In recent weeks, the question of when and how quickly an economic recovery can be expected has arisen with increasing frequency. After a year dominated by the Corona pandemic, various vaccines give hope that global economic momentum can be resumed in 2021.
"Regional Comprehensive Economic Partnership" (RCEP) signed after almost 10 years of negotiations
On November 15, 2020, the RCEP free trade agreement, in a video conference, was signed by all 15 participating countries.
In addition to the 10 ASEAN countries Indonesia, Thailand, Singapore, Malaysia, the Philippines, Vietnam, Brunei, Myanmar, Laos, Cambodia, which have already concluded free trade agreements between themselves. Are also involved countries China, Japan, South Korea, Australia and New Zealand.
Thus, the agreement consists of quite diverse countries - rich and poor, large and small, highly developed and those where industrialization is just beginning.
Therefore, in the 31 rounds of negotiations - contrary to the name - a not very comprehensive agreement was worked out in order not to structurally disadvantage less developed and smaller economies.
When the state of Singapore was expelled from the Malaysian Federation in 1965, the former English crown colony was confronted with major problems such as mass unemployment, shortage of housing, arable land and raw materials. It is mainly thanks to the Dutch economist Albert Winsemius, who in cooperation with the state government, brought about Singapore's steep economic rise.
Today, Singapore is one of Asia's most important financial centers and trans-shipment centers for goods, as well as a member of the Commonwealth of Nations and the Association of Southeast Asian Nations (ASEAN). As a country with a decidedly liberal economic policy, excellent infrastructure and low taxes, it attracts many foreign investments and a skilled workforce, which further drives the innovative and dynamic economy.
As a result of the trade war between the USA and China, which has been ongoing since the beginning of 2018, rising production costs, a volatile money market and long-standing economic restrictions, more and more companies are deciding to relocate all or part of their production to southwest Asia - to the ASEAN region.
In our series of possible alternative locations for diversified Asian business, we present different countries and their different approaches to offer a range of incentive packages designed to attract companies affected by the trade war between the US and China. On a weekly basis, we consolidate the development of the incentives of the individual countries and discuss them briefly. The developments show how the ASEAN members differ and what opportunities are available to investors seeking locations elsewhere in Asia.
ASEAN News: Recovery outlook for Thailand, Malaysia, Singapore
The global pandemic is currently still ongoing. In Thailand, Malaysia and Singapore in the ASEAN region, however, the number of cases is already declining. This allows the possibility for an economic outlook.
ASEAN News: ASEAN & EU discuss intelligent transport systems
The EU-ASEAN Workshop on Intelligent Transport Systems (ITS) took place in Singapore on 24-25 October, hosted by the Ministry of Transport and Land Transport Authority of Singapore.
The event was jointly opened by Mr. Henrik Hololei, Director-General for European Commission Directorate General for Mobility and Transport and Mr. Yap Ong Heng, Senior Adviser, Ministry of Transport of Singapore while Secretary-General of International Transport Forum Young Tae Kim delivered a key note speech.
ASEAN News: The manufacturing future in the coming 50 years
ASEAN has witnessed enormous growth since it was founded half a century ago. Today, the 10-country Association of Southeast Asian Nations forms the world’s third largest labour force, its fifth largest manufacturing economy in value-added terms and its seventh largest market. The region’s 4.4% growth (CAGR) during 2012-16 outpaced that of developed countries such as the United States and Germany. But it trailed that of neighbouring China.
As the region looks ahead to the next 50 years, managing the disruptive impact of the Fourth Industrial Revolution must be high on its agenda. ASEAN’s competitive advantage stands at the crossroads.
Competitiveness will feature prominently in the programme of the 2013 World Economic Forum on East Asia, taking place this week in Nay Pyi Taw, Myanmar’s capital. And rightly so: competitiveness is a critical driver of both prosperity and integration.