Дата публикации

BISR Analyst: Asia is changing global trade flows

Asia is changing global trade flows, BISR analyst Vitaly Demirov said on the sidelines of an international expert seminar "Current issues in securing national "turn to Asia", BelTA correspondent was told.

"Asia is changing global trade flows. And this trend has been clearly seen over the past 10 years. There is a qualitative structural growth of Asian countries, mainly China and India. This process exhausts the "low basis" effect, increases prosper ity growth in the domestic market. That is, there is a decline in opportunities to use cheap labor resources in this market, production automation is increasing. Consequently, these countries, first of all, have changed their economic strategies", Vitaly Demirov said.

By his words, both the understanding itself and the structural content of globalization concept, are changing. "If before the emphasis was made on the open nature of movement of goods, services and capital, on deep specialization and then on cooperation in production chains in order to achieve the best effect, now we see that this principle works only for 18% of international trade and mainly involves countries with low labor costs", BISR analyst said.

Vitaly Demirov added that for the national "turn to Asia" to succeed, we should have a clear answer to three questions. "First, we need to understand the reasons for such a major economic "Asian miracle" and, translating it into Belarusian realities, understand how much it can help us today. The second issue is a clear awareness of specific, practical and organizational obstacles and barriers preventing us from promoting our exports to Asian markets. And, third, to try to find the pool of companies and specific products that can be a startup for promoting our products to the Asian region", he stressed.

The Belarusian Institute of Strategic Research has hosted an international expert seminar on "turn to Asia". The event, held in a hybrid format, was attended by leading experts of the Ministry of Foreign Affairs, Ministry of Economy, National Center for Marketing, the Belarusian Chamber of Commerce and Industry, Development Bank, Foreign Economic Agency, the Republican Business Confederation, Belarusian State University, Belarus State Economic University, Academy of Public Administration under the President of the Republic of Belarus. Foreign experts also made their presentations. The Ministry of Industry was widely represented by subordinate enterprises.

The event addressed the search for common vision and critical inventory at the level of those engaged in the current state of affairs in the Asian vector, identification of problems, ways and tools to solve them in the short and medium term. The long-term objective is to create a permanent intellectual club (platform) in the BISR for expert support of promoting national interests in the target countries, including at the level of business interests bearers. The strategic aspect is intended to synchronize the experience and efforts of state managers, business (entrepreneurs), educational sector and expert community based on the synergy of their cumulative competencies and knowledge.