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Competition in Asia good for Australian exports

Competition in Asia good for Australian exports article image

Competition between China, India and Japan will be the driving force for economic reform in Asia and good for the Australian resource sector, believes Bill Emmott, former editor-in-chief of The Economist magazine. Emmott's recent book, Rivals: How the Power Struggle between China, India and Japan Will Shape Our Next Decade, addresses the economic and political consequences of the three Asian powers vying for dominance. The rivalry between China and India in particular could be good for the region, said Emmott: "It helps spur modernisation, and I think that India's modernisation is getting a really good boost from the fear that it's going to fall behind China. The problem is if it turns into political and military competition; and there is some sign of that." Rivalry would see a boost in demand for resources and Australia could benefit from that, he added. However, regional tension will need to be managed. "What we need are pan-Asian institutions in the pattern of the European Union to channel and defuse these tensions and overlapping interests," noted Emmott. "Australian Prime Minister Kevin Rudd's proposal for an Asia-Pacific community is the right direction."

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