wesleyan University.
Presentation: Regionalism, Productivity, and InnovationMassimiliano Tani Professor, University of New South Wales, CanberraBio PresentationMassimiliano Tani is an applied economist working at the University of New South Wales. He is also research fellow at the Institute of Labor Economics (IZA, Germany) and the Global Labor Organization (GLO, Germany). His research focuses on topics related to human capital, including its influence on productivity and economic development, education and the graduate labor market, migration, and the socio-economic integration of migrants.
- 11:00 – 11:15 am
Coffee break
Session 2: Navigating Narratives and Issues on Globalization and Fragmentation
- 11:15 – 12:30 pm
- Moderator:Jong Woo Kang Director, Regional Cooperation and Integration Division, Economic Research and Development Impact Department, Asian Development BankBio
Jong Woo Kang is Director of Regional Cooperation and Integration Division at the Economic Research and Development Impact Department (ERDI) of the Asian Development Bank (ADB). As director, he plays a role as an interface between ADB’s internal and external stakeholders on regional cooperation and integration. He is a seasoned economist with extensive knowledge and experiences on policy and strategic issues. He was Principal Economist at ERDI, Senior Advisor to the Managing Director General of ADB, and Senior Economist at the Strategy, Policy, and Partnerships Department at ADB. He leads the annual publication of Asian Economic Integration Report. Areas of his research interest include regional integration, inclusive growth, macroeconomic policies, international trade and finance, and aid effectiveness. He published articles in economics journals such as Journal of Development Economics, Journal of Applied Economics, and Journal of World Trade. Before joining ADB, he was director at the Ministry of Finance and Economy of the Republic of Korea until 2006. He had got his bachelor’s degree in economics and master’s in public administration from Seoul National University, and PhD in economics from University of Washington.
Presentation: Developments in Asia’s Global Value Chain ParticipationNeil Foster-McGregor Senior Economist, Regional Cooperation and Integration Division, Economic Research and Development Impact Department, Asian Development BankBio PresentationNeil Foster-McGregor has broad research interests and has worked and published widely on topics including global value chains; preferential trade agreements; structural transformation; innovation and knowledge transfer; trade and labor markets; and new technologies, inequality, and labor market outcomes. Prior to joining the Asian Development Bank, he worked at the United Nations University-Maastricht Economic and Social Research Institute on Innovation and Technology (UNU-MERIT) initially as a research fellow and later as Deputy Director and Professor of Globalization and Innovation. He obtained his degrees in economics for master’s and doctorate from the University of Nottingham.
Presentation: Macroeconomic and Financial Implications of FragmentationHongyan Zhao Senior Economist, ASEAN+3 Macroeconomic Research OfficeBioHongyan Zhao joined the Regional Surveillance Group at AMRO in 2021. She contributes to AMRO’s flagship publication, the ASEAN+3 Regional Economic Outlook (AREO) and serves as the back-up economist for the People’s Republic of China (PRC). Before joining AMRO, Dr. Zhao worked as an economist at several PRC investment banks in Hong Kong, China, including Haitong International and Huatai Financial Holdings. Prior to that, she was an economist in the European and Research department at the International Monetary Fund (IMF). Dr. Zhao has authored many articles on trade and the PRC’s economy, which have been published in reputable journals including the American Journal of Agricultural Economics, China Economic Journal and Pacific Economic Review. She is also the author of the book, Changes in the China-U.S. Economic Relations. Dr. Zhao holds a PhD in economics and a master’s degree in statistics from the University of California, Berkeley, and a master’s degree in economics and a bachelor’s degree in international studies and economics from Peking University.
Presentation: Geoeconomic Fragmentation and Foreign Direct InvestmentAmelia Santos Chief of Investment Issues Section, Investment and Enterprise, United Nations Conference on Trade and Development (UNCTAD)BioDr. Amelia U. Santos-Paulino is Chief of Investment Issues Section at UNCTAD’s Division on Investment and Enterprise, and Deputy Editor of the Transnational Corporations Journal. Previously, she was a Senior Economist at UNCTAD’s Africa, Least Developed Countries and Special Programmes Division. Before joining UNCTAD, she was Research Fellow and Project Director in the United Nations University’s World Institute for Development Economics Research (UNU-WIDER) in Helsinki, Research Fellow in the University of Sussex’s Institute of Development Studies, and Senior Research Economist in the Central Bank of the Dominican Republic. She served as Senior Adviser of the Dominican Republic’s Government on International Trade and Investment for the negotiations of the US-DR-CAFTA Free Trade Agreement, amongst other full-time posts within the civil service and academia of the Dominican Republic. She has also held visiting posts at the University of California, Davis, the Graduate Institute of International and Development Studies in Geneva, Fudan University in Shanghai, and the Asian Development Bank Institute in Tokyo. Her work has been published in journals including the Economic Journal, Cambridge Journal of Economics, and World Development, and has also edited books published by Oxford University Press and Cambridge University Press. She holds PhD and MA degrees in Economics from the University of Kent in the UK.
