World economy set to feel trade war pain in 2019

https://youtu.be/mK3cyxLRxc0 https://www.bloomberg.com/news/videos/2018-12-26/with-stocks-on-brink-of-bear-market-is-it-time-to-buy-video

Data points to slowing exports, companies warn of ongoing disruption

While 2018 was the year trade wars broke out, 2019 will be the year the global economy feels the pain. Bloomberg’s Global Trade Tracker is softening amid a fading rush to front-load export orders ahead of threatened tariffs. And volumes are tipped to slow further even as the U.S. and China seek to resolve their trade spat, with companies warning of ongoing disruption.

Read more: A Fragile Truce Keeps Global Trade on Edge

Already there are casualties. GoPro Inc. will move most of its U.S.-bound camera production out of China by next summer, becoming one of the first brand-name electronics makers to take such action, while FedEx Corp. recently slashed its profit forecast and pared international air-freight capacity.

“Any kind of interference with commerce is going to be a tax on the economy,” said Hamid Moghadam, chief executive officer of San Francisco-based Prologis Inc., which owns almost 4,000 logistics facilities globally. “And the world economy is probably going to slow down as a result of it.”

Financial markets have already taken a hit. Bank of America Merrill Lynch estimates that the trade war news has accounted for a net drop of 6 percent in the S&P 500 this year. China’s stock market has lost $2 trillion in value in 2018 and is languishing in a bear market.

Recent data underscore concerns that trade will be a drag on American growth next year. U.S. consumers are feeling the least optimistic about the future economy in a year, while small business optimism about economic improvement fell to a two-year low and companies expect smaller profit gains in 2019.

Synchronized Slowdown
Global growth is set to decelerate in coming years

https://youtu.be/EaOmPx4sGOw
Source: Organization for Economic Cooperation and Development

What Our Economists Say...

For the world economy, the threat of trade war has dissipated, not disappeared. Three risks stand out. First, 90 days of talks between China and the U.S. might end in failure, with higher tariffs following. Second, even without an increase in tariffs, front-loading of exports in 2018 will reduce shipments in 2019. Finally, looking beyond the trade war, early warning signs from PMI surveys to FedEx profit warnings flag a softening of demand. --Tom Orlik, Bloomberg Economics

The International Monetary Fund forecasts trade volumes will slow to 4 percent in 2019 from 4.2 percent this year and 5.2 percent in 2017. They warn that trade barriers have become more pronounced.

Europe isn’t insulated either. While Germany’s key machinery sector will produce a record 228 billion euros ($260 billion) this year, the trade disputes are among reasons why growth will slow, according to the VDMA industry association. Output will increase about 5 percent in real terms in 2018, the most since 2011, before growth slows to 2 percent next year.

Then there’s the risk of the U.S. placing tariffs on auto imports from Europe and Japan, a move that would damage relations between some of the world’s biggest economies. The arrest of Huawei Technologies Co. Chief Financial Officer Meng Wanzhou illustrates the risk of unexpected developments that can quickly inflame already tense relations.

"‘Trade divergence’ since 2018 and the ‘Tariffs-Limbo’ into 2019 are likely to keep a high degree of uncertainty and continue to have an impact on trade and investment plans," New York-based Citigroup global markets economist Cesar Rojas wrote in a recent note.

The critical question is whether Washington and Beijing can strike a deal by the March 1 deadline. If they succeed, a cloud will be lifted off the world economy. But for now, the threat that tensions will linger is a brake on business expansion plans, and thereby the global economy.

Dippin’ Dots LLC is among those caught in the crossfire. The U.S.-based maker of ice cream and other frozen products spent three years breaking into the Chinese market and opened its first stores in the country this year, only to pay double-digit tariffs on imported dairy products. CEO Scott Fischer said if the U.S.-China talks fail and additional tariffs are added, he’d be forced to rethink strategy, supply chains, and where in the world he expands.

“From an entrepreneur’s perspective, our question is how long will this continue?" Fischer said. “It’s hard to plan business in this environment."

