Connect with us

ASEAN

ASEAN-Hong Kong, China Free Trade Agreement comes into force

The Thaiger

Published 

 on 

ASEAN-Hong Kong, China Free Trade Agreement comes into force | The Thaiger
  • follow us in feedly

The ASEAN – Hong Kong, China Free Trade Agreement (AHKFTA – that acronym’s never going to fly!), came into force this week for Hong Kong and five ASEAN member states, namely, Laos, Myanmar, Singapore, Thailand and Vietnam.

Under the AHKFTA, Hong Kong and Singapore will grant tariff-free access and keep their customs duties at zero upon entry into force of the agreement. Brunei Darussalam, Malaysia, the Philippines and Thailand will eliminate customs duties on 85% of products traded with Hong Kong within the decade and reduce another 10% of tariff lines within 14 years.

Indonesia and Vietnam will eliminate customs duties for 75% of their products within ten years, and reduce another 10% of tariff lines within 14 years. Meanwhile, Cambodia, Laos and Myanmar will eliminate customs duties for 65% of their products within 15 years and reduce another 20% of tariff lines within 20 years.

Dato’ Lim Jock Hoi, the Secretary-General of ASEAN says the agreement is a significant outcome for ASEAN and trading neighbours.

“This is also reflective of ASEAN and Hong Kong’s support for a rules-based international trade system, and signals our commitment to strengthen trade and investment links among our nations.”

It is ASEAN’s sixth free trade agreement with external partners, after China, Korea, Japan, India, and Australia-New Zealand.

Thailand is the ASEAN Chair for 2019 and is hosting the 34th ASEAN Summit June 20-23 in Bangkok

SOURCE: ASEAN

Keep in contact with The Thaiger by following our Facebook page.
Never miss out on future posts by following The Thaiger.
Click to comment

Leave a Reply

Your email address will not be published.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

If you have story ideas, a restaurant to review, an event to cover or an issue to discuss, contact The Thaiger editorial staff.

Economy

Vietnam’s booming manufacturing sector reduced to a trickle as world pandemic kills demand

The Thaiger

Published

on

Vietnam’s booming manufacturing sector reduced to a trickle as world pandemic kills demand | The Thaiger

Vietnamese finance officials are downgrading expectations for a recovery of the south east Asian nation’s economy in 2021. The normally fast-growing gross domestic product in 2020 has stalled due to a huge drop in local and global demand, and the absence of international tourism. The booming economy, growing at an average of 6% per year since 2012, will struggle to reach a growth rate of 2% this year.

Fuelled by manufactured exports, the Vietnam economy has dropped back to a trickle. The Asian Development Bank estimates that this year’s GDP growth could be as low as 1.8%. The Vietnamese factories, that usually crank out shoes, garments, furniture and cheap electronics, are seeing dropping demand as the world’s consumer confidence drops dramatically.

Stay-at-home rules in Europe and America are keeping are keeping people away from retail stores. And despite the acceleration of online retail, many of the consumers are emerging from the Covid Spring and Summer with vastly reduced spending power.

The headaches of 2020 are also challenging Vietnam to maintain its reputation as south east Asia’s manufacturing hotspot. Rising costs and xenophobic foreign policy have put China ‘on the nose’ with some governments, complicating factory work in China, whilst other south east Asian countries lack infrastructure and are incurring higher wage costs.

One Vietnamese factory operated by Taiwan-based Pou Chen Group, which produces footwear for top international brands, has laid off 150 workers earlier this year. There are hundreds more examples of the impact of falling demand in the bustling Vietnamese manufacturing economy.

Vietnam’s border closure is also preventing investors from making trips, setting up meetings and pushing projects forward. Those projects in turn create jobs, fostering Vietnam’s growing middle class. Tourism has also been badly affected by the restrictions on travel. “International tourism is dead,” says Jack Nguyen, a partner at Mazars in Ho Chi Minh City.

