MOIT VIETNAM | Asia-Pacific lost millions of jobs because of the US-China trade war
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Asia-Pacific lost millions of jobs because of the US-China trade war
Steel is produced at a factory in Incheon, Korea. (Ảnh: AFP/TTXVN)
Changes in production, resources redistributed across sectors and countries in the Asia-Pacific region due to trade tensions will result in tens of millions people to lose their jobs losses have to find new jobs. Lessening trade tensions between the two largest economies - the United States and China - could partly help to cushion this situation.
This is the main content of the report released on December 12 by the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).
According to Viet Nam News Agency’s reporters in the UN, UNESCAP report on trade and investment in the Asia-Pacific region 2018 has indicated that the increasing tensions between US and Chinese trade and decreasing consumers’ confidence could lead to a decline of $400 billion in global gross domestic product (GDP) and the GDP of the Asia-Pacific region will lose $117 billion.
The report also notes that US-China trade tensions had significant impacts, leading to disruptions in current supply chains and creating worries among investors.
Trade growth in the Asia-Pacific region has slowed down after the first half of 2018 and foreign direct investment (FDI) inflows into the region are projected to continue its downward trend next year after falling 4% this year.
The UNESCAP report calls on countries in the region to make the most of existing initiatives to enhance cooperation, including the new United Nations treaty on digitization of non-paperworks cross-border regulations for commercial and non-commercial transactions.
UNESCAP concurrently stresses that both China and the United States can not win a trade war and will continue to suffer heavy losses if the war continues.
Also according to the report, the implementation of major trade agreements in the Asia-Pacific region such as the ASEAN Regional Economic Partnership Agreement (RCEP) between ASEAN and six Partners including Australia, China, India, Japan, New Zealand and South Korea can offset most of the economic losses caused by US-China trade tensions.
Implementing such agreements could boost exports in this region, growth may reach between 1.3 and 2.9 percent, generating between 3.5 and 12.5 million jobs.
UNESCAP is the largest of UN regional committees with 53 member countries and 9 associate members.Besides countries in the Asia-Pacific region, UNESCAP members also include the United States, the United Kingdom, France and the Netherlands.
Source: VNA
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