International Trade Law, Economic growth, Asia

Economics, with simple fundamentals of supply and demand, is a dynamic function that consists of multiple players, complex relations and multitudes. One cannot define an economy without reference to trade. And at the global level today, economics of nations are intertwined with one another bridged by people, corporations, and governments – the elements of international trade. International trade is the essence of economic growth and development. And to facilitate these trading activities, it is essential that the rules of the game is properly defined - Like any games, if you have so many players in it, you can’t afford to have each of them bringing their own rules to the games. Asia needs rules at a higher level to ensure that the playing field is most fair, and at the same time, to promote efficiencies. Hence, it needs a developed international trade law to govern the relations between nations and it needs the enforcement of these international trade laws to facilitate trades at a global level.

Just over a decade ago, it was with little doubt that people referred to Asia as “the next big thing” - Asia was regarded as the region with a huge potential to be one of the main contributors to the world’s economy. World delegates, academics, investors, businessmen - Everyone saw the potential in this region. Asia has both physical and human capital. It is rich in natural resources and commodities, such as agricultural products in Thailand and Vietnam, rubbers in Malaysia and Thailand, and oil in Brunei. In addition, countries like China and India have enormous amount of labor. But despite all these, a decade has passed, and Asia has not come close to the “potential” that everyone has expected. Why did it not realize its potential?

An international trade can be described as the sale of goods with an international element, but most people in Asia still have limited knowledge about the laws that set the rules in this playing field. And this hinders the trades between these developing countries and with the developed nations. The investors from developed countries need a confident in their investment, they want to mitigate risks, and the proper enforcement of the international trade law is one of the significant key that could provide the assurance needed, therefore, Asian countries should have more emphasis on the enforcement of these laws.