World Bank: Promote Economic Integration in East Asia

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Last updated at: (Beijing Time) Saturday, June 07, 2003

World Bank: Promote Economic Integration in East Asia

World Bank advises East Asian countries to promote economic cooperation and integration through trade and investment liberalization so as to deal with substantialchallenges facing the region.

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World Bank advises East Asian countries to promote economic cooperation and integration through trade and investment liberalization so as to deal with substantialchallenges facing the region.

The World Bank's research report on trade in East Asia said Friday that in order to sustain income growth and poverty reduction, East Asian countries should take actions to promote formal economic and cooperation through trade and investment liberalization consistent with a strong development orientation.

The report urges for an integrated regional trade strategy and asked regional governments to ensure that benefits of regional andglobal trade are shared more evenly among and within countries andsocial groups.

In the report, Jemal-ud-din Kassum, Vice President for East Asia and the Pacific Region at the World Bank, said that "Economicintegration is a growing force and we want to make sure it is managed carefully so that its benefits can be broadly shared by poorer countries and the poor within countries."

"Increasingly the development agenda in the region (with its focus on growth, jobs, and social stability) and the trade policy agenda ( with its focus on market access and competitiveness) havebecome intertwined," he commented.

The report also says that China will play a central role in theeconomic integration of East Asia as its large economy is opened up following its entry into the mainstream of global trade.

A freer trading environment resulting from China's accession tothe World Trade Organization (WTO) and its emergence as a major global player have raised opportunities and challenges for its neighbors as they strive toward closer trade and economic links, says the report.

Noting that China accounts for half of Asia's economy measured in terms of purchasing power and that China's share of global exports has tripled and its share of world imports has doubled from 1990-2002, the report says China is emerging as an importantabsorber of exports from the rest of the region and will continue to be an important driver for change in East Asia.

Homi Kharas, Chief Economist of East Asia and co-editor of the report, said that the overall impact of China's accession to WTO is hugely positive, saying it did not pose any threat but bring opportunities to regional countries.

He said countries in East Asia should continue to adapt to China's emergence as a major world and regional trader.

The research report makes a seven point agenda as guidance for East Asian countries.

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