Asan Plenum 2018: Economic opportunities and challenges in the Indo-Pacific region
- 6 years ago
아산플래넘 2018: 인도-퍼시픽지역 경제적 기회 및 도전과제
The Indo-Pacific, the region around the Indian and Pacific oceans....is becoming more and more important to the global economy.
On the second day of the Asan Plenum forum in Seoul, experts gathered to discuss the opportunities and challenges that affect the Indo-Pacific region.
Our Kim Hyesung reports.
With the rise of China as a global economic power, and the booming India and Southeast Asia,...the so-called Indo-Pacific region is growing in global importance.
"Real wealth is human capital and human resources. And this is a region in the world not only with huge numbers of people, and China is huge but so is India, so is Indonesia... So you not only have large numbers of people but people with I would say generally with a culture that emphasizes hard work and self-reliance."
While the World Bank forecasts global growth to be around 3 percent for 2018, growth in the Indo-Pacific region is expected to top 6 percent thanks to strong investment and domestic demand.
At the same time, despite rising trade protectionism and the U.S. decision to pull out of the Trans-Pacific Partnership (TPP), experts say the Indo-Pacific countries' trade ties remain strong,... backed by bilateral trade deals and a commitment to sign the RCEP or Regional Comprehensive Economic Partnership, which includes 10 ASEAN countries and six others like Korea, China, Japan, and India.
"While economic and trade ties among Indo-Pacific countries are growing stronger, experts warn that a lack of adequate security mechanisms to solve conflicts poses a challenge for the region."
As far as maritime challenges are concerned, there's the issue of the South China Sea. But also the underlying principle of freedom of navigation, and the ability, intent and desire of certain claimance states to may be able to control that."
Control over maritime trade routes, and territorial disputes are not new in the region.
But experts say a retreating United States and a rising China means Indo-Pacific countries need to a strike a delicate balance between the two.
And there are concerns that Beijing's One Belt One Road project to tie the region may give it even more economic leverage that could be used in the form of economic retaliation when its geopolitical interests are threatened as seen by the case of South Korea's deployment of the THAAD missile defense system..
For economic integration to continue benefiting countries and to help resolve conflicts peacefully, experts said the establishment of rules based order and security mechanisms is needed as soon as possible.
Kim Hyesung, Arirang News.
The Indo-Pacific, the region around the Indian and Pacific oceans....is becoming more and more important to the global economy.
On the second day of the Asan Plenum forum in Seoul, experts gathered to discuss the opportunities and challenges that affect the Indo-Pacific region.
Our Kim Hyesung reports.
With the rise of China as a global economic power, and the booming India and Southeast Asia,...the so-called Indo-Pacific region is growing in global importance.
"Real wealth is human capital and human resources. And this is a region in the world not only with huge numbers of people, and China is huge but so is India, so is Indonesia... So you not only have large numbers of people but people with I would say generally with a culture that emphasizes hard work and self-reliance."
While the World Bank forecasts global growth to be around 3 percent for 2018, growth in the Indo-Pacific region is expected to top 6 percent thanks to strong investment and domestic demand.
At the same time, despite rising trade protectionism and the U.S. decision to pull out of the Trans-Pacific Partnership (TPP), experts say the Indo-Pacific countries' trade ties remain strong,... backed by bilateral trade deals and a commitment to sign the RCEP or Regional Comprehensive Economic Partnership, which includes 10 ASEAN countries and six others like Korea, China, Japan, and India.
"While economic and trade ties among Indo-Pacific countries are growing stronger, experts warn that a lack of adequate security mechanisms to solve conflicts poses a challenge for the region."
As far as maritime challenges are concerned, there's the issue of the South China Sea. But also the underlying principle of freedom of navigation, and the ability, intent and desire of certain claimance states to may be able to control that."
Control over maritime trade routes, and territorial disputes are not new in the region.
But experts say a retreating United States and a rising China means Indo-Pacific countries need to a strike a delicate balance between the two.
And there are concerns that Beijing's One Belt One Road project to tie the region may give it even more economic leverage that could be used in the form of economic retaliation when its geopolitical interests are threatened as seen by the case of South Korea's deployment of the THAAD missile defense system..
For economic integration to continue benefiting countries and to help resolve conflicts peacefully, experts said the establishment of rules based order and security mechanisms is needed as soon as possible.
Kim Hyesung, Arirang News.