Connect with us

Hot News

Asian trade deal to be signed today

The Thaiger

Published 

 on 

Asian trade deal to be signed today | The Thaiger
  • follow us in feedly

Today, 15 countries are set to sign a wide-reaching Asian trade deal to help them recover from the Covid pandemic. Such countries as China, South Korea, New Zealand, Australia, and Japan are part of the pact which also includes 10 south east Asian economies – the 10 countries of ASEAN.

The deal is seen as a Chinese-led alternative to the US trade initiative, which is now defunct. Alexander Capri, a trade expert at the National University of Singapore Business School, says the deal complements China’s overall envision of its influence and infrastructure spreading worldwide.

“The RCEP ‘solidifies China’s broader regional geopolitical ambitions around the Belt and Road initiative.'”

The new trading bloc will be the largest such organisation in the world.

Deborah Elms, executive director of the Asian Trade Centre, says the RCEP can help deliver economic growth in the region as Covid has further reminded such nations of why trade matters.

Such a deal can help shrink costs and allow companies toexport products anywhere within the bloc without meeting country-specific requirements. Environmental protections and labour rights have been left out of the deal as it centres mainly around intellectual property at this stage.

India, however, will be noticeably absent from the deal as it pulled out last year over concerns about cheap Chinese goods entering the country. Despite its absence, the deal is the largest of its kind in terms of GDP with members accounting for about 30% of global GDP.

A top economic adviser says the US could respond to the deal by joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, but concerns regarding this are minimal as previously the US had a negative response to the deal with fears over job losses topping its list.

SOURCE: Bangkok Post

Keep in contact with The Thaiger by following our Facebook page.
Never miss out on future posts by following The Thaiger.
3 Comments

3 Comments

  1. Avatar

    gosport

    November 15, 2020 at 2:36 pm

    Great! my coconuts have markets. my monkeys will survive.

  2. Avatar

    Toby Andrews

    November 15, 2020 at 11:57 pm

    Do your monkeys have a trades Union, if not I will be the chief executive.
    Too long have monkeys been exploited . . .

  3. Avatar

    Khun plastic

    November 16, 2020 at 1:13 pm

    This is marvelous news for the coconut farm owner,no need to kowtow to the us anymore.
    I would cut the monkeys salary instantly.

Leave a Reply

Your email address will not be published. Required fields are marked *



Find more SE Asian News courtesy of The Thaiger.

Broke? Find employment in Southeast Asia with JobCute Thailand. Rich? Invest in real estate across Asia with FazWaz Property Group. Even book medical procedures worldwide with MyMediTravel, all powered by DB Ventures.

Thailand's largest online portal for news and information.

Thailand

Thailand News Today | The RCEP reset, Hotel Talkfest, Protesters to be arrested | November 16

The Thaiger

Published

on

Thailand News Today | The RCEP reset, Hotel Talkfest, Protesters to be arrested | November 16 | The Thaiger

First day of the week with another Thailand News Today, all the latest news from around Thailand and the region.

Hoteliers to discuss how to revive Thailand’s crippled hospitality industry

The Tourism and Sports Ministry is holding a talkfest with15 hotel operators expected to join to discuss recovery solutions for the battered industry.

Some top executives are planned to pitch in on revival plan including those from Dusit International, Erawan Group, Asset World Corp and Minor Hotels. After those from the industry weigh in on possible solutions for the plan, the proposals will be discussed at the November 24 Tourism Authority of Thailand meeting. TAT governor Yuthasak Supasorn says that if needed, they’ll request an additional budget for whatever plan they come up with.

Bill Heinecke from the Minor Group, one of Thailand’s largest hotel groups, is a strong proponent of opening up Thailand’s borders and managing the situation as tourists return.

Protest members could face assault charges as police gather evidence

Core protest members could face assault charges as police gather evidence after Saturday’s demonstration in Bangkok, which saw 2 policemen injured.

“Mob Fest” and “Bad Student” protest members staged the demonstration at Democracy Monument where they wrapped a 30 square metre cloth around the monument. The cloth included numerous demands and insults on it.

Police say that assault charges will be filed after one policeman was struck on the head by a flag pole and another was hit in the face by a hard object as they tried to prevent some of the protesters from breaking through a police cordon.

In a symbolic gesture thousands of the students turned their backs on a passing motorcade as HM the King and Queen of Thailand headed to the opening of new stations along the Blue MRT line.

15 Asia-Pacific countries form the world’s largest trade bloc

After 8 gruelling years of negotiation, 15 countries have signed onto the largest free trade bloc in history. In a joint statement, the leaders of the countries, signatories of the trade deal, say RCEP (Regional Comprehensive Economic Partnership) will form a crucial part of economic recovery once the pandemic is over.

