To unleash the huge growth potential the region holds, Asia needs to embark on a swift and sustained continent-wide integration of its economies, faster dismantling of evasive trade barriers, region wide Free Trade Agreements stitching the major economies together.
Asia has the largest nominal GDP and also GDP PPP of all continents. As per latest estimates by IMF , its nominal GDP is pegged at $ 27.15 Trillion (excluding the GDP of Russia), about 35% of the world economy of $ 77.6 Trillion. China, Japan, India and Indonesia holds the first, third, fourth and eighth largest economies in the world by GDP PPP.
Asia is also the fastest growing economic region in the world with the East Asian and South East Asian countries emerging as the manufacturing and trade hub and West Asia as the petroleum hub. Asia also has the largest accumulation of foreign exchange reserves estimated to be over $ 4 Trillion – more than half of the world’s total reserve, signifying its impact in global trade.
To unleash the huge growth potential the region holds, Asia needs to embark on a swift and sustained continent-wide integration of its economies, faster dismantling of evasive trade barriers, region wide Free Trade Agreements stitching the major economies together and policy support for the deeper integration of its production networks.
Asia Council’s Forum on Asian Economic Cooperation plays a critical role in mobilising the state actors, key policy makers and the corporate fraternity toward this objectives.