— Bloomberg With assistance by Sveinung Sleire, and Christian Wienberg

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Spain welcomed President Xi visit, signed 10 deals worth US$17.6 bln, pledged stronger BRI ties against protectionism, unilateralism

https://youtu.be/T2J-S-NCRv0
https://youtu.be/aJvvvJBzp8U

China, Spain sign 10 deals worth US$17.6 bln 

Chinese President Xi Jinping (L) meets with Spanish Prime Minister Pedro Sanchez in Madrid, Spain, Nov. 28, 2018. (Xinhua/Xie Huanchi)

Chinese and Spanish enterprises have signed ten deals worth 17.6 billion U.S. dollars during President Xi Jinping's visit to Spain from November 27 to 29.

These deals cover the areas of finance, telecommunication, environment, machine, vehicle and medicine, hitting a new record of China-Spain trade and economic cooperation, said the spokesperson of China's Ministry of Commerce (MOFCOM).

China and Spain also inked intergovernmental cooperation documents such as a Memorandum of Understanding in the Third Party Market, Avoidance of Double Taxation and the Prevention of Fiscal Evasion and Inspection and Quarantine of Imported Pork Products and so on.

During the visit, China-Spain Business Advisory Council was formally established and the first meeting was successfully held, becoming another platform for deepening bilateral economic and trade relations.

Xi's visit coincides with the 45th anniversary of the establishment of diplomatic ties between the two countries, and the two sides have enjoyed excellent trade relations through all these years.

China is Spain's sixth largest trading partner in the world and the largest trading partner outside the EU. From January to September 2018, the bilateral trade volume hit 25.35 billion U.S. dollars, according to the MOFCOM.

China, Spain pledge stronger BRI ties against protectionism, unilateralism

China and Spain are cooperating in the Belt and Road initiative (BRI), yielding positive outcomes, and will continue to leverage the platform to oppose protectionism and unilateralism, Chinese experts said.

The comments came after a joint statement between the two countries during Chinese President Xi Jinping's three-day visit to Spain.

Zhao Junjie, a research fellow at the Chinese Academy of Social Sciences' Institute of European Studies, told the Global Times on Thursday that Spain has seen opportunities in cooperating with China on BRI.

"Although Spain faces pressure from conservatives who oppose free trade, the two countries' cooperation on BRI will not be interrupted," Zhao said, citing the freight train between China's small commodity hub of Yiwu and Madrid as a typical BRI achievement and an important bridge across Eurasia.

"Trains were not fully loaded when the line was first launched in 2014, but fully-loaded trains now depart every day from China," the research fellow said, while stressing that  Spain has a privileged position on the route.

Boosted by the route, Yiwu's imports from Spain surged 8.82 percent year-on-year to 60 million yuan ($8.6 million) in the first 10 months.

China is Spain's largest trading partner outside the EU, while Spain is the sixth-largest trading partner within the bloc for China. Bilateral trade reached $22.37 billion in the first eight months, up 10.6 percent year-on-year, according to the Chinese Ministry of Foreign Affairs.

Ding Chun, director of the Center for European Studies at Fudan University in Shanghai, told the Global Times that among EU members, Spain has shown stronger support for the BRI.

Both sides believe the Belt and Road initiative, as a platform of connectivity, will strengthen economic, trade and investment cooperation in third-party markets.

The two countries also stand ready to build synergy between BRI and related EU strategies, thus offering more mutually beneficial business and investment opportunities to Chinese and Spanish enterprises.

"On Spain's side, such cooperation in the third-party markets such as Africa will alleviate its refugee problem. It would also spark less geopolitical concerns than China-led projects in Europe," Ding said.  

China and Spain can cooperate on clean energy, including wind and tide energy, Zhao said, noting that cultural exchanges should also be strengthened through education, tourism and sports.

"Cooperation with Spain's small and medium enterprises should be given greater consideration," Zhao noted.  

"There are historical and geographic bases for China and Spain to conduct cooperation on the BRI," Xi said during a meeting with Spanish Prime Minister Pedro Sanchez on Wednesday, the Xinhua News Agency reported. 

Sources: Global Times

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Spain welcomed President Xi visit, signed 10 deals worth US$17.6 bln, pledged stronger BRI ties against protectionism, unilateralism

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https://youtu.be/aJvvvJBzp8U

China, Spain sign 10 deals worth US$17.6 bln 

Chinese President Xi Jinping (L) meets with Spanish Prime Minister Pedro Sanchez in Madrid, Spain, Nov. 28, 2018. (Xinhua/Xie Huanchi)

Chinese and Spanish enterprises have signed ten deals worth 17.6 billion U.S. dollars during President Xi Jinping's visit to Spain from November 27 to 29.

