The Evolution of the Global Trading System: How the Rise of Asia and Next Generation Trade Will Shape the Future Economy | Asia Society Skip to main content

Unsupported Browser Detected.
It seems the web browser you're using doesn't support some of the features of this site. For the best experience, we recommend using a modern browser that supports the features of this website. We recommend Google Chrome, Mozilla Firefox, or Microsoft Edge

  • Center for China Analysis
    • About
    • Research Pillars
    • Staff and Fellows
  • Topics
    • Prosperity
    • Security
    • Sustainability
  • Countries & Regions
    • Australia
    • Central Asia
    • East Asia
    • Oceania
    • South Asia
    • Southeast Asia
    • West Asia
  • Publications
    • All Publications
    • ASPI Notes
    • Interactives
  • Initiatives
  • Watch & Listen
    • Video
    • Podcasts
  • Events
    • Past Events
  • About
    • Mission
    • How We Work
    • Institutional Independence
    • Staff
    • Fellows and Advisors
    • Network of Experts
    • Supporters
    • News
    • Contact
    • Careers
    • Schwartz Book Award
    • Join Our Email List
  • Support Us
Search
Asia Society Policy Institute
  • Center for China Analysis
    • About
    • Research Pillars
    • Staff and Fellows
  • Topics
    • Prosperity
    • Security
    • Sustainability
  • Countries & Regions
    • Australia
    • Central Asia
    • East Asia
    • Oceania
    • South Asia
    • Southeast Asia
    • West Asia
  • Publications
    • All Publications
    • ASPI Notes
    • Interactives
  • Initiatives
  • Watch & Listen
    • Video
    • Podcasts
  • Events
    • Past Events
  • About
    • Mission
    • How We Work
    • Institutional Independence
    • Staff
    • Fellows and Advisors
    • Network of Experts
    • Supporters
    • News
    • Contact
    • Careers
    • Schwartz Book Award
    • Join Our Email List
  • Support Us

The Evolution of the Global Trading System: How the Rise of Asia and Next Generation Trade Will Shape the Future Economy

ASPI Report

Global Trading
MarsYu/Getty Images
November 28th, 2022

Download

The Report

The Annex

Over the last seventy years, global trade flows have grown to an unprecedented level, facilitated by the lowering of tariffs and the creation of a shared set of rules. The Asia Pacific region has been central to this remarkable growth, with trade volumes nearly quadrupling in the last twenty years. Asian countries view trade as a critical tool to grow their economies, strengthen supply chain resiliency, create jobs, foster development, attract foreign direct investment, and promote innovation. As a result, they have been on the forefront of concluding trade agreements, and in the process tackling emerging issues through innovative approaches.

In the meantime, many of the existing institutions, groupings, and approaches that have supported a strong rules-based trading system have not sufficiently stepped up to address emerging challenges.

In particular, negotiating efforts at the World Trade Organization (WTO) have largely stalled with WTO members to date unable to forge consensus on pressing trade matters affecting climate, health, and digital, to name just a few. Additionally, as the scope of trade agreements has expanded over time, concluding comprehensive agreements has become more difficult. Finally, increased geopolitical tensions have impacted the multilateral trading system’s ability to function and thus respond effectively to new challenges.

A new Asia Society Policy Institute (ASPI) report, The Evolution of the Global Trading System: How the Rise of Asia and Next Generation Challenges Will Shape the Future Economy, by ASPI's Shay Wester, explores next-generation trade challenges where new rules and new approaches will be needed. It concludes with observations on how these changes are reshaping the global trading system and examines how governments will need to adapt going forward.

This report was made possible through the generous support of Citi.

citi

ABOUT THE AUTHOR

Shay Wester is the Director of Asian Economic Affairs and Outreach Director at the Asia Society Policy Institute (ASPI), where his research focuses on trade and economics in Asia. Prior to joining ASPI, Shay spent 9 years in Singapore at the US-ASEAN Business Council, where he led policy strategy and programming across all industry verticals. Earlier in his career, Shay served on the legislative staff of a senior member of the U.S. Senate. Originally from Texas, Shay received his undergraduate degree in Economics and Political Science from Southern Methodist University.  He holds a Master’s Degree in International Relations and International Economics from the Johns Hopkins University School of Advanced International Studies (SAIS) in Washington D.C.

ABOUT THE PROJECT ADVISOR

Wendy Cutler is Vice President at the Asia Society Policy Institute (ASPI) and the Managing Director of the Washington, D.C. office. In these roles, she focuses on building ASPI’s presence in the nation's capital and on leading initiatives that address challenges related to trade, investment, and innovation, as well as women’s empowerment in Asia. She joined ASPI following an illustrious career of nearly three decades as a diplomat and negotiator in the Office of the U.S. Trade Representative (USTR), where she also served as Acting Deputy U.S. Trade Representative. During her USTR career, she worked on a range of bilateral, regional, and multilateral trade negotiations and initiatives, including the U.S.-Korea Free Trade Agreement, the Trans-Pacific Partnership, U.S.-China negotiations, and the WTO Financial Services negotiations. She has published a series of ASPI papers on the Asian trade landscape and serves as a regular media commentator on trade and investment developments in Asia and the world.

Attachment

  • The Evolution of the Global Trading System: How the Rise of Asia and Next Generation Trade Will Shape the Future Economy (PDF, 3.12 MB)
  • ANNEX: The Evolution of the Global Trading System (PDF, 290 KB)

Related Video

Reshaping Trade: The Rise of Asia and Next-Generation Challenges
Current Affairs
 /  Washington, D.C.

Reshaping Trade: The Rise of Asia and Next-Generation Challenges

Wendy Cutler, Tim Groser, Yeo Han-koo, Elizabeth Chelliah, Kurt Tong, and Candi Wolff discuss Asia Society Policy Institute’s latest report on Asia’s critical role in the future of trade negotiations.
Watch Now
About
  • Mission & History
  • Our People
  • Become a Member
  • Career Opportunities
  • Corporate Involvement
visit us
  • Hong Kong
  • New York
  • Texas
global network
  • Australia
  • France
  • India
  • Japan
  • Korea
  • Northern California
  • Philippines
  • Southern California
  • Switzerland
  • Washington, D.C.
resources
  • Arts
  • Asia Society Magazine
  • ChinaFile
  • Current Affairs
  • Education
  • For Kids
  • Policy
  • Video
shop
  • AsiaStore
initiatives
  • Arts & Museum Summit
  • Asia 21 Young Leaders
  • Asia Arts Game Changer Awards
  • Asia Game Changer Awards
  • Asia Society Museum: The Asia Arts & Museum Network
  • Asia Society Policy Institute
  • Asian Women Empowered
  • Center on U.S.-China Relations
  • China Learning Initiatives
  • Coal + Ice
  • Creative Voices of Muslim Asia
  • Global Cities Education Network
  • Global Talent Initiatives
  • U.S.-Asia Entertainment Summit
  • U.S.-China Dialogue
  • U.S.-China Museum Summit
Connect
Email Signup For the media
Asia Society logo
©2023 Asia Society | Privacy Statement | Accessibility | Terms & Conditions | Sitemap | Contact

Asia Society takes no institutional position on policy issues and has no affiliation with any government.
The views expressed by Asia Society staff, fellows, experts, report authors, program speakers, board members, and other affiliates are solely their own. Learn more.

 

 

  • Visit Us
  • Hong Kong
  • New York
  • Texas
  • Global Network
  • Australia
  • France
  • India
  • Japan
  • Korea
  • Northern California
  • Philippines
  • Southern California
  • Switzerland
  • Washington, DC