From roughly 2001 till the onset of the Global Financial Crisis, commodity prices boomed largely as a result of the rapid increase in demand associated with robust growth in emerging markets. While nominal global GDP grew by 8% annually between 1964 and 2011, total commodity trade for the major minerals and metals grew significantly faster, at an annual 11%. In the more recent period 2004 to 2011, the trade value for primary commodities grew by 18% while nominal global GDP grew by 7%.
This boom was largely led by Asia’s fast-growing economies which have driven and most likely will continue to drive extractive industry markets, especially for energy, in the coming decades.
In this context, what are the key policy issues for exporting and importing economies of the products of the extractive industries and how might regional cooperation make a contribution to resolving those issues?
This PECC publication contains views from two perspectives: one from the supply-side and the other from the demand-side, contributed by Tilak K. Doshi (Energy Studies Institute, Singapore) and Yu Nagatomi (Institute of Energy Economics, Japan) respectively.
Trends in Markets
2.Trends in mineral markets
Domestic Policy Challenges and Capacity Building
2.The "policy trilemma"
Policy Challenges and Regional Cooperation
2.New directions of Pacific energy trade
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Stephan W. Schill, Professor, University of Amsterdam
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John West, AUSPECC
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Camilo Pérez-Restrepo, Professor in Asia-Pacific Studies; Deputy Coordinator of the Asia-Pacific Studies Center at Universidad EAFIT, Colombia
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Chien Fu-Lin, President, Taiwan Institute of Economic Research; Chair, CTPECC
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Shujiro Urata, Faculty Fellow, Research Institute of Economy, Trade and Industry (REITI)
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Sanchita Basu Das, Yusof Ishak Institute of Southeast Asian Studies