The International Islamic Liquidity Management Corporation (IILM) was therefore established in 2010 as a collaborative effort between 12 central banks and two multilateral organizations to facilitate effective liquidity management solutions through the periodic issuance of short-term Shariah-compliant financial instruments. Let me now conclude my remarks. This decade has been a defining moment for Asia, characterized by rapid global expansion and increased internationalisation. Among the  4  BIS central bankers’ speeches  important trends are the significant actions taken by many emerging economies in Asia towards increased liberalisation as well initiatives toward strengthening of cross-border linkages. Moving forward, it is essential for us to continue to establish strong collaboration given the dynamic nature of the economies and financial markets today. As the new decade beckons the prospects for new opportunities, our ability to capitalize on these opportunities and realize its potential will be increasingly determined by our capability and capacity in building such strong and lasting regional and global linkages. Thank you. BIS central bankers’ speeches  5
As a consequence, consumers can benefit from lower prices, higher real incomes, and greater variety and quality of goods and services. Increased openness may also reduce wasteful rentseeking behavior on the part of protected industries and the related costs of corruption. These benefits from open trade are very evident in India. Academic research has found substantial gains for India following its dramatic trade reforms in the 1990s, which benefited consumers via lower prices and firms via higher markups. These higher profit margins spurred innovation and provided funds for the development of new products. Looking ahead, the upcoming implementation of the goods and services tax in India—which will create a common market internally—is expected to provide many of the same benefits as trade liberalization does internationally. Openness to trade has certainly played a large role in the economic ascent of Asia. Following the rise of Japan, Korea, Taiwan and others, fast growth in China and India has lifted hundreds of millions of people out of extreme poverty—an unprecedented feat in human history. The benefits 2/6  BIS central bankers' speeches  of economic integration and other reforms are exemplified in India’s higher growth rate since the introduction of market reforms in 1991. Growth has averaged 6.5 percent annually in the postreform period, compared to about 4 percent annually over the prior 40 years. Indeed, India is the fastest-growing major economy in the world today.