ISLAMABAD, April 5: The UN Economic and Social Commission for Asia and the Pacific (ESCAP) has proposed regional countries a new development strategy aimed at shifting from growth strategies and paradigms based on trade-offs to maximise growth to those which maximise synergies among the three pillars of sustainable development.

A new ESCAP report says that after having pursued globalisation at a rapid pace, Asia-Pacific economies are now being threatened by the ongoing economic crisis in the industrialised world and the associated problems of exchange rate volatility, excessive short-term capital flows and high and volatile food and fuel prices.

A critical element of a new development strategy that can create synergy among three pillars of sustainable development is investing in human and natural capital, rather than exploiting cheap human and natural capital, says ESCAP report on policy issues and key challenges submitted to the upcoming session of the regional commission later this month.

The development agenda beyond 2015 needs to support the reorientation of the current economic paradigm or growth strategy towards a new paradigm in which expenditures on health, education, social security and environmental protection as well as climate change mitigation and adaptation are seen as an investment that will in the future strength social and environment pillars in addition to the economic pillar.

As the challenges are increasingly becoming cross-border in nature, no single country can tackle them on its own.

Regional cooperation, including South-South trade and investment, is crucial for closing development gaps and facing emerging challenges.

Regional cooperation, including sub-regional economic integration is vital for attaining more equitable, balanced, inclusive and sustainable development of least developed and land-locked countries as well as for small island states, the report says.

An Asia-Pacific consensus that promotes investment in people and nature is a prerequisite for the structural change towards seeing economic growth as a means to an end rather than the ultimate goal.

The consensus should promote structural change that produces decent jobs in a less carbon-and resource-intensive economy; infrastructure development that ensures access to basic services to all and at the same time supports a resource-efficiency revolution; and governance approaches that engage all people as agents of change.

However, such a consensus should avoid the dangers of debt-driven and resource-intensive consumption and the expansion of speculative investments that lie at the nexus of jobless growth, financial insecurity and climate crisis, emphasises the report.

The development agenda beyond 2015 should recognise that people are at the centre of sustainable development, and that a just, equitable and inclusive world is a common goal.

Furthermore, to finish the unfinished business of the Millennium Goals, the agenda should address persistent poverty, growing inequality, vulnerability and economic insecurity. The development agenda beyond 2015 should also recognise the change in global and regional circumstances and the need for reforming global economic governance and regional financial architecture.

Commensurate with its rising contribution to global economic prosperity, the Asia-Pacific region has an opportunity to influence the future multilateral system of governance in reaching the collective goal of inclusive and sustainable development for all, it says.

In the Asia-Pacific region, there is a convergence of multiple challenges: persistent poverty, inequality, violence against women and widening income gaps; disparities of opportunities, unemployment and jobless growth; persistent hunger and rising and volatile food, resource and energy prices; resource-intensive growth patterns, resource constraints and climate change; and social conflict against women and social insecurity, the report point out.