''THE FUTURE IS ASIAN: Commerce, Conflict & Culture in the 21st Century'' by Dr. Parag Khanna
Dr. Parag Khanna is the leading next-generation voice on the nexus between international affairs, economics and technology. Named one of Esquire magazine’s “75 Most Influential People of the 21st Century” and at the top of Wired magazine’s Smart List, Parag was a foreign policy advisor to President Barack Obama during his historic presidential campaign.
A widely cited global intellectual, Parag is regularly featured in media around the world such as the New York Times, TIME, Financial Times, and Wall Street Journal, and appears frequently on CNN, BBC, Al Jazeera, PBS, and NPR. He also gives frequent executive briefings to government leaders and major corporations on global trends, systemic risks, future scenarios, economic master planning, emerging market strategies, and technological disruptions.
Dr. Parag Khanna’s latest book, The Future is Asian, presents the latest data on the new patterns of global financial flows involving Asia. Across the board, Asians are slowing their purchases of US treasuries and repatriating capital to underwrite new investment. At the same time, Asian FDI into the US and Europe is rising despite tensions over sensitive sectors such as technology. Cross-Asian trade continues to accelerate since the energy supercycle kicked off nearly two decades ago, with intra-Asian trade among Belt & Road countries and the greater Indian Ocean region representing the vast majority of trade growth. Despite forging a common front against China on IP protection, the US and Europe are diverging considerably on trade with Asia because Europe and Asia both share an aversion to “America First” protectionism and want to deepen trans-Eurasian trade intensity. Euro-Asian trade is rapidly crossing $1.7 trillion annually, eclipsing trans-Atlantic US-EU trade ($1.1 trillion) and US-Asian trade ($1.3 trillion). From Canada to Mexico to South America, Western hemispheric countries are actively pursuing the TPP agreement with Asian nations while the US sits on the sidelines, capturing its market share in agriculture and services. However, US energy exports to Asia are surging, as are high-tech goods and services as American corporates rapidly shift focus from China to Asia’s 3.5 billion other customers whose political economy is more open. Western capital markets are seizing on Asian financial reforms and increasingly purchases of local currency debt, while pension funds are raising their allocations to Asian equities. Southeast Asia has surpassed China in annual FDI inflows, while India now leads the world in greenfield FDI. As Asia near self-sufficiency in capital, labor and technology, Western financial institutions will have to accelerate their efforts to participate in intra-Asian trade finance, investment underwriting, credit lending and other thriving Asian markets.