Malaysia warns of "domino effect" from U.S.-China trade tensions Malaysia's Prime Minister Mahathir Mohamad speaks after he was conferred an honorary Doctor of Laws degree at the National University of Singapore's Yong Siew Toh Conservatory of Music in Singapore November 13, 2018 – PHOTO: REUTERS SINGAPORE (REUTERS) - Trade tensions between the United States and China will trigger a "domino effect" of protectionist measures, Malaysia warned on Tuesday as Asian leaders gathered for a summit overshadowed by the tit-for-tat tariff war between Washington and Beijing. The comments by Prime Minister Mahathir Mohamad in Singapore came as China's premier - for a second day - struck a conciliatory note on the trade spat, saying he was hopeful that the two sides will find a way to prevent it escalating further. "I still hope we can hold talks based on mutual respect, balance and mutual benefits to resolve the issue. There are no winners in a trade war," Premier Li Keqiang said at … [Read more...] about Malaysia warns of “domino effect” from U.S.-China trade tensions
India malaysia free trade agreement
Calls for open trade to greet Pence as Trump skips Asia summit
Calls for open trade to greet Pence as Trump skips Asia summit U.S. Vice President Mike Pence speaks during an event hosted by U.S. President Donald Trump with workers on "Cutting the Red Tape, Unleashing Economic Freedom" in the Oval Office of the White House in Washington, U.S., October 17, 2018 – PHOTO: REUTERS SINGAPORE (REUTERS) - Asia-Pacific leaders will join the heads of Southeast Asian states this week in Singapore to renew calls for multilateralism and fresh pledges to resolve regional conflicts ranging from the Rohingya crisis in Myanmar to tensions in the South China Sea, which Vietnam officially calls the East Sea. Notably absent when regional powers such as China, Japan and India seek to enlist support for a multilateral trading system will be U.S. President Donald Trump, whose decision to skip the Asia summit has raised questions about his commitment to a regional strategy aimed at checking China’s rise. Vice President Mike Pence will attend instead … [Read more...] about Calls for open trade to greet Pence as Trump skips Asia summit
ASEAN reaffirms commitment on multilateral trade system
Indonesian President Joko Widodo addresses a meeting of the IMF and WB (Photo: AFP/VNA) Hanoi (VNA) – Members of the Association of Southeast Asian Nations (ASEAN) have reaffirmed commitment to upholding the open and rules-based multilateral trading system which has underpinned the countries’ economic growth during a meeting between ASEAN leaders. The meeting took place on October 11 in Bali, Indonesia, on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB). The RCEP, comprising 10 ASEAN members and its six free trade agreement partners, namely China, Australia, Japan, India, the Republic of Korea and New Zealand, will be the world's largest trading bloc that covers nearly half of global population and 30 percent of the world's current annual gross domestic product. Meanwhile, Indonesian President Joko Widodo underlined ASEAN’s determination to reduce the disparity and development gap between members, ensuring … [Read more...] about ASEAN reaffirms commitment on multilateral trade system
Unity key to protecting ASEAN from US China trade conflict
Further sharpening the ASEAN unity and economic integration will be key to keeping the regional economy out of negative impacts caused by the US-China trade tensions. At the World Forum on ASEAN, Ignatius Darell Leiking, Minister of International Trade and Industry of Malaysia, said the trade troubles provide a good moment for economic introspection and recalibration. “We need to start taking the opportunity of what was already built several years ago and that is ASEAN,” he said. “Work as a single ASEAN, to trade between ourselves and make it seamless between ourselves. That could reduce the impact that is forthcoming because of this tariff war.” Official said the US-China trade tensions will not be able to hurt ASEAN if all nations cement their unity Speaking to the worryingly bilateral direction of global trade, Alan Bollard, executive director of the Asia-Pacific Economic Co-operation (APEC) Secretariat based in Singapore, said that it is … [Read more...] about Unity key to protecting ASEAN from US China trade conflict
ASEAN unity key to deal with US-China trade tensions
ASEAN unity and economic integration are the key factors for its members as trade tensions between the United States and China escalate, participants in a panel on the geopolitics of trade agreed at a session of the World Economic Forum on ASEAN on Wednesday.–VNA/VNS Photo HÀ NỘI – ASEAN unity and economic integration are the key factors for its members as trade tensions between the United States and China escalate, participants in a panel on the geopolitics of trade agreed at a session of the World Economic Forum on ASEAN on Wednesday. They also called on ASEAN to strengthen collaborative resilience to navigate the adversarial climate caused by fractures between the world’s two largest economies. “We need to start taking the opportunity of what was already built several years ago and that is ASEAN,” said Ignatius Darell Leiking, Minister of International Trade and Industry of Malaysia, as he spoke on a panel called ‘Trade in … [Read more...] about ASEAN unity key to deal with US-China trade tensions
