Asia Economic Leaders Pushes for Globalization
The Asian Development Bank (ADB) meeting held in Japan this week comprised of central bankers and finance ministers across the region raised the revenue against the international commerce restriction from the setback of the U.S. from pulling out of the Trans-Pacific Partnership (TPP) – a trade deal that established rules and open market between 12 nations that would account for the 40 percent of the total global GDP.
“I believe that an individual trade pact may not succeed because one country has pulled out, as in the case of TPP,” Arun Jaitley, India’s minister of finance, defense and corporate affairs, said at a debate.
Jaitley also added that the trade is going to find ways and means either by way of multilateral arrangements, plurilateral agreements, or bilateral arrangements of moving forward.
Jaitley’s comments were reflected by others including ADB President Takehiko Nakao. According to President Nakao, he did not believe recent protectionist remarks “by several policymakers in the world” would immediately impact Asia.
“As long as we keep reform momentum, which we are doing, we should be okay,” he said looking into the likely demise of the partnership without U.S membership.
Nakao took a stance and said that they are very clear. Free trade is important and protectionist trade practices are not good and they should make an effort to keep the trade and investment regime.