The deal excludes the US, which withdrew from a rival Asia-Pacific trade pact 3 years ago. President Donald Trump pulled his country out of the Trans-Pacific Partnership in 2017. That deal would have involve 12 countries and was supported by Mr Trump’s predecessor Barack Obama as a way to counter China’s surging power in the region.

Now, the leaders of China, Australia, Japan, New Zealand, South Korea and the 10 ASEAN nations, have signed the free trade agreement which covers 2.2 billion people and 30% of the world’s economic output. The new free trade bloc will be bigger than both the US-Mexico-Canada Agreement and the European Union.

The combined GDP of the signatories was about 30% of global GDP, covering nearly 28% of global trade.

The deal is being seen as a significant step towards removing Asia Pacific trade barriers, and brings China under the fold of a larger regional bloc as its massive economy looks elsewhere for trading partners after the bruising US-China trade war.

Roadside bomb explodes as rangers drive to a wedding in Southern Thailand

In the southern province of Narathawit, an area troubled by insurgency-related violence right on the Thai-Malaysia border, a bomb exploded as rangers were driving to a wedding.

None of the soldiers were injured, but the bomb caused major damage to the pickup truck.

Hitman arrested over 14 year old cold-case murder in Pattaya of NZ businessman

An arrest has been made in a 14 year old Pattaya cold case following the arrest of a Thai man who allegedly murdered a New Zealander, Stephen Miller in 2006. The 40 year old is now in custody in Phetchabun province after a raid led by Crime Suppression Division. ‘Pokpong’ was wanted under an arrest warrant issued by Pattaya Court back in April 2006, on charges of murder and illegal possession of carrying a gun in public.

You can read the whole sordid backstory about Mr Miller and his Thai girlfriend at the time at thethaiger.com

Flooded underpass finally drained after locals get officials’ attention with viral photos

A flooded underpass in Nakhon Ratchasima has finally been drained after locals posted photos of them pretending to turn the area into a tourist attraction and swimming pool.

The State Railway of Thailand waited for almost a month before draining the water after the area was flooded by heavy rain.

But one enterprising Thai man came up with the idea to publicise the problem as he and some friends posed lounging in inflatable lilos on the water. Last Friday’s post went viral and got the attention of transport officials.

“I decided to post it to get the attention of the SRT. People here have nobody to turn to.”

In response to the viral post, the railway agency said the soil was blocking the pipes. Meanwhile no more free swimming pool for the two Thai guys.

Alleged drug dealers arrested after help from a stray dog

Police arrested 2 alleged drug dealers after a stray dog dropped off a bag full of amphetamine pills outside a post office in the northern province Phrae.

No one knows exactly where the dog found the bag of drugs, but surveillance camera footage shows the dog carrying the bag and dropping it off at the Rong Kwang district post office. The employees at the post office said it seemed as if the dog wanted to report a crime and they praised the dog for being so smart.

Police say 639 amphetamine pills were in the bag. Officers were able to track down the suspects. A 38 year old man and a 37 year old woman were arrested on charges of drug possession.

Keep in contact with The Thaiger by following our Facebook page.
Never miss out on future posts by following The Thaiger.
Continue Reading

Economy

15 Asia-Pacific countries form the world’s largest trade bloc, the great RCEP reset

The Thaiger

Published

on

15 Asia-Pacific countries form the world’s largest trade bloc, the great RCEP reset | The Thaiger

After 8 gruelling years of negotiation, 15 countries have signed onto the largest free trade bloc in history. In a joint statement, the leaders of the countries, signatories of the trade deal, say RCEP (Regional Comprehensive Economic Partnership) will form a crucial part of economic recovery once the pandemic is over.

The deal excludes the US, which withdrew from a rival Asia-Pacific trade pact 3 years ago. President Donald Trump pulled his country out of the Trans-Pacific Partnership in 2017. That deal would have involve 12 countries and was supported by Mr Trump’s predecessor Barack Obama as a way to counter China’s surging power in the region.

Now, the leaders of China, Australia, Japan, New Zealand, South Korea and the 10 ASEAN nations, have signed the free trade agreement which covers 2.2 billion people and 30% of the world’s economic output. The new free trade bloc will be bigger than both the US-Mexico-Canada Agreement and the European Union.

The deal sets the terms of trade in goods and services, cross-border investment and new rules for increasingly important areas such as electronic commerce, telecommunications and intellectual property.

The leaders’ statement said the landmark trade pact “demonstrates our strong commitment to supporting economic recovery, inclusive development, job creation and strengthening regional supply chains as well as our support for an open, inclusive, rules-based trade and investment arrangement”.

The combined GDP of the signatories was about 30% of global GDP, covering nearly 28% of global trade.