These deals cover the areas of finance, telecommunication, environment, machine, vehicle and medicine, hitting a new record of China-Spain trade and economic cooperation, said the spokesperson of China's Ministry of Commerce (MOFCOM).

China and Spain also inked intergovernmental cooperation documents such as a Memorandum of Understanding in the Third Party Market, Avoidance of Double Taxation and the Prevention of Fiscal Evasion and Inspection and Quarantine of Imported Pork Products and so on.

During the visit, China-Spain Business Advisory Council was formally established and the first meeting was successfully held, becoming another platform for deepening bilateral economic and trade relations.

Xi's visit coincides with the 45th anniversary of the establishment of diplomatic ties between the two countries, and the two sides have enjoyed excellent trade relations through all these years.

China is Spain's sixth largest trading partner in the world and the largest trading partner outside the EU. From January to September 2018, the bilateral trade volume hit 25.35 billion U.S. dollars, according to the MOFCOM.

China, Spain pledge stronger BRI ties against protectionism, unilateralism

China and Spain are cooperating in the Belt and Road initiative (BRI), yielding positive outcomes, and will continue to leverage the platform to oppose protectionism and unilateralism, Chinese experts said.

The comments came after a joint statement between the two countries during Chinese President Xi Jinping's three-day visit to Spain.

Zhao Junjie, a research fellow at the Chinese Academy of Social Sciences' Institute of European Studies, told the Global Times on Thursday that Spain has seen opportunities in cooperating with China on BRI.

"Although Spain faces pressure from conservatives who oppose free trade, the two countries' cooperation on BRI will not be interrupted," Zhao said, citing the freight train between China's small commodity hub of Yiwu and Madrid as a typical BRI achievement and an important bridge across Eurasia.

"Trains were not fully loaded when the line was first launched in 2014, but fully-loaded trains now depart every day from China," the research fellow said, while stressing that  Spain has a privileged position on the route.

Boosted by the route, Yiwu's imports from Spain surged 8.82 percent year-on-year to 60 million yuan ($8.6 million) in the first 10 months.

China is Spain's largest trading partner outside the EU, while Spain is the sixth-largest trading partner within the bloc for China. Bilateral trade reached $22.37 billion in the first eight months, up 10.6 percent year-on-year, according to the Chinese Ministry of Foreign Affairs.

Ding Chun, director of the Center for European Studies at Fudan University in Shanghai, told the Global Times that among EU members, Spain has shown stronger support for the BRI.

Both sides believe the Belt and Road initiative, as a platform of connectivity, will strengthen economic, trade and investment cooperation in third-party markets.

The two countries also stand ready to build synergy between BRI and related EU strategies, thus offering more mutually beneficial business and investment opportunities to Chinese and Spanish enterprises.

"On Spain's side, such cooperation in the third-party markets such as Africa will alleviate its refugee problem. It would also spark less geopolitical concerns than China-led projects in Europe," Ding said.  

China and Spain can cooperate on clean energy, including wind and tide energy, Zhao said, noting that cultural exchanges should also be strengthened through education, tourism and sports.

"Cooperation with Spain's small and medium enterprises should be given greater consideration," Zhao noted.  

"There are historical and geographic bases for China and Spain to conduct cooperation on the BRI," Xi said during a meeting with Spanish Prime Minister Pedro Sanchez on Wednesday, the Xinhua News Agency reported. 

Sources: Global Times

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Schoolchildren wave the national flags of the Philippines and China along the route of Chinese President Xi Jinping's convoy at the Malacanang palace grounds in Manila on Tuesday. Photo: AFP

Chinese President Xi Jinping's state visit to the Philippines from Tuesday to Wednesday has caught international attention.

China-Philippines relations have been one of the most vacillating connections among China and its neighboring countries. During the rule of Benigno Aquino III, bilateral relations were at a low ebb due to frictions over the South China Sea. Incumbent President Rodrigo Duterte changed the Philippines' diplomatic course and brought ties with China back to the right track.

Last year, China surpassed Japan and became the largest trading partner of the Philippines. The two are conducting negotiations over the possible joint exploration of oil and gas in the disputed waters. If they reach an agreement, it could serve as an exemplary model for South China Sea claimant countries.

