AKIPRESS.COM - Asia needs coordinated work and rapid adaptation to economic conditions, ADB Vice President Shixin Chen said at the 56th annual meeting of the Board of Governors of the Asian Development Bank on May 4.

Countries need to quickly understand how ongoing regional conflicts affect trade flows, contribute to their reorientation or the creation of new ones, including re-export, he said.

"We need to understand how the dynamics of labor migration, remittances and capital flows are changing," said Chen.

In addition, the ADB Vice President talked about the need to develop alternative international corridors, diversify exports and imports, look for new trading partners and sources of financing.

"Creating flexible economies in Central and West Asia will require coordinated work by governments and businesses," he added.

He also named 5 priority operational clusters for regional cooperation:

• economy and financial stability
• trade, tourism and economic corridors
• infrastructure and connectivity
• human development