Asian Angle | Globalisation’s not dead, it just has a new powerhouse – Asia
From the ashes of the Trans-Pacific Partnership, a new free-trade champion is emerging
The so-called anti-globalisation wave has become one of the most popular themes for panel discussions, articles, television programmes and the like. Don’t take it too seriously. Globalisation cannot be stopped.
No matter what particular political leaders say and anti-immigration proponents take to the streets to demand, interdependence is growing. The volumes of goods, services and capital crossing borders continue to increase, and so do the numbers of people working outside their home countries.
What we are really witnessing is not the halt of globalisation, but the rise of anti-globalisation sentiments that translate into policies negatively influencing international macroeconomic activities as well as everyday lives. But globalisation goes on, just changing its forms, channels and leading actors.
Anti-globalisation sentiments are spreading in America and Europe, but definitely not in Asia, the continent that is leading global economic growth. Surprisingly, this crucially important point is usually overlooked. In the vast majority of Asian countries, there is a strong desire in the political establishment and the business community to speed up globalisation and further liberalise international trade and investment, in particular. The ultimate goal is to build stronger national economies and raise living standards. By and large, the public accepts this stance, or at least does not show signs of resistance.
In fact, Asia is already benefitting from an array of bilateral and multilateral free-trade agreements, including the large-scale free-trade agreement (FTA) recently concluded by Asean (the Association of Southeast Asian Nations) with China, Japan, South Korea and India.