World Bank Group President Ajay Banga recently emphasized that lower tariffs benefit everyone by unlocking new opportunities in global trade. Over the past decade, bilateral and regional trade deals have surged, reshaping trade dynamics across the Asia-Pacific region. 😊
Agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP) are redefining the way nations do business, driving a more integrated and efficient market.
Banga pointed out that many developing economies still face higher tariffs compared to advanced economies, which can trigger reciprocal measures and impact competitiveness. He stressed that broad-based liberalization—not just with select partners—can expand market access and stimulate stable, diversified growth.
For emerging markets in South and Southeast Asia, these developments signal a transformative potential for local businesses, tech startups, and innovative ventures. With streamlined border processes and clear rules, everyone from consumers to entrepreneurs stands to gain in this fast-paced global landscape. 🌏
In today’s interconnected, tech-savvy world, lowering trade barriers is more than just an economic policy—it’s a catalyst for building stronger regional ties and securing a resilient future for all.
Reference(s):
cgtn.com
