US-China decoupling could weaken innovation for East Asia Pacific FMTNews FMTBusiness
A decoupling of the United States and China may negatively impact innovation in the East Asia Pacific region, said the World Bank.
“Two biggest trading partners are drawing apart,” he said, noting that it would cause several key problems in the region. Export or import restrictions would affect more than just bilateral trade, particularly if there are rules imposed on the ultimate destination or source of goods and services. “The best way to respond to a retreat from globalisation is to reform one zone trade policies,” he said.For example, Vietnam may have stepped into China’s shoes and exported more to the US. However, in order to do this, they needed to import more from China.“The best response is not to join one or the other exclusively, but to deepen and strengthen relations with both.
Investment in adaptation methods is necessary, though Aaditya acknowledged it would be difficult for governments to foot the bill themselves.
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