Intra-Asia trade stronger then ever!

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So huge was the recent APEC meeting in Singapore, that it was also attended by Barack Obama. The annual APEC meeting brings together leaders from all around Asia to talk about ways to improve business for SME's and Asia in general. They will look at some of the current challenges and finds some innovative ways to tackle them. The meeting that just ended was dominated by actions that have to be done after the global economic meltdown and how SME's can be supported. One idea coming from the meeting was less reliance of the West.

Simply put, China will take over the world on consumption and during the event, Kit Wei Zheng, a Singapore-based economist with Citigroup said "Asian firms would do better to reorient their exports and production towards meeting the demand of Chinese consumers," It will be much easier for Asian companies to tailor their offerings and reach out to the huge Chinese population. The old business model of relying on the West is slowly fading away. Initial projections from HSBC predicts that trade among Asian countries will grow at an annual average rate of 12.2% until 2020. The region's trade with the U.S. is projected to grow 7.3% annually over the same period.

One of the ideas coming from the meeting was the development of an Asia region similar to that of the European Union and that would make a single currency and would greatly benefit small companies around the region. This is easier said than done thought, the culture differences between regions here is far more obvious than that in Europe but initial talks have begun and it could be a possibility in the near future.

Source: http://www.time.com/

Image: inkiboo
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