Asia-Pacific nations must be leaders in promoting free trade as global growth slows, senior trade experts said in a report released Monday.
"Just because the United States is now less supportive of trade and globalization does not mean that the rest of the world will follow suit," Kevin Rudd, president, Asia Society Policy Institute, said in the report's foreword. With the right policies and high-standard trade agreements, he said, "Asia's growth can continue benefiting the world."
"Asia's remarkable rise is not an accident, but the direct consequence of market-opening policies and other economic reforms, some as a result of unilateral action, others as part of commitments under trade agreements," the report said. "Key among them is a greater openness to trade."
Other recommendations emphasized the need for high standards in other trade agreements, focus on trends such as trade in services and digital products, and better education on the benefits of trade to consumers. The commission also listed the economic benefits of trade policy that supported small and medium-size businesses.
Reference: CNBC
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