ADB Confirms Importance of Free Trade

May 6, 2018

Manila- Member economies of the Asian Development Bank confirmed the importance of free trade at its annual meeting in Manila on Saturday.

The open trade system is imperative for the growth of Asia, ADB President Takehiko Nakao stressed.

During discussions on infrastructure development, Japanese Finance Minister Taro Aso underscored the need for a shift from quantity to quality in assistance to high- and middle-income nations, apparently keeping China in mind.

He thus indicated that ADB aid to these countries should be limited to investment in environmental areas.

The Japanese minister made the remarks as the Manila-based ADB plans to draw up by the end of this year a long-term strategy toward 2030.

Aso noted that Singapore and South Korea have developed from aid recipients to donors. He said he hopes that more ADB member countries will graduate as recipients of aid from the bank, calling on China and others to become aid providers.

The day's meeting was joined by ministers and other high-ranking officials from the bank's 67 member countries and regions. Jiji Press