Experts from home and abroad have underscored the need for enhanced trade and cross-border infrastructures to maintain sustainable growth in the Asian region.
They also stressed on ensuring accountability and effective governance, smooth political transition, commodity market regulation and proper use of human potentials.
The observations were made at the plenary session on “Global Economic Recovery: Asian Perspective” organised by International Chamber of Commerce (ICC), Bangladesh at a city hotel yesterday.
Commerce Minister Tofail Ahmed presided over the session of the two-day international conference, which came to an end yesterday.
“Trade generates growth and growth generates jobs,” said Jhon Danilovich, ICC Secretary General.
He also noted that trade was the life board of economy and economic growth as international trade contributes to prosperity of economy pushing economic growth up. Stressing the need for signing Trade Facilitating Agreement (TFA), he said: “80% demands of products are met by multinational companies, while rest 20% by small and medium.”
“The post Bali agenda did not see profess and ICC will be there in next meet and I hope they would put emphasis on implementation of full-fledged package,’’ he added.
Commerce Minister Tofail Ahmed urged the global leaders and representatives of UNCTAD to raise their voices against the developed countries to implement Bali package to ensure trade facilities under the package.
“Though many countries are providing us duty free access to their market but few developed countries are not providing the duty free access as per the package,” said Tofail.
Mentioning the mew Silkway, which connects Europe, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD) Mukhisa Kituyi said, “Substantial growth in cross border trade infrastructure is needed for economic growth as it reduces production cost.”
Mukhisa termed regional integrity as the means of regional leadership as it is needed for economic and social development. Strengthening domestic and regional market will be essential for maintaining the high growth rates in upcoming day and for that high growth countries have to orient growth objectives with social and environmental priorities, Mukhisa added.
UNCTAD Secretary-General said the Asia region should develop a strong foundation based on creating sustainable job opportunity and reducing domestic and regional inequality.
He also stressed on flow of foreign direct investment (FDI) for economic growth saying that China is now exporter of FDI, which reached peak of growth through it.
Political transition of some countries has created uncertainty about mid and long term vulnerability over the economic growth and vulnerability of neighboring counties, which needs to address properly, Mukhisa added.
“These adversities roughly mirror those in the North American and European economies, but the distresses by way of corporate and personal insolvencies in our region were less severe, partly because of timely and appropriate intervention by fiscal and monetary authorities, but perhaps mainly because of much lower levels of indebtedness and higher reliance on equity and savings ingrained in the general cultural attitude of our region,” said Atiur Rahman, governor of Bangladesh Bank.
“True success of the economic growth comes from fine enlightened balance between farsighted regulatory mechanism, which allow the free market to operate in just and free and equitable mange,” said Mahfuz Anam, editor of the Daily Star.