Claudia Trentini Senior Economist, United Nations Conference on Trade and Development (UNCTAD)BioClaudia Trentini is a senior economist in the Investment Research Branch of the Division on Investment and Enterprise at the UN Trade and Development (UNCTAD). She contributes to the production of UNCTAD’s flagship publication, the World Investment Report. Her expertise includes analyzing globalization trends and their development implications. Claudia studies the internationalization strategies and operations of multinational enterprises (MNEs) and their impact on economic growth and development in host countries. Her research also covers SDGs investment, particularly in the energy transition, infrastructure investment, foreign direct investment (FDI) and women's empowerment, and FDI by small and medium-sized enterprises (SMEs). She holds a Ph.D. in Economics from the European University Institute.
Presentation: Economic Fragmentation in ASEANBagus Handoko Senior Policy Adviser, Ministry of Finance, Government of IndonesiaBio PresentationBagus Handoko is a public policy expert with over a decade of experience, specializing in political economy, international relations, policy communication, and intergovernmental collaboration. He is currently the Policy Adviser at the Fiscal Policy Agency of Indonesia’s Ministry of Finance, where he advises and consults with the Minister of Finance on ASEAN political, economic, and strategic developments. Bagus holds a Master of Public Policy and Management from the University of Melbourne and a Bachelor of International Relations from Gadjah Mada University, Indonesia.
- 12:30 – 2:00 pm
Lunch (by invitation)
Session 3: Exploring the Nexus of Regional and Global Integration: A Perspective from Policymakers
- 2:00 – 3:30 pm
- ModeratorCyn-Young Park Director, Regional Cooperation and Integration, and Trade, Climate Change and Sustainable Development Department, Asian Development BankBio
Cyn-Young Park is Director of the Regional Cooperation and Integration (RCI) and Trade in Climate Change and Sustainable Development Department of the Asian Development Bank (ADB). In her current capacity, she is responsible for managing ADB operations and knowledge on RCI and trade. She leads a team of experts to develop strategies and approaches to support RCI and to provide guidance in design and implementation of ADB RCI and trade projects. During her progressive career within ADB, she has been a main author and contributor to ADB’s major publications including Asian Development Outlook (ADB’s flagship publication), Asian Economic Integration Report, Asia Capital Markets Monitor, Asia Economic Monitor, Asia Bond Monitor, and ADB Country Diagnostic Study Series. She has also participated in various global and regional forums including the G20 Development Working Group, Association of Southeast Asian Nations (ASEAN), ASEAN+3, Asia-Pacific Economic Cooperation (APEC), and Asia-Europe Meeting (ASEM). She has written and lectured extensively about the Asian economy and financial markets. Her work has been published in peer reviewed academic journals including the Journal of Banking and Finance, the Journal of Financial Stability, the Journal of Futures Markets, the Review of Income and Wealth, and the World Economy.
Prior to joining the ADB, she served as Economist (1999-2002) at the Organisation for Economic Cooperation and Development (OECD), where she contributed to the OECD Economic Outlook. She received her Ph.D. in Economics from Columbia University. She holds a bachelor degree in International Economics from Seoul National University.
Panelists:Liew Chin Tong Deputy Minister of Investment, Trade and Industry, Government of MalaysiaBioLiew Chin Tong is Deputy Minister of Investment, Trade and Industry. He is currently the Member of Parliament for Iskandar Puteri and the State Assemblyperson for Perling, Johor.
He was a Senator in Dewan Negara and served as Deputy Defence Minister from July 2018 to February 2020. He supported Minister Mohammad Sabu's effort to present Malaysia's first ever Defence White Paper which was passed in Parliament on 2 December 2019.
He was first elected Member of Parliament for Bukit Bendera (2008-2013) and was subsequently the Member of Parliament for Kluang (2013-2018).
Since 1999, Chin Tong has served DAP in various capacities and is now a member of its Central Executive Committee, serving as the Deputy Secretary-General. He is also the Chairman of Johor DAP.
Chin Tong graduated with a degree in Political Science and an honours degree in Asian Studies from the Australian National University, and holds an International Masters in Regional Integration from the Asia-Europe Institute, University of Malaya.
Chin Tong is the Chairman of Research for Social Advancement (REFSA) since 2012 and was the Executive Director of Penang Institute (previously Socio-Economic and Environmental Research Institute, SERI, from 2009-2012). He was also formerly a Senior Visiting Research Fellow at the Institute of Southeast Asian Studies (ISEAS), Singapore.
