Business/ Nov/ 20
ASEAN hits historic milestone with signing of RCEP
It was a momentous day as Leaders of ASEAN Member States, Australia, China, Japan, Republic of Korea and New Zealand witnessed the signing of the Regional Comprehensive Economic Partnership (RCEP) Agreement.
The RCEP marks ASEAN’s biggest free trade pact to date, covering a market of 2.2 billion people with a combined size of US$26.2 trillion or 30% of the world’s GDP.
The Peterson Institute analysed that RCEP would boost global trade by US$500 billion in the next ten years.
Brunei Launches Economic Blueprint
- Brunei Darussalam launched the Brunei Economic Blueprint in early January 2021, which provides guidelines on how the country can develop a dynamic and sustainable economy.
- The blueprint is part of the government’s Brunei Vision 2035, which aims to diversify the country’s economy away from petroleum, which contributes to 95 percent of exports.
- The blueprint focuses on highlighting the importance of reskilling the labor force, seeking open trade policies, and promoting a conducive business environment, among others.
Vietnam economy is Asia's shining star during Covid
Vietnam’s economy has continued to showcase strong growth patterns leading investors to favorably consider the country as a solid investment destination and is the only country in South East Asia on track for growth this year. Its economy is expected to grow 2.4% in 2020, according to latest figures from the International Monetary Fund.
Despite the pandemic, one of the most significant events this year in trade was the EU-Vietnam free trade agreement (EVFTA). The EVFTA came into effect on August 1, 2020, paving the way for increased trade between the EU and Vietnam, eliminating almost 99 percent of customs duties between the two countries.
Cambodia launched the Economic Diplomacy Strategy 2021-2023
The Economic Diplomacy Strategy is aiming at enhancing ties in trade, investment, tourism and culture between the kingdom and friendly countries.
Deputy Prime Minister and Foreign Minister Prak Sokhonn said the strategy would serve as a roadmap for ministries and institutions to strengthen their work efficiency in economic diplomacy to help support economic growth, reduce the country’s reliance on external aid, and enhance the country’s interest in the region and in the world.