“Inbound tourism usually makes up 6% of the economy.”

“Things will only pick up only when the borders are open and there’s no quarantine requirements. Who knows when that’s going to be.”

A mid-year COVID-19 outbreak in the coastal resort city Danang followed by the start of the school year has reduced domestic travel, analysts say. Some of the country’s hotels are up for sale as a result.

“Recovery could take 4 years.”

The Vietnamese Ministry of Planning and Investment is now warning that global post-pandemic recovery could take as long as 4 years, perhaps more.

Not that foreign investors in the country are pulling out. Indeed, many are tainge a long-term view that Vietnam’s underlying strengths will outlive Covid-19. Vietnam reports just 1,069 coronavirus cases overall.

SOURCE: VOA News

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

Thailand

Thai Health Minister accepts chairman role with WHO Regional Committee

Maya Taylor

Published

on

Thai Health Minister accepts chairman role with WHO Regional Committee | The Thaiger
PHOTO: Thai PBS World

Thailand’s Health Minister, Anutin Charnvirakul, has been appointed chair of the World Health Organisation’s Regional Committee for Southeast Asia. The colourful and controversial minister made the announcement at a press conference yesterday afternoon. He says 14 countries put his name forward for the role, which has a fixed term of 1 year, partly due to Thailand’s success in controlling the Covid-19 virus.

The committee is due to hold its first meeting today, where members are expected to discuss the Covid-19 situation in Southeast Asia and share tips and best practice ideas. Anutin says Southeast Asian nations are focused on the resumption of travel between their countries, adding that improving the Covid-19 situation across the region is critical in order to facilitate this.

Anutin is generally well-liked by the Thai public, although the same cannot be said for the country’s foreign population, many of whom were riled by what they saw as xenophobic comments made by him in the early weeks of the Covid outbreak, describing some foreigners as “dirty farang” for not accepting free masks as they were being handed out at a PR event at Siam BTS station in Bangkok in May this year.

SOURCE: The Pattaya News

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

Business

Thailand planning land and rail passageway, bypassing congested Strait of Malacca

Maya Taylor

Published

on

Thailand planning land and rail passageway, bypassing congested Strait of Malacca | The Thaiger
PHOTO: Shutterstock / The Jakarta Post

Thailand hopes to shorten shipping time by bypassing the busy Strait of Malacca with a 100 kilometre highway and railway passageway. Discussions are underway to construct 2 deep seaports on both sides of the country’s southern coast, which would be linked via rail and highway.

The latest proposal replaces the Kra Canal plan, which was talked about for decades. That plan would have seen a canal crossing the skinniest point of the country, through the Isthmus of Kra just south of Phuket and Krabi, chopping around 1,200 kilometres off the shipping journey. However, it has now been dropped on environmental grounds.

The new project is expected to reduce shipping time by 2 days by bypassing the Strait of Malacca, which runs along Peninsular Malaysia’s south-west coast, before curving east past Singapore. The passageway is notoriously congested, as well as being susceptible to piracy. According to a report in the South China Morning Post, incidents of piracy increased from 8 in 2018 to 30 last year.

Thailand planning land and rail passageway, bypassing congested Strait of Malacca | News by The Thaiger

PHOTO: Encyclopedia of Earth

Currently, around a quarter of globally traded goods use the Strait of Malacca, with Thailand’s Transport Minister, Saksiam Chidchob, saying an alternative route is now a necessity.

“The Strait has become quite congested. Using an alternative route through Thailand would cut shipping time by more than 2 days, which is very valuable for businesses.”

The alternative route would see a 100 kilometre highway and rail passageway linking 2 seaports on either side of Thailand’s southern coast. It’s understood the government has set 75 million baht aside for a study into the building of the seaports, along with a further 90 million baht to look into the feasibility of highway and rail connections between the two.

If the project went ahead it would be a major blow to Singapore which has built its fortune on being the south east Asian shipping and trading hub at the turning point at the bottom of the Mallaca Strait.

