The first panel session of ACC Day 2 focused on trade, regional architecture, and strengthening linkages.
Kishore Mahbubani, Dean of the Lee Kuan Yew School of Public Policy, identified an important trade-related aspect of the post-crisis “new normal.” Advanced economies are shying away from free trade- economies that once championed the benefits of free trade to Asians among others. Meanwhile, Asians have gone ahead signing free trade agreements with each other, and trade is growing rapidly, with benefits for all. Victor Z. Gao, Director of the China National Association of International Studies, discussed the relationship between China and India: the two countries are growing neck and neck, but each can find its own way of developing economic growth. This bodes well for each country and the region as a whole. Raja Mohan, Contributing Editor of the Indian Express, discussed ways to improve trade ties with India’s closest neighbors. Levels of trade remain anemic. He suggested that unilateral trade policy coupled with developing physical connectivity could help begin to make up the gap. Hassan Abbas, the 2010 Bernard Schwartz Fellow at the Asia Society and Senior Advisor at the Belfer Center for Science and International Affairs, drew further attention to the trade relationship with Pakistan. There is a long way to go; to get there, policymakers must create avenues for building trust and increasing interaction. Richard Woolcott, Special Envoy for the Prime Minister of Australia, said that Asia’s rising economic clout is being reflected in the changing order of international financial institutions. He also outlined his views on the future of regional institutions in the Asia-Pacific, suggesting that the current framework may not be sufficient.