China, EU agree to fight protectionism, but EU repeats complaintsThe Saigon Times Daily European Commission Vice President Jyrki Katainen and Chinese Vice Premier Liu He shake hands before the EU-China High-level Economic Dialogue at Diaoyutai State Guesthouse in Beijing, China, June 25, 2018 – PHOTO: REUTERS BEIJING (REUTERS) - Chinese and European Union officials both agreed to oppose unilateralism and trade protectionism during talks in Beijing on a bilateral investment agreement, taking a swipe at U.S. President Donald Trump’s campaign of punitive tariffs. But a top EU official made it clear that Europe is not fully on the same page as China, calling on Beijing to do more to make market access more fair and reduce overcapacity in steel and other sectors, including hi-tech. Hosting the talks, Vice Premier Liu He stressed China and the EU had a common interest in defending the global multilateral trading system. "Both sides believe that we must resolutely oppose … [Read more...] about China, EU agree to fight protectionism, but EU repeats complaints
Protectionism
Protectionism threatens ’vintage’ global growth: BIS
GENEVA — A year of "vintage" economic growth could be undone by rising protectionism, the Bank of International Settlements (BIS) said on Sunday, as fears of an all-out global trade war ramp up. The BIS, often described as the central bank of central banks, credited "a decade of extraordinary monetary policy," for leading the world out of the 2008 financial crisis. That culminated in 2017 with "a vintage year for growth with low inflation," the BIS said in its Annual Economic Report, which also warned of possible trouble ahead. "An escalation of protectionist measures... could trigger a fresh downturn," the bank said. The report was launched days after the European Union slapped tariffs on iconic US products including bourbon, jeans and motorcycles in its opening salvo in a trade war with President Donald Trump. Brussels imposed the raft of duties on US products worth 2.8 billion euros ($3.3 billion) in a tit-for-tat response to Trump’s decision to slap stiff tariffs … [Read more...] about Protectionism threatens ’vintage’ global growth: BIS
Sugar protectionism questionable
Sugar protectionism questionableThe Saigon Times Daily The local sugar industry once again cries for more support as the sugar stockpile has kept mounting. As of the end of May it had reached an estimated 670,000 tons. The rising inventory is attributed to an overwhelming flow of sugar smuggled from Thailand, according to the Vietnam Sugarcane and Sugar Association. Therefore, local players want tougher measures on the part of the State to minimize or stonewall the illicit sugar trade so as to safeguard the local industry as well as farmers. In fact, the protectionist cover by State agencies for the sugar industry has long persisted, and the situation is poised to continue in the next couple of years, as the Government has decided to postpone the implementation of the ASEAN Trade in Goods Agreement (ATIGA) for the sugar sector to 2020 instead of 2018. Such a line-item implementation of the regional trade deal coupled with a stringent sugar import quota under the World Trade … [Read more...] about Sugar protectionism questionable
G7 says to fight protectionism, cut barriers after summit
G7 leaders issued a joint pledge on Saturday (Jun 9) to combat protectionism and cut trade barriers as they wrapped up a fractious summit in Canada soured by a row over the US imposition of tariffs on its allies. Canadian Prime Minister Justin Trudeau addresses a press conference at the conclusion of the G7 summit in La Malbaie, Quebec, Jun 9, 2018. (Photo: AFP/Lars Hagberg) After two days of often fierce arguments between the United States and both the summit hosts and Europe, the organisation issued a joint statement which attempted to paper over their cracks. But the attempts to convey at least a semblance of unity were undermined when Canada's Prime Minister Justin Trudeau confirmed he was going ahead with his tariffs against the US in response to US moves against his country's steel and aluminium industries. The eight-page statement also included joint commitments to ensure that Iran will "never seek, develop or acquire a nuclear weapon" as well as demands for Russia to … [Read more...] about G7 says to fight protectionism, cut barriers after summit
Vietnam bolsters agricultural exports amid growing protectionism
Vietnam bolsters agricultural exports amid growing protectionism. (Photo: VNA) Hanoi (VNA) - Vietnam is working to accelerate agricultural exports as growing global protectionism has impacted international trade and export of Vietnamese staples. Rough seas for Vietnamese agricultural products To protect its domestic catfish industry, the US Department of Commerce decided to levy duties of 3.87 USD per kilogramme for Vietnamese tra fish. This is the highest tax rate ever applied for Vietnamese frozen catfish fillets, making it difficult for local exporters to access the US market. According to Truong Dinh Hoe, General Secretary of Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnamese shrimp and fish have been taxed at an unfair anti-dumping rate since 2003 when Vietnam’s seafood exports only reached 1-2 billion USD a year. Other seafood products like tra fish and tuna have been subjected to rigorous scrutiny before they are allowed to reach US consumers. … [Read more...] about Vietnam bolsters agricultural exports amid growing protectionism
Global airline body warns against protectionism, rising costs