SOURCE: South China Morning Post

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 | Media censorship, Thai parliament to meet, STV flight arrives | October 20 | The Thaiger
Thailand10 hours ago

Thailand News Today | Media censorship, Thai parliament to meet, STV flight arrives | October 20

Thailand News Today | Protest update, Samui wants cheap flights, Isaan croc hunters | October 19 | The Thaiger
Thailand1 day ago

Thailand News Today | Protest update, Samui wants cheap flights, Isaan croc hunters | October 19

Thailand News Today | Bangkok protests, Special Tourist Visa, Prisoners slippery escape | October 16 | The Thaiger
Thailand4 days ago

Thailand News Today | Bangkok protests, Special Tourist Visa, Prisoners slippery escape | October 16

Thailand News Today | State of Emergency, Pattaya ‘online’, Veggie Festival plea | October 15 | The Thaiger
Thailand5 days ago

Thailand News Today | State of Emergency, Pattaya ‘online’, Veggie Festival plea | October 15

Thailand News Today | BKK protest update, Chiang Mai ‘quiet’, Baby klong crocs | October 14 | The Thaiger
Thailand6 days ago

Thailand News Today | BKK protest update, Chiang Mai ‘quiet’, Baby klong crocs | October 14

Thailand News Today | No STV tourists, Boss in Dubai, border fears in Tak | October 13 | The Thaiger
Thailand1 week ago

Thailand News Today | No STV tourists, Boss in Dubai, border fears in Tak | October 13

Thailand News Today | Land bridge project, “Thai Bridge”, Chaing Mai black widow | October 12 | The Thaiger
Thailand1 week ago

Thailand News Today | Land bridge project, “Thai Bridge”, Chaing Mai black widow | October 12

Thailand News Today | Army v Twitter, Tourism interrupted, Thailand World’s #6 | October 9 | The Thaiger
Thailand2 weeks ago

Thailand News Today | Army v Twitter, Tourism interrupted, Thailand World’s #6 | October 9

Thailand News Today | Tourist arrivals postponed, Will Boss return?, deadly centipede | October 8 | The Thaiger
Video & Podcasts2 weeks ago

Thailand News Today | Tourist arrivals postponed, Will Boss return?, deadly centipede | October 8

Thailand News Today | Poll-Keep borders closed, quarantine exemption, heavy rain | October 7 | The Thaiger
Thailand2 weeks ago

Thailand News Today | Poll-Keep borders closed, quarantine exemption, heavy rain | October 7

Thailand News Today | Business people exemptions, road checkpoints, Phuket delay | October 6 | The Thaiger
Thailand2 weeks ago

Thailand News Today | Business people exemptions, road checkpoints, Phuket delay | October 6

Thailand News Today | Live from Thammasat, Sacked teacher sues parents, Pattaya eating contest | October 5, 2020 | The Thaiger
Thailand2 weeks ago

Thailand News Today | Live from Thammasat, Sacked teacher sues parents, Pattaya eating contest | October 5, 2020

Thailand News Today | Prison release?, Pattaya Makeover, 6 new Covid cases | October 2 | The Thaiger
Video & Podcasts3 weeks ago

Thailand News Today | Prison release?, Pattaya Makeover, 6 new Covid cases | October 2

Thailand News Today | Waiting for vaccine, new face of Thailand expats, teacher complaints | Oct 1 | The Thaiger
Video & Podcasts3 weeks ago

Thailand News Today | Waiting for vaccine, new face of Thailand expats, teacher complaints | Oct 1

Thailand News Today | Phuket re-opens, TripAdvisor review saga, Samut Prakhan chem spill | Sept 30 | The Thaiger
Video & Podcasts3 weeks ago

Thailand News Today | Phuket re-opens, TripAdvisor review saga, Samut Prakhan chem spill | Sept 30

Follow The Thaiger by email:

Trending