What's happening in Intra Asia

 

Intra Asia Trade Specialists

 

Nippon Express (HK) Co., Ltd.

Visible & Strategic Logistics
More....

 

Maxpeed Co., Ltd

Best Global Partner - Deliver your
Happiness and Dreams
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Trans Van Line Ltd.

Total Solution, Value-Added Service, Long-Term Relationship.
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Transfit Shipping Limited.

One Stop Logistics Services Provider
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Panda Logistics Co., Ltd.
Qingdao Branch

Ever-lasting operation & profit
sharing
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Sinokor Hongkong Co., Ltd

Sinokor is making every effort to
provide the best services to satisfy
customers' needs.
More....

 


 Hong Kong's growing ties with ASEAN countries to have greater impact
   in years to come
   
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 How intra-Asian growth can influence your logistics strategic outlook
   in 2016
  
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 India rail freight Fixing India's overland congestion would do wonders
   for intra-Asian trade   
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Where we are, how we got there and what we must do to effect
intra-Asian free trade

 


Page 2 of 2

To realise the RCEP, a trilateral FTA among the PRC, Japan, and the Republic of Korea should first be concluded and then be connected with the existing ASEAN+1 FTAs - that is, ASEAN's five FTAs with Australia and New Zealand, the PRC, India, Japan, and the Republic of Korea. The TPP aims to achieve a high-quality agreement and includes four ASEAN members and Japan, from Asia. These two mega FTAs are key processes in creating a larger Asia-Pacific FTA, which would however require successfully addressing the difficult task of forging a US¡VPRC agreement.

These two processes are not mutually exclusive and will likely prove to be complementary. The changing centre of global economic gravity - given the rapid economic rise of the PRC and India - suggests that the Regional Comprehensive Economic Partnership (RCEP) is attractive to many Asian economies, including developing ones. Countries that are ready to accept high standards required for the Trans Pacific Partnership (TPP) and wish to strengthen existing ties with the US will likely join the TPP.

The region's rapid rise as the global factory through successive waves of newly industrialising economies is an unprecedented historical achievement. Many factors (including initial conditions and factor endowments) helped the creation of Factory Asia. But there is little doubt of the central role played by outward-oriented development strategies in facilitating trade promoting FDI and market-led integration, which naturally formed sophisticated production networks within East Asia.

The region's globalisation of trade and FDI has been accompanied by regionalisation characterised by rising intraregional trade shares and increasing amounts of intermediate goods trade.

Nonetheless, East Asia still remains heavily dependent on external demand.

From a broader perspective, participation of East Asian economies in production networks has fostered rapid industrialisation, trade, and growth in the region during the pre-global financial crisis period. Ironically, the very interdependence built up through a complex web of production networks meant that the negative impacts of the global financial crisis were also transmitted rapidly to East Asian economies through the trade and finance channels.

Thus, the evolving trade policy response in major East Asian economies has focused on FTAs.

The region's largest economies and Singapore are key to the growing Asian FTA activity while ASEAN, as an organisation, is emerging as an integration hub for such efforts. The trade coverage of Asian FTAs has increased, and broader issues than simply trade liberalisation have been addressed.

With the large number of FTAs concluded, Asian FTAs are here to stay. Maximising the benefits of these Asian FTAs while minimising their costs would be highly pragmatic. Some key elements of pragmatic responses to Asian FTAs at the national and regional levels may include facilitating gradual increases in liberalising services and trade policies.

To strengthen global trade governance, such national and regional level actions might be accompanied by actions at the multilateral level including the following:

Actual developments may well not be as orderly, neat, or rational as those described above. The reality could easily become substantially more complex. And the convergence between national, regional, and global trade rules will take time. Nonetheless, how Asia thinks and acts on these issues will likely influence the world economy.

Whatever paths are taken, it will be important to accelerate the liberalisation of goods and services trade and investment, reduce behind-the-border barriers, and pursue domestic reforms. A harmonious Asia and the Pacific would likely see a convergence of the two processes being considered. This would be a win¡Vwin solution for the Asia and Pacific community.

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