Trade within Asia- Prevalence & Advantages
From Current Affairs Notes for UPSC » Editorials & In-depths » This topic
Recently, the IMF (International Monetary Fund) predicted that the global trade would decelerate to 2.4% this year from 2022’s 5.4%. Given the polycrisis risks this year, like the possibility of further escalation in the Russia-Ukraine War, emergence of newer COVID-19 variants, decoupling from the global supply chains, etc., this is actually an optimistic forecast. In this context, the south Asian region needs to have a re-look at the Asian intra-regional trade situation.
How prevalent is intra-regional trade in Asia?
- Intra-Asia trade accounts for nearly 60% of the Asian trade. Among the regional blocs across the world, intra-Asian export value is second only to intra-EU exports.
- However, in south Asia, intra-regional trade is only about billion.
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