He is passionate about policies relating to the economy, defence and security, institutional reform, political Islam, security and international relations, and urban studies.
Marie Sherylyn D. Aquia Director for Bureau of International Trade Relations, International Trade Group, Department of Trade and Industry, Government of the PhilippinesBioMarie Sherylyn “Lyn” Deleña Aquia is the Director of the Bureau of International Trade Relations(BITR), Department of Trade and Industry of the Philippines. Lyn has an MBA (high honors) fromBoston University, a BA in Communication Research from the University of the PhilippinesDiliman and masters credits in Sociology from the Ateneo de Manila University. She holdsdiplomas in international trade policy and law from the WTO Institute for Training and TechnicalCooperation and the International Development Law Organization.
She has worked on WTO, APEC, ASEAN, UNCTAD and GSP issues since 1996, helpingcoordinate the formulation of national positions for the Philippines’ external trade strategy. Sheserved as the special assistant of the Co-Chairperson for the Private Sector of the NationalCompetitiveness Council in 2007-2008 and was Chairperson of the APEC Committee on Tradeand Investment in 2016-2017. Since 2016, she has been the Philippines’ Deputy Senior Officialto APEC. As BITR Director, she is the Deputy Chief Negotiator of IPEF and PH-UAE FTAnegotiations. Starting in 2024, Lyn has been assigned as the Philippines’ Senior Economic Officialto the ASEAN.
Her recent work focuses on regional economic integration, digital trade, trade and sustainability,trade facilitation, MSME and economic cooperation. She is the co-chairperson for ASEAN of theMSME working groups in the ASEAN-ANZFTA Upgrade, ASEAN-Canada negotiations andASEAN-China Upgrade. She is the current co-chairperson of the RCEP Committee on BusinessEnvironment.
Yogi Rahmayanti Director of Center for Regional and Bilateral Policy, Ministry of Finance, Government of IndonesiaBioYogi Rahmayanti is the Director of the Center for Regional and Bilateral Policy in Indonesia’s Ministry of Finance (MOF). Ms. Rahmayanti, who has strong interest in the subject of public sector efficiency and international finance, has been serving in the Indonesian MOF since 1997. She has held various roles, primarily in budgeting, treasury, and public financial management. She holds a Doctorate in Public Policy from Osaka University and a Master of Public Policy from Hitotsubashi University.
Carlos Kuriyama Director, APEC Policy Support UnitBioCarlos Kuriyama is the Director of the Policy Support Unit at the APEC Secretariat, with experience working mainly on topics concerning trade and investment liberalization, regulatory and structural reforms. Previously, Carlos was government official at Peru’s Ministry of Foreign Trade and Tourism, where he served as Chief Negotiator of the Peru-China Free Trade Agreement (FTA) negotiations, General Coordinator of the Peru-Singapore FTA negotiations and Advisor to the Deputy Minister of Foreign Trade. He also led the design of Peru’s trade negotiations agenda and implemented Peru’s trade strategy with Asia and Oceania economies.
In the academic sector, Carlos was Associate Researcher and Lecturer in Economics at Universidad del Pacifico (Lima, Peru), where he wrote extensively and participated in several research projects on trade, investment and integration issues for several domestic and international institutions. He holds a Master of International Affairs from the School of International and Public Affairs at Columbia University (New York, U.S.) and a Bachelor’s Degree on Economics from Universidad del Pacífico (Lima, Peru).
Anita Prakash Director for Policy Relations, Economics Research Institute for ASEAN and East Asia (ERIA), IndonesiaBioAnita Prakash is Director (Partnership) in the Office of President of Economic Research Institute for ASEAN and East Asia (ERIA), Jakarta, Indonesia.
Her policy research supports the summits and ministerial processes in ASEAN and East Asia, and Europe, notably the Trade Ministers meetings in ASEAN, the East Asia Summit, Asia-Europe Meeting, the Trade and Agriculture Working Groups in G20, and Trade Ministers in the G7.
Her policy research covers trade and international relations with special focus on investment in infrastructure, global value chains, and regional cooperation for supply chains in Southeast and East Asia, and India and South Asia, and between Asia-Europe and Asia-Africa. Her current research work is on emerging economic architecture with reliable and resilient supply chains in the Indo-Pacific. Important works include the plans for Asia-Africa Growth Corridor, Asia-Europe Connectivity, and New Supply Chains in Indo-Pacific.
Prior to her work at ERIA, she served as Director in the Government of India in the Department of Commerce, and NITI Aayog. She was a Visiting Research Associate at the Geneva Graduate Institute from 2016 to 2019.
She is an alumni of Delhi University (M.Phil) and Australian National University (MBA).
