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Asia markets seek reform in testing times (2)

(Xinhua)    16:47, April 09, 2014
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COMPETITIVENESS FROM OUTSIDE

If they are to achieve sustainable growth, emerging economies need to develop a bigger market. Closer trade and investment partnerships among Asian countries may better buffer against global economic jitters and also create momentum for the global market.

Asian economies should expand their cooperation from goods trading to service trading, investment and infrastructure connectivity and set more open rules to facilitate resource flows within the region, Zhou said.

Building the new Silk Road and Regional Comprehensive Economic Partnership (RCEP) can pave the way for a stronger Asia market, he added.

The fourth round of RCEP talks ended in south China's Guangxi early this month with little concrete progress compared with the past three sessions, an impasse attributable to the different economic development and trade liberalization stages and varying stances of its 16 members.

Economic and trade relations within Asia are mainly based on the trade web of intermediate goods -- in other words, a value chain, which means the RCEP can best represent their members' interests, according to a report released by a think tank with the BFA last month.

"Asian countries should work for further regional integration to strengthen economic and trade bonds. It is also key to remove barriers checking the free flow of goods and service," said Peter Mandelson, chairman of Global Counsel LLP.

In addition to trade integration, experts have pointed to the importance of more partnerships in the financial sector in protecting against volatility in global capital.

Asian economies' exchange rate risks and transaction costs can be reduced if they sign bilateral currency swap treaties and use regional currencies for pricing and settlement, Zhou said.

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(Editor:KongDefang、Yao Chun)

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