RoK strives to conclude FTA with three ASEAN members by November
The Republic of Korea (RoK) is working hard to conclude free trade talks with Malaysia, the Philippines and Indonesia before November when leaders of the Association of Southeast Asian Nations (ASEAN) meet for the ASEAN-RoK Commemorative Summit in the country.
Hanoi (VNA) – The Republic of Korea (RoK) isworking hard to conclude free trade talks with Malaysia, the Philippines andIndonesia before November when leaders of the Association of Southeast AsianNations (ASEAN) meet for the ASEAN-RoK Commemorative Summit in the country.
According to Yonhap news agency, Asia's fourth-largest economyalready has a free trade agreement with ASEAN, but the country is seeking tobroaden economic ties with individual members through separate free trade dealsamid growing protectionism.
The RoK and the ASEAN member states shared the opinion that tradebetween the two sides should increase amid deepening trade protectionism, JooHyung-chul, a government adviser for economic affairs, said at a pressbriefing.
The presidential aide said Seoul is seeking to strike respectivedeals with the three ASEAN nations before the summit in the southern port cityof Busan.
Malaysia is the RoK's fourth-largest trading partner in SoutheastAsia, with two-way trading volume reached 19.2 billion USD in 2018.
The RoK has been making efforts to diversify its tradingportfolio, especially amid the growing trade feud between the United States andChina. The top two trading partners accounted for around 40 percent of thecountry's annual outbound shipments in 2018.
The country's exports sank 11.7 percent on-year in September,extending their slump to a 10th consecutive month, hurt by continued weakprices of semiconductors and the yearlong US-China trade war.
If all talks under way are successful, the RoK will have FTA dealswith all of its top five trading partners in Southeast Asia, including Vietnamand Singapore./.
Foreign Minister of the Republic of Korea (RoK) Kang Kyung-wha on April 8 requested the Association of Southeast Asian Nations (ASEAN) to maintain its support for the country’s summit with the bloc’s
The Jakarta Post newspaper of Indonesia has published an article reviewing 30 years of amity between the Association of Southeast Asian Nations (ASEAN) and the Republic of Korea (RoK).
The Republic of Korea (RoK) on June 3 announced the start of free trade agreement (FTA) negotiations with the Philippines as part of efforts to strengthen economic ties with the Southeast Asian country.
The Republic of Korea (RoK) is promoting the signing of customs agreements with Indonesia, the Philippines and Vietnam to facilitate its trade with the partners in the Association of Southeast Asian Nations (ASEAN).
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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.
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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.
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.