Asia Economic dialogue 2023

The Ministry of External Affairs recently hosted the Asia Economic Dialogue in Pune. The main focus of the dialogue was on Geo-economics. It was conducted under the theme “Asia and the Emerging World Order”. The dialogue also focused on the metaverse, the role of the global south in shaping the G20 agenda, meeting climate targets, etc. More than 44 countries participated in the dialogue. This includes Mexico, Singapore, Maldives, South Africa, the USA, Brazil, Switzerland, etc.

Significance of the dialogue

There are 4.7 billion people in Asia and it accounts for 60% of the world’s population. According to the IMF, Asia is one of the fast-growing markets in recent days. The major consumers of the world India and China are in Asia. Therefore, no country shall increase their trade market without including Asia!

Future

The major powers in Asia are India, China, Japan, and South Korea. They will grow exponentially in the near future. COVID recovery has been rapid here. Indonesia, Thailand, Philippines, Bangladesh, Thailand, Malaysia, and Sri Lanka are in need of assistance.

Why is Asia the primary focus of the global market?

Very cheap labour and easy land availability make Asia attractive. The disputes across borders are advantageous for defence trade. The region has a tropical climate and is very rich in resources. Therefore, the availability of raw materials is easy.

Month: Current Affairs - February, 2023

Category: Important Days & Events Current Affairs