NUS scholar sees potential for Asia's middle class to complement U.S. consumers
SINGAPORE, April 17 (Xinhua) -- U.S. broad tariffs on trade partners are prompting a rethink of global economic alignments. For Alfred Schipke, director of the East Asian Institute at the National University of Singapore (NUS), Asia's growing middle class may offer a path forward.
"Couldn't Asia focus on providing goods and services to that class complementing, and even at some point, supplementing American consumers?" Schipke said in an interview with Xinhua on Tuesday during the 2025 Think Asia Forum.
"It will not be an easy process, but I think it is something worthwhile considering," he said. Provided further reforms, greater openness, he believed Asia has the potential.
Schipke said open and institutionalized trade governance through bodies such as the World Trade Organization had driven development over the past decades.
"But that system is coming under growing pressure," he said. He described the moment as a "juncture," at which technological changes bring challenges, and global governance, now strained by "America First" requires renewal.
Schipke, who advocates multilateralism, sees a trend of multipolarity emerging, with Asia potentially "taking the leadership role."
Beyond market size, he pointed to Asia's evolving regional frameworks, such as the Regional Comprehensive Economic Partnership, the Asian Infrastructure Investment Bank, the New Development Bank, and the Chiang Mai Initiative, that will "help with resilience and ultimately a certain degree of autonomy."
He also envisaged more arrangements related to cross-border payment systems.
He emphasized the importance of engaging like-minded partners such as Europe and Africa. "Europe and many countries in Asia are very similar. They both have tremendously benefited from the global governance system."
"Asia today ought to be taking the leadership role, continuing with its own reforms, strengthening institutions and reaching out to other partners in the world," Schipke said.■