Act to boost trade or there won't be another Asian miracle: Expert

Call for region to deepen cooperation amid rapidly changing geopolitical environment

- Arlina Arshad

In a rapidly shifting geopolitical landscape, Asia’s rise as the world’s economic powerhouse could stall unless countries in the region deepen regional cooperation, invest in sustainable cities and leverage philanthropy to bridge financing gaps, experts have warned.

Individual Asian nations cannot compete head-to-head with the United States or other global powers, said speakers at a forum in Jakarta on Oct 6. Instead, the countries must act collectively through intra-regional trade, supply chains and technology sharing, said speakers at a panel discussion titled “Shaping the Future: Asia’s Evolving Role”, moderated by The Straits Times editor Jaime Ho.

The US tariff policy is “a wake-up call” for Asia, said former Indonesian finance minister Bambang Brodjonegoro, one of the panellists.

“In the past, we might not have thought about Asia trade, financial or economic integration because relationships between each Asian country and counterparts in Europe, North America, or elsewhere might have no issue. But now the US, the biggest market, is protecting itself. We must find solutions by looking back at what we have,” he said.

US President Donald Trump has imposed tariffs on countries, with Asian nations hit unevenly - from a 10 per cent baseline tariff on goods from Singapore to up to 50 per cent on certain imports from India.