India pulled out of negotiations last year because of concerns it would not be able to protect its domestic industry as well as its agricultural sector. India’s exclusion from the bloc reduces its size by some 1.4 billion people. But the statement from the signatories says the door is still open for India to join in and it would be “welcome”.

The deal is being seen as a significant step towards removing Asia Pacific trade barriers, and brings China under the fold of a larger regional bloc as its massive economy looks elsewhere for trading partners after the bruising US-China trade war.

Li Keqiang, the Chinese premier, says the deal is “a victory of multilateralism and free trade”. Australia’s PM, Scott Morrison, says the deal will “open up new doors for Australian farmers, businesses and investors”.

The trend for a more integrated trade flow around the region has suddenly accelerated amid the feuding between the US and China. The 2 economic superpowers had imposed billions of dollars of punitive trade tariffs on each other’s exports.

Analysts hail the RCEP agreement, saying that it’s flexible enough to stretch to fit the “disparate needs of member countries as diverse as Australia, Myanmar, Singapore and Vietnam”. But the agreement doesn’t establish unified standards on labour and the environment or force countries to open services and other vulnerable areas of their economies.

Donald Trump pulled the plug on negotiations when he pulled out of the Trans-Pacific Partnership, a deal previously which was seen as a way of curbing China’s economic influence. He later initiated the heated US-China trade war in 019 maintaining he wanted to reduce the amount of imports from China, saying the goods could be built back in the US.

15 Asia-Pacific countries form the world's largest trade bloc, the great RCEP reset | News by The Thaiger

Keep in contact with The Thaiger by following our Facebook page.
Never miss out on future posts by following The Thaiger.
Continue Reading

Politics

South East Asian leaders foreshadow a pivot to the US in the new administration

The Thaiger

Published

on

South East Asian leaders foreshadow a pivot to the US in the new administration | The Thaiger

So what will the presidency of US President-elect Joe Biden mean for south east Asia? And how will it differ from the administration of President Trump?

South east Asia already knows Joe Biden from his term as US vice president from 2008 – 2016, and his “Asia pivot” that provided high-level diplomacy and resources with strategic trade relationships. The Obama-era administration maintained a prickly but ongoing relationship with China and was supportive of the greater region’s checks on China’s march.

President Trump’s relationship with ASEAN has been marked with more defence sales, trade deals and an aggressive stance on trade with China that brought some advantage to south east Asia’s manufacturing powerhouses, including Thailand.

But Trump also pulled out of the Trans-Pacific Partnership after years of talks on the world’s largest low-tariff trade zone. This left ASEAN leaders wondering if the US could still be a reliable trading partner, pivoting the bloc to seek free-trade options elsewhere. This weekend the ASEAN leaders are expected to sign a rival trade deal, the Regional Comprehensive Economic Partnership, anchored by China. The trade deal will form the largest trading bloc in the world, and excludes the US.

But economic analysts predict the Biden presidency will see America as a more visible ally and supporter of the ASEAN nations.
It’s also predicted that there will be a more hands-on approach to relationships in the region whereas the Trump administration often skipped important regional meetings. Meanwhile Chinese delegations attended all the same meetings.

The fractious trade war with China over the past 2 years has also left a mark on regional trade with winners and losers emerging in the region’s export and manufacturing-reliant economies.

Some countries clearly benefitted from the toxic US-China shock, as supply chains shifted in their direction. Others lost investment from Chinese companies that suffered under the trade restrictions.

Most of the ASEAN leaders, plus the Chinese leadership, have now sent their congratulations to President-elect Biden and are already preparing to court favour with the projected White House administration when it takes over control of the trade levers on January 20, 2021.

Thai PM Prayut Chan-o-cha, heading up south east Asia’s second biggest economy and Washington’s oldest Asian ally, earlier this week said he “looks forward to working closely” with the incoming president. Halimah Yacob, Singapore’s president, praised the president-elect and his running mate, Vice President-elect Kamala Harris.

“This is the historic moment for women minorities in the US and around the world.”

The Chinese foreign ministry sent this message… “We respect the choice of the American people. We congratulate Mr. Biden and Ms. Harris.”

Taiwan’s government has also sent its good wishes to the administration-elect.

Kavi Chongkittavorn, a Bangkok veteran diplomatic commentator says that Joe Biden will “pay attention to issues related to human rights and democratic development, which has been overlooked by the Trump administration.”

Kavi pushes the case that President Trump “paid less public attention than his predecessors to pro-democracy movements and questions of human rights”, dismaying activists from Thailand to Cambodia. Analysts say that situation served to embolden regional ‘strongmen’ such as Philippine President Rodrigo Duterte and Cambodian PM Hun Sen, as well as the former-generals who cobbled together Thailand’s quasi-democratic government, and even Vietnam’s communist leadership.

