Prospects for enhancing energy security in Asia and the Pacific through regional trade
- Authors: Joong-Wan Cho, Rajan Sudesh Ratna and Vivian Leung Shi Min
- Main Title: The Asia-Pacific Trade Agreement , pp 463-496
- Publication Date: February 2018
- DOI: https://doi.org/10.18356/1d53ff8e-en
- Language: English
Trade and investment are engines of growth for Asia and the Pacific. In 2012, the region surpassed Europe to become the world’s largest trading region. The general decline in import demand in developed countries continues to fuel the growth of South-South trade, further strengthening the role of Asia-Pacific, as most of that trade is contributed by this region. Therefore, intraregional exports experienced an increase in the total share of exports of these countries from 40% to 51% from 2000 to 2012 (ESCAP, 2014). However, the merchandise trade in Asia and the Pacific in 2015 continued to face significant challenges due to the regional as well as global macroeconomic outlook. ESCAP (2015a) estimated that export receipts of the Asia-Pacific economies grew sluggishly at 2.5% in 2014, while imports declined by 1.2%.
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