Easing US-China trade tensions could save millions of jobs: Asia-Pacific UN report

UN Photo/Kibae Park A H/mong hill tribe woman in a village of Sin Chai, Sapa, Viet Nam. Women’s labour accounts for the two-thirds of subsistence agriculture in developing countries, yet they often have no rights over the land.

This article is brought to you in association with the United Nations.

Millions of jobs in the Asia and Pacific region have been put at risk by conflicts over trade, despite a recent agreement not to escalate tit-for-tat tariffs by the United States and China, according to a new regional UN report.

The 2018 Asia-Pacific Trade and Investment Report, issued by the UN’s development arm in the region, ESCAP, suggests that an escalating “tariff war” and resulting drop in confidence next year, could cut nearly $400 billion from the global gross domestic product, drive regional GDP down by $117 billion.

“As production shifts take place and resources are reallocated across sectors and borders due to the trade conflicts, tens of millions of workers may see their jobs displaced and be forced to seek new employment,” said Mia Mikic, the head of Trade, Investment and Innovation Division at ESCAP.

That said, the report also noted trade tensions have already had had a major impact, resulting in disruptions to existing supply chains and dampening investment. Trade growth slowed after the first half of 2018, and foreign direct investment (FDI) flows to the region are also expected to continue on a downward trend next year, following a 4 per cent drop overall this year.

In such a scenario, regional investment will be key to creating new economic opportunities, says Ms. Mikic, adding that “complementary policies” such as labour, education and retraining, and social protection measures must be placed high on the policymaking agenda.

This is also critical for ensuring progress on implementing the Sustainable Development Goals (SDGs), she said.

ESCAP has also called on countries to take full advantage of all existing initiatives to strengthen regional cooperation, including a new UN treaty on digitalizing trade procedures and enabling cross-border paperless trade in the zone.

‘Trade war’ has no winners

The report has also underscored that neither China nor the US can win a “trade war”, explaining that “both will see significant economic losses from continuing conflict.”

It also finds that implementation of mega-regional trade agreements such as the Regional Comprehensive Economic Partnership, among the Association of South-East Asian Nations (ASEAN) and its six partners – Australia, China, India, Japan, New Zealand and the Republic of Korea – could offset much of the economic losses from trade tensions.

The 2018 report estimates that implementation of such agreements could boost exports by 1.3 to 2.9 per cent and add 3.5 to 12.5 million jobs in the Asia-Pacific.

ESCAP, or the Economic and Social Commission for Asia and the Pacific is largest among UN regional commissions. Its 53 member States and 9 associate members span a geographic area from the Pacific island of Tuvalu in the east to Turkey in the west, and Russia in the north to New Zealand in the south. The region is home to nearly two-thirds of the world’s population.

In addition to countries in the Asia-Pacific region, ESCAP’s membership also includes France, the Netherlands, the United Kingdom and the US.

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

the European Sting Milestones

Featured Stings

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Youth Internationalization: part of everyday life in JADE

A Sting Exclusive: “Cybersecurity: Why consumer products must be looked at urgently”, by BEUC’s Deputy Director General

Britain in chaos: May stays as Tory leader and PM but none can defuse the Brexit time bomb

2014 will bring more European Union for the big guys and less for the weak

Does the West reserve the fate of Libya and Syria for others? How does this relate to the EU’s Neighborhood Policy?

Chronic illnesses: UN stands up to stop 41 million avoidable deaths per year

Access to health in the developping world

European Development Days 2013

The key takeaways of G7 Summit in Canada

The gender gap of medicine in 2018

MEPs vote for upgrade to rail passenger rights

UK economy in dire straits: leading banks now officially plan to Brexit too

Berlin vies for a Germanic European Central Bank

High-flyers: China is on top of the world for skyscraper construction

Sudan: ‘Exercise utmost restraint’ urges Guterres as thousands march in Khartoum, sparking deadly clashes

A Sting Exclusive: “Global Climate: Our Common Responsibility”, S&P MEP Miriam Dalli underlines from Brussels

FROM THE FIELD: Liberia boosts efforts to guard against rising seas

Tusk fights back while charismatic Boris goes against everybody in Brussels pushing the UK to leave the EU now or never

Inequality in the delivery of health services

North Korea: ‘Time to talk human rights’, says UN expert

Mexico cannot move forward ‘without addressing the shadows of the past’, says UN rights chief

London to say hello or goodbye to Brussels this week

With field schools in Kenya, UN agriculture agency teaches techniques to combat drought

Last-chance Commission: Why Juncker promised investments of €300 billion?

New UN-supported farming app is cream of crop in tackling Sahel pest

All sides in Yemen conflict could be guilty of war crimes, UN experts find

Sudan: Amidst deaths, injuries, imprisonments, UNICEF stresses children’s protection ‘at all times’

How each country’s share of global CO2 emissions changes over time

Few countries are pricing carbon high enough to meet climate targets

Greater transparency, fairer prices for medicines ‘a global human rights issue’, says UN health agency

UN chief condemns killing of ‘blue helmets’ in DR Congo, as violence erupts prior to elections

The EU moulds a new compromise for growth and financial sustainability

Austerity ends in Eurozone, Germany is isolated

The race for Driverless vehicles: where is the industry heading?

G20 LIVE: G20 Antalya Summit in Numbers, 15-16 November 2015

Take medical use of cannabis seriously, say MEPs

China hopes EU Commissioner De Gucht drops super anti-dumping tariff on solar panels

How music can help children with autism connect

Wednesday’s Daily Brief: Sudan, Libya, Yemen updates, solutions for e-waste, flood response in Iran, online security for children

The vegan economy is booming – and Big Food wants a slice of it

Congolese expelled from Angola returning to ‘desperate situation’: UN refugee agency

European Union: From financial consolidation to deeper political division

Fostering global citizenship in medicine

Real EU unemployment rate at 10.2%+4.1%+4.7%: Eurostat Update

‘Path to peace’ on Korean Peninsula only possible through diplomacy and full denuclearization: US tells Security Council

EU-US trade deal: Europe to Americanize its social model?

UK’s Cameron takes the field to speed up TTIP talks. Will “rocket boosters” work?

Bullheaded Madrid authorities confront Catalonia with force

7 ways to break the fast fashion habit – and save the planet

European Semester Autumn Package: Bolstering inclusive and sustainable growth

The EU Commission predicts a decimated growth in the next years

We’re facing a ‘cold crunch,’ and it’s nothing to do with the polar vortex

Education remains an impossible dream for many refugees and migrants

Young health workforce – a core of effective primary healthcare?

Eurozone very close to a sustainable growth path

Greece to stay in the euro area but the cost to its people remains elusive

Assembly President launches new initiative to purge plastics and purify oceans

3 ways to ensure the internet’s future is creative, collaborative and fair

Hackers are causing blackouts. It’s time to boost our cyber resilience

80 million Chinese people no longer pay income tax

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s