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Unite to take Asia forward

Two-day ICCB conference comes to a close

Star Business Report
A two-day international conference ended yesterday with a call for political cooperation, regional integration and robust fiscal steps to take the Asian economies forward.
The conference, titled ’Global Economic Recovery: Asian Perspective1 also observed that Asian recovery will be continentally driven but full recovery will be dependent on the rest of the world.
The International Chamber of Commerce Bangladesh (ICCB) in association with leading chambers and associations organised the event attended by policymakers, economists, trade experts, and local and foreign entrepreneurs.
Some 40 speakers and 450 delegates from home and abroad attended the event.
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"Asian recovery is interlinked with global recovery. Being in a global village, you cannot remain in isolation. You cannot remain insulated from the rest of the world," said Mahbubur Rahman, president of ICCB, at a press briefing organised to share the outcomes of the conference.
Consumption expansion in China and India, and the relationship between these two countries will be critical in shaping the Asian agenda in future, he added.
The conference observed that the financial crisis and recession of 2008-09 appeared to have pushed the world economy to a slower growth trajectory; the average growth in the last four years was decidedly lower than the preceding four years.
The nature and pace of recovery remain tentative, facing formidable structural impediments, financial uncertainties and inter-regional imbalances that could aggravate ongoing problems, ICCB said in a statement on the outcome of the event.
Rahman said Asia has been able to strengthen its resilience to global risks and will continue to be a source of global economic dynamism.
But gradual fiscal consolidation and supportive monetary policy could strengthen the continent's resilience to risks, according to the ICCB president.
However, it will not automatically result in growth acceleration. For that, appropriate growth policies need to be pursued.
Inequality has increased with a concurrent decrease in poverty in the region, the ICCB said. In this backdrop, food security should be ensured, particularly in the
South Asian region.
Other than providing a set of recommendations in areas ranging from trade, investment, regional cooperation, governance and environment, the conference also recognised the shift towards China and India in the 21st century.
"If they see eye to eye, trade in Asia will reach new heights," Rahman said.
Participants also observed that climate change would impact air quality and water.
It would be the biggest challenge in the environmental domain in the region in the coming days, Rahman said.
In addition to focusing on the good relationship between the two emerging Asian giants, the conference also underscored the importance of good governance and inclusive politics.
“These are essential prerequisites for accelerated investment and growth."
By committing to a new transformative growth paradigm, developing Asia can lead a process of development towards a future that is sustainable, Rahman said.
The new development paradigm though will need to be conscious about rising inequality and environmental degradation and take corrective measures to address the attendant concerns.
The ICCB president is also hopeful that the two-day conference would benefit Bangladesh and take the country to the next stage.
Latifur Rahman, vice-president of ICCB, and a member of Paris-based ICC's executive board, said the conference's participants are going back more enriched.
"This is the strength of having quality speakers."