Growing risks facing region main focus of trade officials

GROWING risks facing regional growth will be a pressing theme when Asia-Pacific Economic Cooperation (Apec) trade officials meet in Port Moresby next month.
The risks stem from recent trade tensions and rising protectionism from major economies in the region, according to the Apec Policy Support Unit (APSU).
Director Dr Denis Hew noted the importance of sustained efforts to advance mutually-beneficial reforms and how it was pivotal during this period.
“We are not yet at a point of no return,” he said.
“There is still room to avoid potentially-damaging shocks due to escalating tariffs and other trade restrictions. “However, this will require sustained efforts to achieve policy solutions that ensure robust and inclusive trade flows.
“Protectionism threatens to bring increased costs for businesses, higher prices for consumers, lower wages and job losses across the Apec region, particularly given the high degree of integrated production and supply chains.”
Average tariffs in the region fell from 16.9 per cent in 1989, when Apec was created, to 5.5 per cent in 2016.
This progress has boosted trade-driven growth, which is on pace to increase 4.1 per cent this year and next, before consolidating to 4 per cent in 2019.