Viet Nam News SINGAPORE — Talks on a major trade pact between ASEAN and six Asia-Pacific countries have reached a critical stage and could be "substantively concluded" soon, Prime Minister Lee Hsien Loong said on Wednesday. Asean member states have been pushing for the trade deal, the Regional Comprehensive Economic Partnership (RCEP), to be inked by the end of this year. It would create the world’s largest trading bloc, covering a third of global gross domestic product. Aside from the 10 Asean member states, the signatories are China, India, Australia, Japan, South Korea and New Zealand. In opening remarks at the 50th Asean Economic Ministers’ Meeting on Wednesday, Mr Lee noted that Asean has "exerted significant effort" to make progress on the RCEP. The four-day meeting at the Shangri-La Hotel ends on Saturday. "The RCEP negotiations have continued for some time, and have now reached a critical stage. After a great deal of work, the … [Read more...] about Talks on major trade pact between Asean and Asia-Pacific nations could be ’substantively concluded’ soon: PM Lee
Intra regional trade
The ASEAN+3 comprises the 10 Association of Southeast Asian Nations (ASEAN) member states, China, Japan and the Republic of Korea (RoK). The 10 member states of ASEAN are Indonesia, Thailand, Vietnam, Singapore, Malaysia, the Philippines, Myanmar, Cambodia, Laos and Brunei. The report, titled ASEAN+3 Regional Economic Outlook (AREO) 2018, predicts a "robust" growth this year in China and Japan, the region's two largest economies. "With improving external demand, growth in the region is expected to be sustained at 5.4 percent for 2018 and 5.2 percent for 2019," said AMRO Chief Economist Hoe Ee Khor. "However, in view of the risks of tightening global financial conditions and trade protectionism, it would be prudent for policymakers to prioritize financial stability over the economic growth objective," Khor said. Boosted by favorable global conditions in 2018, AMRO said the economic outlook has improved across the ASEAN+3 economies. However, AREO warned the region to remain vigilant … [Read more...] about Roundup: ASEAN+3 region economy to grow 5.4 pct in 2018
Foreign Ministers of ASEAN countries pose for a photo at the 51st ASEAN Foreign Ministers’ Meeting in Singapore (Photo: AFP/VNA) Singapore (VNA) – The 51st ASEAN Foreign Ministers’ Meeting (AMM 51) ended on August 2 in Singapore with a Joint Communiqué urging the bloc to strengthen its internal strength through increasing intra-bloc trade and investment and regional economic connectivity. The Foreign Ministers of the 10 ASEAN countries also reached consensus on building a resilient and innovative ASEAN on the foundation of the implementation of reached targets and initiatives, including the launch of the ASEAN Smart Cities Network, cooperation in cyber security and harmonisation of legal frameworks. The minister agreed to continue with efforts for the effective implementation of the ASEAN Community Vision 2025 and blueprints for building the Community’s three pillars, narrowing the development gap, enhancing connectivity, and to promote … [Read more...] about AMM 51: ASEAN to strengthen intra-bloc economic strength
Viet Nam News Outside Looking In Brian Spence* The threat of a trade war between the US and China has created considerable volatility in Asian markets in recent weeks. Investors fear that it poses a continued threat to the growth of Vietnamese companies and, potentially, to Vietnamese economic growth. These concerns are valid, but to my mind, demand greater scrutiny. An important point to note is that this volatility may feel uncomfortable, but it is not unusual. It comes after a sustained benign period in markets and volatility levels have only moved back to where they were in mid-2016 and remain at around half of their five year peak. While periods of low volatility are enjoyable while they last, the volatility we’re seeing today is a more normal pattern for stock markets. However, that doesn’t mean that we shouldn’t examine the underlying causes of that volatility. In this, we can place the blame squarely at the mounting trade war between the US and China. … [Read more...] about Should trade tariffs matter to investors in Việt Nam?
Illustrative photo (Photo: gmanetwork.com)) Hanoi (VNA) - The economy of the ASEAN+3 region is projected to grow 5.4 percent in 2018, underpinned by resilient domestic demand and export growth with stable inflation, said a new report released on May 3 by the ASEAN+3 Macroeconomic Research Office (AMRO). The ASEAN+3 comprises the ten member countries of the Association of Southeast Asian Nations (ASEAN), and China, Japan and the Republic of Korea (RoK). ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The report, titled “ASEAN+3 Regional Economic Outlook (AREO) 2018,” predicts a robust growth this year in China and Japan, the region's two largest economies. With improving external demand, growth in the region is expected to be sustained at 5.4 percent for 2018 and 5.2 percent for 2019, according to the report. However, the report warned the region to remain vigilant given the significant external risks … [Read more...] about ASEAN+3 region economy to grow 5.4 percent in 2018