Trade in Asia is facing a changing global landscape and considerable challenges, with structural economic change taking place in the region itself, coupled with growing protectionism in the west. Despite this, Asia has experienced above average global trade growth in recent years and continues to do so, with the trade outlook for the region particularly positive.
Yet, realising the region’s huge potential and achieving ASEAN’s trade flow goals requires Asian trade to overcome its third challenge: the undeniable dearth of trade finance. In light of this, in The Asset, Dominic Broom, Global Head of Trade Business Development at BNY Mellon, considers the benefits of pursuing collaborative partnerships and leveraging the power of innovative technologies. Indeed, by doing so, banks can help to ensure that Asian economies are able to harness the opportunities available and forge a prosperous future for trade in and beyond the region.
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