The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) has set a target of a 12.8% increase in export revenue for the Asia-Pacific region in 2021. This ambitious goal comes as the region continues to recover from the economic impact of the COVID-19 pandemic.
According to UNESCAP, the Asia-Pacific region experienced a 4.1% decline in export revenue in 2020, due to disruptions in global supply chains and reduced demand for goods and services. However, the organization believes that the region has the potential to bounce back quickly, with the right policies and strategies in place.
To achieve the 12.8% boost in export revenue, UNESCAP is calling for a coordinated effort from governments, businesses, and other stakeholders. The organization has identified several key areas that will be critical to achieving this goal, including:
1. Strengthening regional trade agreements: UNESCAP believes that regional trade agreements can help to reduce trade barriers and increase market access for businesses in the Asia-Pacific region. The organization is calling for greater cooperation among governments to negotiate and implement these agreements.
2. Promoting digital trade: The COVID-19 pandemic has accelerated the shift towards digital trade, with more businesses relying on e-commerce and other digital platforms to reach customers. UNESCAP is calling for policies that support the growth of digital trade, including measures to improve digital infrastructure and reduce barriers to cross-border data flows.
3. Supporting small and medium-sized enterprises (SMEs): SMEs are a critical part of the Asia-Pacific economy, but they have been hit hard by the pandemic. UNESCAP is calling for policies that support SMEs, including access to finance, training and capacity-building, and support for innovation and technology adoption.
4. Investing in sustainable trade: UNESCAP believes that sustainable trade can help to promote economic growth while also protecting the environment and addressing social issues. The organization is calling for policies that promote sustainable trade practices, including measures to reduce carbon emissions and promote social responsibility in supply chains.
Overall, UNESCAP’s goal of a 12.8% boost in export revenue is an ambitious one, but it is also achievable with the right policies and strategies in place. By working together, governments, businesses, and other stakeholders can help to drive economic growth and recovery in the Asia-Pacific region, while also promoting sustainable and inclusive trade practices.
