How Trading Overseas Has Changed Asia (2024)

FAQs

How Trading Overseas Has Changed Asia? ›

Trade has been a major driver of development in East Asia with Korea and Japan reaching high-income status through export-driven development strategies. Emerging economies in East Asia, today account for 17 percent of global trade in goods and services.

Long-distance trade played a major role in the cultural, religious, and artistic exchanges that took place between the major centers of civilization in Europe and Asia during antiquity.

Globalization helped to give legitimacy to ruling regimes across Asia. In particular, rising living standards resulted in populations willing to tolerate governments that were often authoritarian – a phenomenon sometimes described as "performance-based" legitimacy.

This development in international trade influenced Southeast Asia's economy and society. In the process of responding to rising overseas demand for Southeast Asian products, the economy experienced the development of the agricultural sector, which resulted in economic growth, as well as the growth of population.

International trade allows countries to expand their markets and access goods and services that otherwise may not have been available domestically. As a result of international trade, the market is more competitive. This can ultimately result in more competitive pricing and cheaper products.

It was through these roads that relations between east and west were established, exposing diverse regions to different ideas and ways of life. Notably, these exchanges also included the diffusion of many of the world's major religions including Islam.

Answer: Association of South-East Asian Nations ( ASEAN) - Its function is to expand cultural & social harmony along with economic growth, promoting regional peace and tax waving. Asia-Pacific Economic Cooperation (APEC) - Its function is to promote free trade and economic cooperation in the Asia-Pacific region.

Economic growth drove development. Growth rates of GDP and GDP per capita in Asia have been stunning and far higher than elsewhere in the world. Rising investment and savings rates combined with the spread of education were the underlying factors.

It remains the growth engine of the world. It's an important part of global supply chains. Asia has innovation and growing consumption and it is increasingly important as a trade area itself.

However, China not only benefited its own citizens by opening up to the global economy: its manufacturing prowess and its status as the largest and fastest-growing market in the world in many industries also benefited producers, service providers, consumers, and entrepreneurs all over the world.

What was the most important trade good in Southeast Asia? ›

Asia is the biggest producer of rice in the world, and rice remains an important commodity of intraregional trade. It is an important export item for countries such as Thailand, Pakistan, and Vietnam.

Answer and Explanation: Trade brought together different cultures, enabling the spread or diffusion of their traits. For example, when European traders traveled to Asia, they brought many culture traits in both directions, by relocation and contagion and other methods of cultural diffusion.

The Silk Road was an ancient trade route that linked the Western world with the Middle East and Asia. It was a major conduit for trade between the Roman Empire and China and later between medieval European kingdoms and China.

Trade contributes to global efficiency. When a country opens up to trade, capital and labor shift toward industries in which they are used more efficiently. That movement provides society a higher level of economic welfare.

Globalization has opened up new markets and expanded trade opportunities for countries around the world. Reductions in trade barriers, such as tariffs and quotas, have allowed businesses to access larger consumer bases and explore new markets for their products and services.

Trade keeps our economy open, dynamic, and competitive, and helps ensure that America continues to be the best place in the world to do business.

Maritime Silk Road: This ancient sea route stretches through Southeast Asia, connecting China to India, the Middle East, and Europe. Malacca Strait: This vital chokepoint connects the Indian Ocean to the Pacific, handling massive amounts of cargo between East and West Asia.

Europeans wanted the power and resulting wealth that would come from controlling trade. Finding all- water routes to Asia and its riches would allow European merchants to cut out Middle Eastern middlemen and reap all the profits of eastern trade. Some Europeans were also eager to spread Christianity to nonbelievers.

The earliest civilizations developed between 4000 and 3000 B.C.E., when the rise of agriculture and trade allowed people to have surplus food and economic stability. Many people no longer had to practice farming, allowing a diverse array of professions and interests to flourish in a relatively confined area.