The Asian Development Bank (ADB) begins its four-day annual meeting in the Philippines on Thursday, where globalisation and China’s Belt and Road initiative are expected to be take centre stage in discussions.
The ADB, based in Manila, issues credit to Asian nations for infrastructure and trade-related projects. Aging populations, environmental concerns, and social rights are also expected to be raised at the summit.
According to Vice President Stephen Groff, the bank is currently developing a long-term corporate strategy through to 2030 for a “prosperous, inclusive, resilient, and sustainable” Asia-Pac region.
“Asia is a region of the world whose economic success over the last quarter century is very much built on free trade, and clearly we are hearing more negative voices from some corners of the globe on free trade and globalisation,” Groff told Reuters.