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10 - Conclusion

Justin Dargin
Affiliation:
none
Stephen Nagy
Affiliation:
none
Tai Wei Lim
Affiliation:
none
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Summary

This volume remains a work in progress, given the complexity of the topic and evolving interrelationships between the two regions. Some of the major trends and developments discussed in the volume include: the importance of openness to trade and the ability for developing economies to benefit from it including poverty reduction; the importance of India's strategic position in trade and energy transmission between North-East Asia and the Middle East; GCC harmonization of energy production and minimization of redundancies in the power sector; Middle Eastern economies’ interest in investing in future growth prospects in Asia; and increasing people-to-people contact between North-East Asia and the Middle East in various fields, such as in the field of education (tertiary education), cultural exchanges, art shows and exhibitions.

Overall, it appears that East Asian diversification away from reliance on Middle East crude oil may be accompanied by other interactions between economies within the two regions beyond mutual interests in energy. Trade in non-oil-related export goods and cross-investments in each other's economies may increase, leading perhaps to other economic and trade exchanges between the two regions.

This trend towards increased investments show that Gulf financial and investment interests in Asia are not restricted to large emerging economies like India and China, but that they also seek mature and established economies in North-East Asia, such as South Korea and Japan. These exchanges increase contact at the individual level.

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Energy, Trade and Finance in Asia
A Political and Economic Analysis
, pp. 173 - 178
Publisher: Pickering & Chatto
First published in: 2014

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