An Asian Agenda for Economic Security and Prosperity #2 Keynote Speech

Описание: RIETI-ANU Symposium "An Asian Agenda for Economic Security and Prosperity" (September 26, 2024)
[Keynote Speech]
MATANO Motosada (Cabinet Councillor and Senior Director, National Security Secretariat)

Great power strategic competition, a retreat to protectionism and the weaponization of trade and economics has led many countries to advance economic security policies. These economic security policies are rational in their response to a more uncertain world and aim to protect economic wellbeing from external shocks, including politically motivated shocks that are driven by rivalry and beggar-thy-neighbour policies.
With the rules-based multilateral trading system under threat and significantly weakened, risks from international economic exchange are, instead of being managed under a rules-based framework with robust dispute settlement, being mitigated by countries and companies with diversification, hedging, stockpiling and other self-insurance strategies.
As a result, the costs of international economic exchange are increasing and in ‘protecting’ economic welfare, some economic security policies are indistinguishable from a retreat to protectionism.
No other region is more reliant on an open regional and global economy than East Asia given the deep, integrated supply chains, and no other region has more to lose from a fracture in confidence of an open multilateral system.
What can countries in East Asia do in response to these new circumstances? How can they respond to and deter economic coercion? How can countries return to having confidence in high trade shares with other countries that allow a realisation of comparative advantage and economies of scale? What policy strategies can be brought to bear domestically, regionally and multilaterally to ensure collective economic security policies are consistent with and support outward-oriented economies that protect and enhance prosperity?

Programs, and handouts are available at the RIETI website.
https://www.rieti.go.jp/en/events/240...