“Biden will be more attentive and zero-in on Thailand and its future strategic role.”

But ASEAN officials, ahead of meetings in Vietnam this week, say the main concern remains the rapid advance of China’s power. China is now the biggest trading partner with ASEAN and has its eyes firmly set on dominating the South China Sea, as well as completing a network of debt-funded infrastructure projects to realise its Belt and Road Initiative ambitions.

Trump had promised to turn up the economic and military heat on China in a second term, offering south east Asian states—an area his administration defined as the Indo-Pacific—valuable leverage in their negotiations with their neighbourhood superpower.
Biden will have to address the same concerns, experts say.

Le Hong Hiep, an academic at the Contemporary South East Asia ISEAS, the Singapore-based Yusof Ishak Institute, says that Joe Biden will have to seize the chance to remake old friendships.

“No matter who runs the White House, there’s still an increasing convergence of strategic interests in the South China Sea and bilateral economic ties are still flourishing.”

SOURCE: VOA | Reuters

Keep in contact with The Thaiger by following our Facebook page.
Never miss out on future posts by following The Thaiger.
Continue Reading
Thailand News Today | Army deny Twitter spin, “Don’t Reopen”, English proficiency low | Nov 27 | The Thaiger
Thailand2 days ago

Thailand News Today | Army deny Twitter spin, “Don’t Reopen”, English proficiency low | Nov 27

Thailand News Today | Shots fired, the yellow ducks, “no coup” promise | November 26 | The Thaiger
Thailand3 days ago

Thailand News Today | Shots fired, the yellow ducks, “no coup” promise | November 26

Thailand News Today | No vaccine, no flight, protest latest, smoking ban | November 25 | The Thaiger
Thailand4 days ago

Thailand News Today | No vaccine, no flight, protest latest, smoking ban | November 25

Thailand News Today | Holiday road toll, protests tomorrow, GDP recovery | November 24 | The Thaiger
Thailand5 days ago

Thailand News Today | Holiday road toll, protests tomorrow, GDP recovery | November 24

Thailand News Today | Dinosaurs in BKK, BOT tackles Baht, Special K isn’t special | November 23 | The Thaiger
Thailand6 days ago

Thailand News Today | Dinosaurs in BKK, BOT tackles Baht, Special K isn’t special | November 23

Thailand News Today | Bangkok exodus, Pattaya air pollution, Vaccine next month? | November 20 | The Thaiger
Thailand1 week ago

Thailand News Today | Bangkok exodus, Pattaya air pollution, Vaccine next month? | November 20

Thailand News Today | Protests to escalate, Domestic violence, Tourist visa exemptions? | Nov 19 | The Thaiger
Thailand1 week ago

Thailand News Today | Protests to escalate, Domestic violence, Tourist visa exemptions? | Nov 19

Thailand News Today | Emergency Decree, Protesters shot, Baht boost temporary | Nov 18 | The Thaiger
Thailand2 weeks ago

Thailand News Today | Emergency Decree, Protesters shot, Baht boost temporary | Nov 18

Thailand News Today | Protesters v Police, Quarantine reduction, VietJet passenger arrest | Nov 17 | The Thaiger
Thailand2 weeks ago

Thailand News Today | Protesters v Police, Quarantine reduction, VietJet passenger arrest | Nov 17

Thailand News Today | The RCEP reset, Hotel Talkfest, Protesters to be arrested | November 16 | The Thaiger
Thailand2 weeks ago

Thailand News Today | The RCEP reset, Hotel Talkfest, Protesters to be arrested | November 16

Thailand News Today | Coconut Business, Weekend protests, Pork dressed as Beef | November 13 | The Thaiger
Thailand2 weeks ago

Thailand News Today | Coconut Business, Weekend protests, Pork dressed as Beef | November 13

Thailand News Today | More Thai Airways debt, Korean soldier, TripAdvisor warning | November 12 | The Thaiger
Thailand2 weeks ago

Thailand News Today | More Thai Airways debt, Korean soldier, TripAdvisor warning | November 12

Thailand News Today | PTT pays out, Revised visa requirements, Protester’s asylum | Nov 11 | The Thaiger
Thailand3 weeks ago

Thailand News Today | PTT pays out, Revised visa requirements, Protester’s asylum | Nov 11

Thailand News Today | Thai official positive, Head-butt latest, protest letters | November 10 | The Thaiger
Thailand3 weeks ago

Thailand News Today | Thai official positive, Head-butt latest, protest letters | November 10

Thailand News Today | Golf STVs, Russian head-butted, protest latest | Nov 9 | The Thaiger
Thailand3 weeks ago

Thailand News Today | Golf STVs, Russian head-butted, protest latest | Nov 9

Follow The Thaiger by email:

Trending