- 3:30 – 3:55 pm
Next Steps on ADB Tools and Research on Regional and Global IntegrationRolando Avendano Economist, Regional Cooperation and Integration Division, Economic Research and Development Impact Department, Asian Development BankBioRolando Avendano is an Economist at the Economic Research and Cooperation Department of the Asian Development Bank. His research focuses on financial and international economics, with an emphasis on regional integration, competitiveness and foreign direct investment.
Prior to joining ADB, he worked for the Organisation for Economic Co-operation and Development (OECD) in Paris, France. He was partnership coordinator of PARIS21 (OECD Statistics and Data Directorate), economist with the Director’s Office and the Americas Desk (OECD Development Centre), and research associate with the OECD Trade Directorate and Economics Department. Previously, he was a lecturer at the Engineering Faculty of University of Los Andes (Colombia), and research associate at University College London (UK).
A French and Colombian national, he holds a B.Sc. in Industrial Engineering from University of Los Andes and a Master and PhD in Economics from the Paris School of Economics (PSE).
Mara Tayag Senior Economics Officer, Regional Cooperation and Integration Division, Economic Research and Development Impact Department, Asian Development BankBioMara Tayag is a senior economics officer at the Regional Cooperation and Integration Division of ADB’s Economic Research and Regional Cooperation Department. She is part of the team that produce the Asian Economic Integration Report and Asia-Pacific Regional Cooperation and Integration Index, where she provides research and data support and handles the overall coordination for the preparation and dissemination of publications. She manages a team of consultants for the maintenance and improvement of the Asia Regional Integration Center, a portal on RCI-related databases and information.
Open Discussion- 3:55 – 4:00 pm
Closing remarksJong Woo Kang Director, Regional Cooperation and Integration Division, Economic Research and Development Impact Department, Asian Development BankBioJong Woo Kang is Director of Regional Cooperation and Integration Division at the Economic Research and Development Impact Department (ERDI) of the Asian Development Bank (ADB). As director, he plays a role as an interface between ADB’s internal and external stakeholders on regional cooperation and integration. He is a seasoned economist with extensive knowledge and experiences on policy and strategic issues. He was Principal Economist at ERDI, Senior Advisor to the Managing Director General of ADB, and Senior Economist at the Strategy, Policy, and Partnerships Department at ADB. He leads the annual publication of Asian Economic Integration Report. Areas of his research interest include regional integration, inclusive growth, macroeconomic policies, international trade and finance, and aid effectiveness. He published articles in economics journals such as Journal of Development Economics, Journal of Applied Economics, and Journal of World Trade. Before joining ADB, he was director at the Ministry of Finance and Economy of the Republic of Korea until 2006. He had got his bachelor’s degree in economics and master’s in public administration from Seoul National University, and PhD in economics from University of Washington.
- 4:00 pm onwards
NetworkingVideo recording:
Disclaimer:
- The views expressed on this website are those of the authors and presenters and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data in any documents and materials posted in this website and accepts no responsibility for any consequence of their use. By making any designation of or reference to a particular territory or geographic area, or by using the term “country” in any documents posted in this website, ADB does not intend to make any judgments as to the legal or other status of any territory or area.
Opening Session
ADB Chief Economist Albert Park opens the forum, underscoring Asia's progress in global economic integration and risks of increasing fragmentation. IMF Chief of Macroeconomic Development Division Petia Topalova discusses about the changing global linkages and their implications to Asia and the Pacific.Session 1: Measuring Globalization: Frameworks and Emerging Trends
This session will feature the latest measurement models on global integration, highlighting the existent methodologies and approaches. Findings on emerging trends in how economies are globally and regionally interlinked will also be highlighted. This session seeks to describe recent globalization trends and factors explaining how it has deepened and evolved in recent years.Session 2: Navigating Narratives and Issues
on Globalization and FragmentationWhile global integration remains a key driver, recent trends indicate a new period of economic fragmentation and deglobalization. Growing geopolitical tensions, technology shocks and other factors have caused supply chain disruptions, relocation of investment and a rise in trade restrictions. This session will explore recent deglobalization trends and discuss the risks and economic implications of global fragmentation through the lens of trade, global chains and financial stability.Session 3: Exploring the Nexus of Regional and Global Integration:
A Perspective from PolicymakersThe session aims to dive deep into the complex relationship between global and regional integration in light of increasing economic fragmentation. It will highlight policies in response to globalization and regionalization trends. Speakers are encouraged to share their perspectives on how regional and global integration policies compete or complement and what policy responses and strategies can help economies navigate the uncertainties of the current global environment.Closing Session
The ADB team presents the next steps on its tools and research related to regional and global integration. ADB Regional Cooperation and Integration Division Director Jong Woo Kang closes the forum with key takeaways from the presentations and panel discussions during the forum.
Event photos:
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