By J.A. Lozoya, Anindya K. Bhattacharya, Jorge A. Lozoya, A. K. Bhattacharya
Asia and the hot foreign financial Order discusses matters in regards to the institution of the recent foreign financial Oder (NIEO) in Asia. The publication addresses a number of topics referring to NIEO in Asia, akin to alternate, industrialization, meals, uncooked fabrics, ordinary assets, neighborhood integration, and socio-cultural matters.
The textual content is made from eleven chapters; each one tackles a particular sector in Asia. the 1st bankruptcy covers the socio-cultural imperatives. Chapters 2 and three talk about Japan’s and South Korea’s courting with the NIEO, respectively. Chapters four and five hide China and the NIEO, whereas Chapters 6 and seven take on India and the NIEO. bankruptcy eight talks concerning the average assets and uncooked fabrics in Southeast Asia. bankruptcy nine discusses the commercial improvement of the individuals of the organization of Southeast Asian international locations (ASEAN), whereas bankruptcy 10 covers the NIEO-Indonesian kinfolk. The final bankruptcy bargains with Australia and the NIEO.
This publication should be of serious use to people who have an interest within the actions of the NIEO in Asia.
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Extra info for Asia and the New International Economic Order
The problem of access, however, may also stem from inadequate marketing efforts to exploit the Japanese market. The regional pattern and the structure of the balance of payments of Japan are liable to aggravate trade disputes with other nations. Japan has a large deficit in its invisible account and in trade transactions with resource-rich countries such as Canada, Australia, and the OPEC nations. In order to offset this deficit, the trade account should be in surplus with other nations. This policy, however, involves potential tension with other nations in terms of trade policy.
Unbalanced industrial structure with heavy concentration on restricted items: The Republic of Korea has as many as 38 restricted items, while Singapore, Hong Kong, and Taiwan have 10, 21, and 25 restricted items, respectively. Heavy reliance on industrialized nations for export markets: In 1976, South Korea exported $^,500 million (58 percent of total exports) to advanced nations, while Singapore exported only $2,316 million (35 percent). Lack of a diversified export market: The big export markets for ROK products are the United States, Japan, the Federal Republic of Germany, the United Kingdom, the Netherlands, Canada, Australia, Saudi Arabia, Iran, Kuwait, and Hong Kong.
Furthermore, a great deal of work remains with regard to a compromise among the conflicting interests in several developing countries. Japan should take further initiatives in this area. Earlier tariff reduction and increases in government procurement contracts for foreign producers will be the candidates for these initiatives. Recent trade friction has created a difficult environment for NICs; some developed countries insist that these countries abolish their export-oriented policies. The argument is made that, in order to avoid excessive competition in the international markets, consultation should be held in several critical industrial sectors (such as iron, steel, shipbuilding) with the newly industrialized countries.