APEC trade ministers fail to agree on multilateral trade system
Trade ministers from 21 member economies of the Asia-Pacific Economic Cooperation (APEC) forum concluded talks on May 26 in Papua New Guinea without reaching agreement on the issue of a multilateral trading system.
Trade ministers from 21 member economies of the Asia-Pacific Economic Cooperation (APEC) fail to reach agreement on the issue of a multilateral trading system. (Photo: apec.org)
Hanoi (VNA) – Trade ministers from 21 member economies of theAsia-Pacific Economic Cooperation (APEC) forum concluded talks on May 26 inPapua New Guinea without reaching agreement on the issue of a multilateraltrading system.
After the two-day gathering, the ministers released a joint statement coveringdiscussion areas including promoting the digital economy and deepening regionaleconomic integration.
However, the ministers struggled to agree on the issue of a multilateraltrading system.
Papua New Guinea Foreign Affairs and Trade Minister Rimbink Pato, who isalso Chairman of the conference, issued a separate statement reflecting hisassessment of the prevailing views of APEC economies.
Accordingly, the APEC trade ministers stressed that trade liberalisation andfacilitation are essential for achieving sustainable global growth. Theycommitted to continuing APEC’s leadership to promote free and open markets whilefighting against protectionism.
The statements will be submitted to APEC leaders for their consideration aheadof their summit in November in Port Moresby capital, Papua New Guinea.
APEC groups Australia, Brunei, Canada, Chile, China, Hong Kong (China),Indonesia, Japan, the Republic of Korea, Malaysia, Mexico, New Zealand, PapuaNew Guinea, Peru, the Philippines, Russia, Singapore, Taiwan (China), Thailand,the United States and Vietnam.-VNA
The success of the APEC Economic Leaders’ Week 2017 in the central coastal city of Da Nang from November 6-11 has turned Vietnam into a centre of the world’s attention, according to President Tran Dai Quang.
The successful organisation of the Asia-Pacific Economic Cooperation (APEC) Forum 2017 creates a new milestone in the process of international integration of Vietnam and demonstrates the country’s strategic vision toward the region, President Tran Dai Quang said at a ceremony to review the APEC Year 2017 in Hanoi on November 27.
Permanent Deputy Foreign Minister Bui Thanh Son has asked ministries and agencies to focus on realising outcomes reached during the APEC Economic Leaders’ Week.
More than 60 photos on activities within the APEC Year 2017 are being displayed at the Da Nang Museum in the central city of Da Nang, which hosted the APEC Economic Leaders’ Week from November 6-11.
As the host of the APEC Year 2019, Chile wants Vietnam to share its experience in organising the APEC Year after the Southeast Asian country had successfully held the similar event in 2017, said outgoing Chilean Ambassador to Vietnam Claudio Andres De Negri Quintana.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
Singapore led with a total of 8.8 billion USD in realised investment, followed by Hong Kong and mainland China, Malaysia, and Japan with 8 billion USD, 1.7 billion USD and 1.6 billion USD, respectively.
Thai Acting Prime Minister Phumtham Wechayachai on August 7 outlined his strategy for tackling drug problems in Thailand, aiming for a "Zero Drugs Thailand" within three months.
Trade ministers from 21 member economies of the Asia-Pacific Economic Cooperation (APEC) fail to reach agreement on the issue of a multilateral trading system. (Photo: apec.org) 