SYDNEY: Trade wars and protectionism are key risk factors to airline profits already weakened by rising oil prices, the International Air Transport Association said Monday (Jun 4). Aircraft sit on the tarmac at Heathrow Airport in London. (File photo: AFP) The warning came at the annual meeting of global airlines in Sydney, where it was revealed that 2018's collective net profit was forecast to be US$33.8 billion, down from an outlook of US$38.4 billion released in December. The lower figure, while still considered healthy for the sector, reflected the impact of soaring oil prices which have hit 3.5-year highs following the US pullout from the Iran nuclear deal and unrest in Venezuela. IATA chief executive Alexandre de Juniac said airlines had so far faced no "significant decline" in passenger or cargo traffic, but warned that both would suffer if trade tensions continued. "Generally, we think ... that all these barriers to trade are bad news from an industry standpoint," de … [Read more...] about Global airline body warns against protectionism, rising costs
China, Japan, RoK officals stress need to resist protectionism
The finance ministers and central bank governors of China, Japan and the Republic of Korea (RoK) stressed on May 4 the need to resist "all forms of protectionism" and agreed to ensure "an open and run-based multilateral trade and investment system." Top finance officals of China, Japan, RoK stress need to resist protectionism - Illustrative Image The three Northeast Asian countries met on the sideline of the 51st annual meeting of the Asian Development Bank (ADB) in the Philippine capital to discuss current economic developments and potential risk in financial markets and underlying economic conditions. In a joint statement issued at the end of the trilateral meeting, the finance leaders said they "remain vigilant against downside risks that may threaten the recovery in the global economy." "We noted the risks posed by rising trade protectionism, faster-than-expected tightening in global financial conditions, and uncertainty of geopolitical tensions," the statement read. The … [Read more...] about China, Japan, RoK officals stress need to resist protectionism
ASEAN+3 nations deliberate threats from rising protectionism
In a statement after the meeting of the ASEAN+3 on the sidelines of the annual Asian Development Bank (ADB) meeting in Manila, the Philippines, representatives of the 13 countries said protectionism, geopolitical tensions and a faster-than-expected tightening in global financial conditions were adding to uncertainty about recovery.These risks, individually or collectively, threaten the recovery in the global economy, and could induce large capital outflow and financial volatility in our region, they said.A steel pipe factory in Shandong province, China (Photo: AFP/VNA)The ASEAN+3 includes 10 ASEAN member nations, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, and three East Asian countries - Japan, China and the Republic of Korea.In a report released on May 3 by the ASEAN+3 Macroeconomic Research Office (AMRO), the economy of the ASEAN 3 region is projected to grow 5.4 percent in 2018, underpinned by resilient domestic … [Read more...] about ASEAN+3 nations deliberate threats from rising protectionism
Vietnam needs to act to stay competitive amidst rise of protectionism: PM
Vietnam needs to search for new markets, align production with market demands and tighten quality control amidst the rise of protectionism to stay competitive, said Prime Minister Nguyen Xuan Phuc. Vietnam still faces challenges despite stellar trade turnover that reached $214 billion last year, Phuc said at a conference held by the Ministry of Industry and Trade in Hanoi on Monday. One of those challenges is the rise of protectionism in certain countries, which could potentially hamper global trade. For Vietnam to stay competitive, three courses of action are needed, he said. First, Vietnam needs to break into new markets so it not have to depend too much on traditional markets such as China. Second, Vietnam needs to start aligning production in accordance with market demands in order to avoid oversupply and financial losses. “Before you produce a product, you need to know who you’re selling it to. We need to produce what other markets need, not what they already … [Read more...] about Vietnam needs to act to stay competitive amidst rise of protectionism: PM
Rejecting protectionism, ASEAN and Australia commit to free trade
The Association of Southeast Asian Nations (ASEAN) and Australia reject protectionism and embrace free trade, Australian Prime Minister Malcolm Turnbull and his Singapore counterpart Lee Hsien Loong said on Friday. "You don't grow stronger by closing the door to other markets. Protectionism is a dead end. It is not a ladder to get you out of the low growth trap, it is a shovel to dig it much deeper," Turnbull told a special meeting of ASEAN in Sydney. "We must face the world, not turn from it. Embrace free trade, not retreat from it," Turnbull said on day one of the three-day summit. The anti-protectionism comments come as market sentiment sours with signs of a looming trade war between the United States, China and Europe over U.S. President Donald Trump's plans to raise tariffs on steel and aluminium imports, and possibly up to $60 billion worth of Chinese imports, targeting technology and telecommunications sectors. "I know the global mood may be heading in the opposite direction … [Read more...] about Rejecting protectionism, ASEAN and Australia commit to free trade