Trade in trouble: How the Asia Pacific Can Step Up and Lead Reforms
Asia Society Policy Institute released a paper reflecting on the developments in the Asia-Pacific trade landscape since 2018. It offers recommendations to policymakers across the region on how they can continue to benefit from the economic gains and high-paying jobs created by trade.
According to the paper, the countries of the Asia-Pacific region should lead efforts to reshape the WTO by updating rules and existing agreements, pursuing new plurilateral agreements on urgent matters, and improving the dispute settlement system. In addition, the Asia-Pacific region should anticipate the disruptions that new technologies and digital business models will pose to trade rules. An independent group of senior experts from across the Asia Pacific should be convened to assess which existing trade rules and principles need to be updated and to propose a path forward on trade as well as on issues generally beyond its scope such as consumer privacy, data protection, international taxation, competition, and cybersecurity.
Source: Asia Society Policy Institute