Unlocking-economic-security-A-strategic-playbook-for-Australia

The Coordinating Committee pionage by China and others has also led to econom- for Multilateral Export Controls ic and strategic effects that have precipitated the use (CoCom), 1948–1994 of economic statecraft tools by the United States, the European Union and others in response.10 Secretly formed in late 1948 by the United States and An important characteristic of economic security the other memb. [...] for example, the United States used the US Arms Ex- Today, a multidimensional struggle between the United States and China is playing out in the economic domain — leading to a focus on economic security by many countries — as well as the military and information domains. [...] Today, Jap- the deep and complex array of resource interdepen- anese economic strategy aims to acknowledge the dencies that now weave countries together — which economic security equities of China’s rise for Japan: makes understanding global markets and supply the regional prosperity benefits and the strategic chains a key element of economic security policy- risks. [...] Process for evaluating economic security policies Establish policy goals: the desired economic security and other outcomes Identify the economic incentives, resource flows and countries involved in shaping the desired decisions Consider the range of opportunity costs of alternative policies Consider the counterfactual situation (what would happen without the policy) Evaluate whether the selected i. [...] The Minister for Economic Security aims to ‘break down silos’ on multi-agency issues.74 The economic security team is a central command for coordinating and crafting economic security policies and includes members of METI and other agencies.75 MULTILATERAL AND REGIONAL OVERARCHING ECONOMIC SECURITY GROUP / AGENCY GROUPS: For example, the World Trade Organization, World Bank, Asian Development Bank.