Asian leaders at BRI summit stress unity to mitigate global uncertainty

Region needs to get together and build economic strength through greater cooperation, they say

- Magdalene Fung

HONG KONG - Political and business leaders in Asia highlighted the need for greater unity among economies of the region amid growing global uncertainty, at Hong Kong's 10th edition of its annual Belt and Road Summit.

"No single country can navigate the challenges alone; we succeed only by working together," Cambodia's Deputy Prime Minister Sun Chanthol told the two-day forum at the Hong Kong Convention and Exhibition Centre on Sept 10.

He also extolled the Belt and Road Initiative (BRI) — a China-led initiative to build infrastructure particularly in developing countries — as a lifeline for Cambodia's socio-economic development. BRI projects in the Asean country include roads, an airport and an expressway.

"In today's interconnected world, no country can develop in isolation. The roads, bridges, ports, power plants and digital highways revealed today are the foundation for tomorrow's prosperity," he said.

He was speaking against the backdrop of geopolitical and economic turbulence wrought by the US' shifting foreign policy as its strategic rivalry with China intensifies, protectionism and wars, all of which have cast a shadow over global trade and development.

In particular, the high trade tariffs imposed by the US are affecting economies in the region negatively, because of the impact on not only their exports to the US but also their trade with China.

These tariffs have created challenges for South-east Asia's merchandise trade with China, as local production now faces more competition from Chinese goods rerouted away from the US, said Dr Wilson Chan, director of policy research and co-founder of Hong Kong think-tank Pagoda Institute.