RCEP may result in change in regional trade and investment flows: Cambodian expert
Although the COVID-19 pandemic has interrupted the global supply chain and hurt regional economies, it may become a driving force for the signing of the Regional Comprehensive Economic Partnership (RCEP), said Chheang Vannarith, President of the Cambodian-based Asian Vision Institute (AVI).
President of the Cambodian-based Asian Vision Institute (AVI) Chheang Vannarith (Photo: VNA)
Phnom Penh (VNA) –൲ Although the COVID-19 pandemic has interruptedthe global supply chain and hurt regional economies, it may become a driving force forthe signing of the Regional Comprehensive Economic Partnership (RCEP), said ChheangVannarith, President of the Cambodian-based Asian Vision Institute (AVI).
During an interview with the Vietnam News Agency's correspondents in Phnom Penh on November10, the expert said the ravaging pandemic has forced countries to furtherintegrate and connect their economies with others for quick recovery. He noted that the trade agreement could lead to acomprehensive change in the flow of trade and investment in Asia-Pacific, promoteintra-bloc supply chains and bolster trust in the regional business sector. Vannarith said that Cambodia always supports the RCEP’s buildingprocess coordinated and promoted by Vietnam, adding that Cambodia stands readyto sign the agreement at the 37th ASEAN Summit hosted by Vietnam. The signing of RCEP also sends a clear sign that Asian economies arenot for unilateralism and trade protectionism, he affirmed. RCEP was initiated in November 2012, aiming to establish aneconomic platform between the 10 ASEAN member states and Australia, China,Japan, New Zealand and the Republic of Korea, focusing on trade in goods,services and investment. If signed, RCEP would become the largest freetrade agreement in the world, covering about 30 percent of the world’spopulation while contributing nearly one third (29.3 percent) of the world’s gross domestic product./.
Thai Minister of Commerce Jurin Laksanawisit will represent Thailand to sign the Regional Comprehensive Economic Partnership (RCEP) by the middle of this month, said the Bangkok Post on November 7.
Secretary-General of ASEAN Dato Lim Jock Hoi has pinned high expectations for the outcomes of the 37th ASEAN Summit and related meetings scheduled for November 12-15.
Despite difficulties in organising meetings and gatherings due to COVID-19 pandemic, ASEAN member countries have given a series of initiatives on the threshold of the 37th ASEAN Summit and related meetings in Hanoi this week, Singaporean Ambassador to Vietnam Catherine has said.
The signing of the Regional Comprehensive Economic Partnership (RCEP) Agreement will be the central outcome of the 37th ASEAN Summit and Related Meetings, held virtually by host Vietnam on November 9-15, Malaysia’s International Trade and Industry Ministry (MITI) said in a recent statement.
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The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
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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.
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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.
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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.
President of the Cambodian-based Asian Vision Institute (AVI) Chheang Vannarith (Photo: VNA) 
