MANILA: Asian Development Bank ADB has issued on Wednesday a new report regarding the Asia and Pacific trade situation specially export diversification.

Export diversification could help Asia and the Pacific to better cope with the current global slowdown in trade and make development more inclusive. Boosting industrial capacity, international competitiveness, and transport infrastructure are key to that, according to a new report by the Asian Development Bank (ADB).

The report, Aid for Trade in Asia and the Pacific: Promoting Economic Diversification and Empowerment, was released at the 7th Aid for Trade Global Review 2019 held at the World Trade Organization headquarters in Geneva, Switzerland from 3 to 5 July.

The report is part of the Aid for Trade Initiative, which aims to help developing economies build trade-related infrastructure and supply-side capacity.

ADB Vice President for Knowledge Management and Sustainable Development Bambang Susantono said, “Challenges to trade include the risk of sluggish global economic growth, the adoption of more inward-looking trade policies in some parts of the world, and widening social and income inequalities.”

He said, “There is now greater need for economic and export diversification, and well-targeted aid for trade to catalyze financing that enables sharing the benefits of open trade more equitably.”

ADB report said that the expansion of services throughout Asia and the Pacific, particularly in information and communications technology, is an opportunity for economic and also export diversification.

Aid for trade can support that by tailoring trade policies and also regulations to promote women’s businesses and supporting small firms, including those owned by women.

The Aid for Trade Global Review is held every two years to strengthen the monitoring and evaluation of aid for trade. This year’s focus is on how trade can further contribute to economic diversification and empowerment.