Growing Together: Economic Integration for an Inclusive and - escap

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xxvi development agencies and private financial institutions. Its backing for infrastructure projects could also signal opportunities to private investors. As a regional body, the facility could also be in a position to keep track of intraregional spillovers and finance economically significant crossborder projects. Another possible function of the facility could be to provide advisory services and technical assistance. Its capital base could be funded by contributions made by central banks and funds raised through issuing bonds. The ESCAP secretariat is already engaged in elaborating elements of a regional financial architecture for supporting infrastructure investment, including the cross-border listing of equity and bonds by companies from across the region. Economic cooperation for addressing shared vulnerabilities and risks Not only can greater regional integration help countries capitalize on their strengths, but it can also help them address shared vulnerabilities, notably food insecurity, disasters, pressures on natural resources, social exclusion and rising inequalities. Food security In the past half-century, Asia and the Pacific has made tremendous progress in food security. Nevertheless, the region still faces persistent poverty and hunger. The main obstacle is not an overall lack of food. The problem is that many people are not consuming enough of that food. They are prevented from doing so by many factors, including poverty, natural disasters, conflict and war, poor access to resources, lack of employment opportunities, lack of education and underinvestment in agriculture as well as instability in the world food and financial systems. Given that neighbouring countries share many resources critical to the production and distribution of food, food security also has strong regional dimensions. The High-Level Task Force on the Global Food Security Crisis indicated the following potential areas of regional cooperation: regional food reserves, information systems, cooperation in agricultural research, managing transboundary resources, and building regional agricultural markets. Asia and the Pacific is very diverse in food production, providing the region with considerable scope for collaboration. Thus, the challenge is to harness the region’s assets into a cohesive strategy. Dealing with disasters The world seems to be increasingly affected by natural hazards. As populations grow, more people live in disaster-prone areas. As a result, the number of those affected by disasters tends to rise, though this may also reflect improved reporting. Some disasters have a regional impact simply because natural phenomena extend across wide geographical areas. But the impacts of disasters can also be extended by growing economic interdependence. The 2011 floods in Thailand, for example, damaged factories belonging to one of the world’s largest manufacturers of hard disks, severely affecting global computer supplies. Most countries in the region have, to some extent, established national policies, legislation, or plans to prepare for and cope with disasters. Asia and the Pacific would also benefit from more comprehensive regional agreements and cooperation. Better management of transboundary river basins, for example, can prevent floods in neighbouring countries. The response to tsunamis also calls for regional cooperation to develop effective early-warning systems. Regional and transboundary cooperation in developing adaptation strategies can bring mutual benefits to all countries, for example, by reducing uncertainty through exchanges of data and information. Cooperation can also widen the knowledge and information base, increasing the options for prevention, preparedness and recovery, and thereby arriving at better and more costeffective solutions.
Pressures on natural resources and sustainability Rapid economic growth in Asia and the Pacific has put greater pressure on natural resources. With limited per capita endowments, the region is particularly vulnerable to disruptions associated with volatile energy and resource prices, land use changes and climate change. Notably, these disruptions are becoming increasingly interconnected. Some of the most significant pressures arise from rising demand for energy, which is projected to increase by about 34 per cent over the next decade. In addition, there are threats to biodiversity, sulphur dioxide emissions, the rapid accumulation of solid waste, and the increasing prices of many natural resources. As of 2005, the latest year for which these data are available, Asia and the Pacific was the world’s largest user of resources, consuming 35 billion tons per annum of key materials such as biomass, fossil fuels, metal ores and industrial and construction materials – amounting to 58 per cent of the global use of resources. Recognizing that these challenges to sustainability pose threats to economic growth and poverty reduction, the region’s leaders have been developing regional responses. One of the important approaches involves the promotion of Green Growth. This will require technological innovation to improve eco- and resource efficiency. In this context, a key priority is the development, commercialization and transfer of material- and carbon-efficient technologies and promoting lifestyle changes to reduce the material- and carbon-intensity of consumption. The areas in which regional cooperation could help promote environmentally sustainable technologies include: creating a critical mass of skills, enabling the growth of low-carbon technologies; encouraging collaboration in research; developing regimes for intellectual property; establishing innovation hubs; and designing incentives to encourage technological switchover. Addressing sustainability risks The Asia-Pacific regional preparatory meeting for the United Nations Conference on Sustainable Development (UNCSD) – Rio+20 held in October 2011 underlined the need for regional cooperation to “facilitate technological innovation and transfer and promote access to green technologies at affordable costs”. A recent review of country submissions to the UNCSD secretariat confirms that technology transfer and capacity building are among the top priority issues. Technological innovations are not only needed to improve eco- and resource efficiency. They are also critical to ensuring food security through the development of sustainable agriculture practices and to enhance the effectiveness of monitoring and early warning systems to reduce disaster risks. To maximize the effectiveness of the region’s response to these interlinked challenges, the creation of a region-wide body named “Asia-Pacific Technology Development Council” (APTECH), could be considered. APTECH would serve as a regional apex body of national innovation institutions to foster cooperation and coordination in innovation to address common issues and shared problems with sectoral bureaus. It would promote cooperation in pre-competitive research and development with a fund for implementing joint innovation proposals. The intellectual property would be owned by APTECH and shared freely with members for onward sharing with national and regional enterprises for further competitive research. Addressing social risks Despite the region’s economic dynamism, the number of people living in extreme poverty, suffering from hunger and lacking sufficient access to sanitation, education, health and financial services is still enormous. In addition, income inequality has increased, with the population- xxvii
Page 4 and 5: ii Photo by Warren Field
Page 6 and 7: iv Growing Together articulates a n
Page 8 and 9: vi The following experts prepared t
Page 10 and 11: viii CONTENTS (continued) Page Chap
Page 12 and 13: x FIGURES I.1. Real rates of growth
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Page 16 and 17: xiv ABBREVIATIONS (continued) CEPA
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CHAPTER SIX 135 Towards an inclusiv
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CHAPTER SIX 137 Towards an inclusiv
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139 Annex Technical notes Photo by
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143 Annex Technical notes of the ag
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References 145 Photo by Warren Fiel
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References 147 __________ (2009). E
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References 149 Brenner, Cath (2009)
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References 151 __________ (2010b).
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References 153 Hertel, T., ed. (199
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References 157 Quah, Danny (2010).
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References 159 Thailand, National E
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References 161 United Nations, Econ
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