New Report on Globalisation Launched at APEC

A new report on globalization has highlighted many of the benefits gained from the growing interconnectedness of people and cultures in the global economy.

The report 'Globalisation: Keeping the Gains' was prepared by the Australian Department Foreign Affairs and presented to the APEC Ministers Responsible for Trade Meeting this week in Khon Kaen, Thailand.

The report identifies a number of the advances that have become apparent in Asian economies over recent years despite the impact of the 1990's financial crisis.

Executive Director of the APEC Secretariat, Ambassador Piamsak Milintachinda, said the report was well received by delegates at the meeting.

"There is ongoing debate about the benefits of globalisation," Ambassador Milintachinda said.

"This report gives facts and insight to better inform people participating in the global economy."

The 'Globalisation: Keeping the Gains' report finds that the number of East Asians living in poverty fell by over 35 per cent or more than 150 million people, in the 12 years to 1998.

The report also cites a recent study that found better economic policies and governance account for around 40 per cent of East Asia?s superior growth performance compared with Sub Saharan Africa.

"Referring to the APEC region the report notes that over the past 20 years, globalisation has driven rapid economic growth and reduced poverty in East Asia and other open economies. East Asia's export orientated economic development and integration with the global economy has made it the fastest growing region in the world."

Additional report details are available at: www.dfat.gov.au/eau