The government looks to hike trade with South Korea and the United States as it aims to complete a long-gestating trade agreement with the former and discuss a closer partnership with the latter.
Trade Minister Enggartiasto Lukita has proposed to wrap up negotiations for the Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA) as soon as October.
He conveyed his expectation to reach an agreement with South Korea during a bilateral meeting with South Korean Trade, Industry and Energy Minister Yoo Myung-hee in Bangkok on Monday.
“We suggest that we announce our agreement on the sidelines of the Trade Expo Indonesia (TEI), which will take place from Oct. 16 to 20. Then we’ll proceed to sign the IK-CEPA during the ASEAN-Republic of Korea Commemorative Summit taking place from Nov. 25 to 27,” he said in a press statement.
Senior executives of US firms operating in the ASEAN region holding bilateral meetings with top Philippine government officials are expected to push for a status quo on the country’s macroeconomic policies, including fiscal, monetary and trade, as well as further liberalization of the domestic industries to foreign participation.
Stability of the country’s macroeconomic policies highlights the objectives of the visiting members of the US-ASEAN Business Council, the pre-eminent representative of American business in Southeast Asia, which is holding their annual three-day Philippine Business Mission starting today.
The mission would seek for greater US company participation in policy exchange supporting flagship programs under the 10-Point Economic Agenda of the Duterte Administration and driving innovation to achieve sustainability and inclusive growth goals.
Washington (VNA) - A delegation from Vietnam’s northern province of Vinh Phuc has hosted a workshop in Washington, the US, to introduce investment opportunities in the province to potential investors.
The event on September 4, which was held with assistance from the Embassy of Vietnam in the US, and the US Chamber of Commerce (USCC), attracted nearly 20 corporations and groups.
Vietnamese Ambassador to the US Ha Kim Ngoc particularly thanked Senior Vice President for Asia at the USCC Charles Freeman for supporting Vietnam and its localities in promoting trade, investment and trade relations between the two countries as well as among their localities.
The economies of Vietnam and the US are supplementary, Ngoc said, adding that to maintain high growth, Vietnam needs US goods and high-tech services such as energy, airplanes, industrial machines, farm produce, financial and digital services.
Asian countries such as Thailand and Vietnam are seeing a surge of foreign investors as the US-China trade war continues, according to CNBC.
US-ASEAN Business Council President and CEO Alexander Feldman said that investors are ‘seriously eyeing’ Thailand and Vietnam to shift production out of China. Because of the trade war, the tariffs have gone to the roof, causing a huge backlash to companies.
In fact, Apple Inc. is among the big corporations that suffer from the trade war as their operations are done in China.
Thailand is a good market for labor because of its relaxed regulations. However, Vietnam is on the verge of tightening its regulations due to unfair labor practices and low salary.
Guns, which is a huge market, is set to move to Vietnam yet its Prime Minister is still concerned about the trade deficit. However, if tables will turn, Vietnam couldn’t afford to fight the United States.
With the trade squabble between the world’s two largest economies showing no signs of abating, and worse – with US President Donald Trump further ratcheting up the rhetoric of ordering American companies to start pulling out of China – American companies are scrambling to shift operations to other Asian nations and beyond.
India is seeking to capitalize on the situation, hoping to lure multinationals out of China to set up shop and take advantage of Prime Minister Narendra Modi’s ‘Make in India’ initiative that got underway in 2014. But there are questions whether the country’s stumbling bureaucracy can get its act together to do so.
India’s deficient infrastructure scenario, complex labor laws, and bureaucratic approach scupper its emergence as a global manufacturing hub, an industry economist who declined to be named told Asia Sentinel.
BANGKOK, THAILAND—Energy Secretary Alfonso G. Cusi headed the Philippine Delegation for the 37th Asean Ministers on Energy Meeting (Amem 37) and Associated Meetings being held from September 2 to 6, 2019.
Slated for the event is a series of Ministerial Meetings, which includes the Amem-International Energy Agency Dialogue, Amem-International Renewable Energy Agency Dialogue, 13th East Asia Summit Energy Ministers Meeting and the 16th Amem+3 Meeting. In addition, the Ministers-CEO Dialogue under the 2019 Asean Energy Business Forum, which highlights various energy-related concerns within the region and its dialogue partners, would, likewise, take place.
Investors have set their eyes on “seriously looking at Thailand ” as the U.S.-China trade war ramps up, according to the president and CEO of U.S.-ASEAN Business Council, Alexander Feldman.
Vietnam has frequently been cited as one of the largest beneficiaries in the trade war as companies shift their production out of China to avoid tariffs.
However, Vietnam’s labor market is tightening, and businesses are now looking to move manufacturing into other Asian countries instead — and that includes Thailand, Feldman told CNBC on Tuesday.
The U.S.-China trade war, which has lasted over a year, has seen both countries impose duties on billions of dollars worth of imports from each other. In a tweet last Friday, after announcing more tariffs on Beijing, U.S. President Donald Trump “ordered” American companies to “immediately start looking for an alternative to China.”
The prolonged trade fight between the United States and China is reordering the global supply chain and Vietnam could stand to be a winner for investors, according to a senior executive at U.S. investment firm General Atlantic.
As American companies plan to move their manufacturing bases outside China, countries in Southeast Asia could be the biggest beneficiaries, Sandeep Naik, head of India and Southeast Asia at General Atlantic, told CNBC’s “Street Signs ” on Tuesday.
“If you look at certain sectors like auto and chemicals, you see a large outflow of those manufacturing opportunities moving to Vietnam,” he said, adding that the investor community is closely watching for new investment destinations in the region.
General Atlantic has about $35 billion assets under management. The company invests in start-ups with high growth potential in four main areas: consumers, financial services, health care and technology.
The US-Asean Business Council is is calling for the Thai government to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the successor to the 11-country pact that President Donald Trump pulled his country out of in 2017.
Commerce Minister Jurin Laksanawisit, who met representatives from the council on Thursday, said US businesses also urged the government to settle negotiations — now nearly four years behind schedule — for the 16-country Regional Comprehensive Economic Partnership (RCEP).
They remarked that Thailand joining the CPTPP would greatly benefit US investors in Thailand, Mr Jurin said.
"American investors would like to know about the government's policies for a modern and digital economy, e-commerce and foreign direct investment promotion," he said.
The US and China won’t be the only ones affected in the trade war raging between the two countries. As companies scramble to find ways around the ever-increasing tariffs that the world’s two largest economies impose on each other’s goods, other countries are being drawn into a conflict that might have no winners.
The world could only watch as the latest developments played out online heading into the weekend. “Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing our companies HOME and making your products in the USA,” President Trump tweeted Friday in response to Chinese president Xi Jinping's threat to impose tariffs on $75 billion worth of US goods. Speaking to reporters at the G7 summit in Biarritz, France Sunday, Trump claimed that he could use emergency powers to force private companies to relocate out of China, but said he has no current plans to do so.