MoIT helps businesses handle trade defense measures
(VEN) - According to the Ministry of Industry and Trade’s Trade Defense Department, some countries, such as the US, Australia and Indonesia, have increased the use of trade defense instruments to protect their manufacturers. In this context, Vietnamese trade offices abroad should provide domestic businesses with information about foreign markets and their trade defense measures so they can take the initiative in promoting production and exports. A meeting between commercial counselors and Vietnamese business representatives Increased protectionism Data from the Trade Defense Department show that Vietnam has faced a total of more than 120 trade defense actions, including 75 anti-dumping lawsuits, 10 anti-subsidy investigations, 22 self-defense investigations and 17 tax avoidance and evasion investigations. Of this total, 23 actions were initiated by the US, 18 by Turkey, 15 by India, 13 by the EU, and the rest by Indonesia, Thailand and Malaysia. Major … [Read more...] about MoIT helps businesses handle trade defense measures
Vietnam must take advantage of trade deals
VietNamNet Bridge – Tran Tuan Anh, Minister of Industry and Trade talks to the newspaper Hai Quan (Customs) on how to make the best use of free-trade agreements that have been signed. Can you describe some of the major impacts of the free-trade agreements on the country’s trade balance?One of Vietnam’s top priorities in signing and implementing free-trade agreements (FTAs) is to facilitate conditions for investment and production activities and to contribute to promoting economic growth.By now, we have signed many agreements, including bilateral and multilateral agreements, with many nations. They include five FTAs within ASEAN, and six others with partners, including China, South Korea, Japan, India, Australia and New Zealand; plus four bilateral FTAs, including the Việt Nam-Japan Agreement on Comprehensive Economic Partnership; the Việt Nam-Chile FTA; the Viet Nam–South Korea FTA and the Viet Nam-Asia–Europe Economic Alliance. Within … [Read more...] about Vietnam must take advantage of trade deals
Việt Nam must take advantage of trade deals
Trần Tuấn Anh, Minister of Industry and Trade talks to the newspaper Hải Quan (Customs) on how to make the best use of free-trade agreements that have been signed Can you describe some of the major impacts of the free-trade agreements on the country’s trade balance? One of Việt Nam’s top priorities in signing and implementing free-trade agreements (FTAs) is to facilitate conditions for investment and production activities and to contribute to promoting economic growth. By now, we have signed many agreements, including bilateral and multilateral agreements, with many nations. They include five FTAs within ASEAN, and six others with partners, including China, South Korea, Japan, India, Australia and New Zealand; plus four bilateral FTAs, including the Việt Nam-Japan Agreement on Comprehensive Economic Partnership; the Việt Nam-Chile FTA; the Việt Nam–South Korea FTA and the Việt Nam-Asia–Europe Economic … [Read more...] about Việt Nam must take advantage of trade deals
BUSINESS IN BRIEF 9/1
Vingroup, T&T to develop urban railway projects in HanoiThe government of Hanoi City has proposed the Prime Minister allow Vingroup and T&T Group to develop three urban railway projects which the city plans to complete by 2025, Tuoi Tre newspaper reports.The two domestic investors will use their capital to make pre-feasibility studies for these projects.When the projects were announced, many investors expressed interest in Hanoi. However, only Vingroup and T&T Group have registered to take part.Both of them proposed implementing the projects in the build-transfer (BT) format. Particularly, Vingroup registered to build the 38.4-kilometer metro line No. 5 which connects Van Cao and Hoa Lac and metro line No. 2 from Tran Hung Dao to Thuong Dinh with a length of 5.9 kilometers. Meanwhile, T&T Group is keen on metro line No. 4 connecting Me Linh, Sai Dong and Lien Ha, and measuring 54 kilometers in length.The two investors said they would use their own finances to study the … [Read more...] about BUSINESS IN BRIEF 9/1
BUSINESS IN BRIEF 5/1
Social housing: Loan interest rate maintained at 5% The State Bank of Viet Nam (SBV) has decided to keep preferential loan interest rate unchanged at 5 per cent for purchase, rent or hire of social housing projects in 2018.The decision took effect from the beginning of this year, replacing Decision No 2544/QD-NHNN, dated December 30, 2016, on interest rate for loans applicable in 2017 for social housing projects.The interest rates will be applied for house buyers who have already sought loans from the VND30 trillion (US$1.32 billion) housing stimulus package launched in 2013 as the minimum repayment term is 15 years, and from the Viet Nam Bank for Social Policies (VBSP).The VND30 trillion (US$1.32 billion) housing stimulus package aimed primarily at social policy beneficiaries and estate developers of such projects. Of which, VND21 trillion, accounting for 70 per cent of the package’s total has been given to home buyers of projects. The remaining 30 per cent … [Read more...] about BUSINESS IN BRIEF 5/1