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A new class of digital services is fueling significant success in the Asia Pacific region
The rapid development of digital services in the Asia Pacific region is transforming international trade for developing countries.
Key Takeaways
- The rapid development of digital services in the Asia Pacific region is transforming the way developing countries access international markets, providing opportunities for small- and medium-sized companies to compete with larger ones.
- Digital globalization relies on the development of better digital infrastructure, resolution of regulatory issues, and the introduction of dedicated digital literacy policies and programs.
- Asia’s landmark free trade agreements, such as the CPTPP and RCEP, are crucial to regional success as globalisation faces challenges, and regional economic integration may gain stronger momentum.
Cloud computing, online education, and telemedicine are among the significant progress being made. E-commerce platforms and mobile payment systems are making it easier for small and medium-sized companies to access international markets. However, digital globalization relies on better digital infrastructure, resolution of regulatory issues, and the introduction of digital literacy programs.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP) are crucial to regional success amid challenges to globalization.
The World Trade Centers Association (WTCA) is participating in the China International Import Expo (CIIE) and partnering with WTC Shanghai for the 2023 WTCA CIIE Program. The WTCA supports free and fair trade and facilitates global connectivity. They will hold their annual Global Business Forum in Bengaluru, India.
Mobile payment systems give developing countries a unique opportunity to leapfrog in international trade as we have seen in places like China, India and regions in Africa.
Mr. Scott Wang, Vice President–Asia Pacific of the World Trade Centers Association (WTCA).
The rapid development of a “new class of digital services” in the Asia Pacific region is transforming the way developing countries access international markets, according to Mr. Scott Wang, Vice President–Asia Pacific of the World Trade Centers Association (WTCA).
Ahead of the WTCA Member Forum in New York next week (15-17 October 2023), which will gather representatives from World Trade Center (WTC) locations around the world and examine regional growth plans, Mr. Wang said that “very significant” progress was being made in digital services such as cloud computing, online education and telemedicine in the region.
He added: “Digital globalization is fundamentally transforming international trade in both the goods and services sectors. In particular, we have seen the rise of e-commerce platforms which connect businesses across the globe and enable direct connectivity between merchants and customers”.
These e-commerce platforms and mobile payments systems together make it so much easier for small- and medium-sized companies to access international markets and level the playing field with larger companies”.
Speaking at the recent China International Fair for Trade In Services (CIFTIS) and China International Fair for Investment and Trade (CIFIT) in September, where the WTCA co-hosted a platform to facilitate sharing, ideas and trends across different industries, Mr. Wang said: “To accommodate the transformation brought by digital globalization, we’ll certainly need to make sure the digital infrastructure is in place for people to access the network”.
Even in China there is still one-fourth of the population that does not have regular access to Internet yet
“China is currently one of the global leaders in digitalization including 5G, AI and cloud computing. But the development of digital infrastructure is uneven around the world if we are talking about digital globalization. Even in China there is still one-fourth of the population that does not have regular access to Internet yet. At the same time, we’ll need to address the regulatory issues to ensure cross-border connectivity”.
Asia’s landmark free trade agreements, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP) are also crucial to regional success as the rise of globalisation continues to face major challenges, said Mr. Wang.
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