However, not everybody is happy to see Beijing and Manila set aside disputes and develop friendly ties. Besides obstruction from pro-US factions within the Philippines, some US and Western forces do not want to see rapprochement between China and the Philippines and even pressure the Duterte government to cut relations.

Recently, some Western media claimed that most of the assistance and investment that China promised to the Philippines was never fulfilled. Such tone maliciously aims to drive a wedge between Beijing and Manila.

In recent years, China has been advancing its Belt and Road initiative in Southeast Asia and has no reason to skip the Philippines when seeking investment and cooperation. In fact, relevant departments of the two countries have been working to push forward the implementation of cooperation projects.

The West has been accusing China's Belt and Road initiative of locking some countries into a debt trap. However, when it comes to the Philippines, the West criticized China for not fulfilling its promises. Behind such hypocritical words lie the West's deep-seated prejudice and hostility against China.

When the US strategically targets China, it is difficult for the Philippines - geographically adjacent to China while closely watched by the US - to keep independent strategic thinking and remain firm-minded.

But independent thinking and strong political determination are essential for every country. When Duterte first thought about mending ties with Beijing, independent thinking prompted Manila to face the question: What advantages can the country gain from enmity with China, if any? Will the Philippines benefit from it or will it be exploited by external forces?

The whole region should keep alert to whom will benefit from confrontation among South China Sea stakeholders. As one of the US' allies in Southeast Asia, the Philippines will always be a tool of the West to instigate provocations in the waters. After twists and turns, Philippine society will form its own judgment.

Many Philippine elite might have thought that their country and the entirety of Southeast Asia could rely only on the US and the West before China's rise, yet most regional countries did not achieve modernization. China offers more options for the Philippines, and because of China's rise, the Philippines and Southeast Asia have gained more attention. Compared with the Aquino era, the Philippines under Duterte has acquired more strategic initiatives without becoming overly dependent on other countries.

China-Philippines friendly cooperation has changed the strategic position of the Philippines and brought about a new pattern for its development. It is expected that Xi's visit will accelerate bilateral cooperation.

Newspaper headline: Xi, Duterte upgrade ties, Xi’s Philippine visit a ‘milestone’ event, Improved relations help keep stability in S.China Sea: expert

https://youtu.be/Nu0q5wraLGQ

As cooperation and political trust improve, China and the Philippines agreed on Tuesday to lift ties to a comprehensive strategic cooperation relations while stressing the need to manage disputes in the South China Sea through "friendly negotiations."

The decision was announced after visiting Chinese President Xi Jinping's meeting with Philippine President Rodrigo Duterte on Tuesday in Manila, the Xinhua News Agency reported.

Chinese experts stressed that the visit is a milestone event in the development of bilateral relations and the two countries will pursue greater cooperation under the framework of the China-proposed Belt and Road initiative (BRI) in the coming years.

As friendly neighbors across the sea, China and the Philippines enjoy geographic proximity and a strong bond that links the two peoples and cultures, Xi said, Xinhua reported on Tuesday.

Since Duterte took office, China and the Philippines have reopened the door of friendship and cooperation to each other, bringing real benefits to the two peoples and making important contributions to regional peace, stability and prosperity, Xi noted.

Xi's visit will largely promote bilateral relations as the visit shows that China values friendly relations with the Philippines, Gu Xiaosong, a research fellow on Southeast Asian studies at the Guangxi Academy of Social Sciences, told the Global Times on Tuesday.

"It is a milestone event in the development of bilateral relations," Gu remarked.

Glenn Penaranda, commercial counselor of the Philippine Embassy in China, told the Global Times on Tuesday that "Xi's visit is vital in highlighting the significant relationship between our two countries, particularly in trade and investments. The visit will encourage more and deeper engagements."

Improved China-Philippines relations will also play an important role in maintaining the stability of the South China Sea, experts noted.

"If China and the Philippines can reach an agreement on the exploration and development of oil and gas resources in the South China Sea, it will be a breakthrough in economic cooperation in the region and will largely promote the safety of the Asia-Pacific," Gu said.

Growth prospects

The prospects for economic and trade relations between the two countries are very bright as Philippine priorities are aligned with the key directions for industrial capacity cooperation under BRI, in sectors such as infrastructure, construction and building materials, chemicals and manufacturing, Penaranda said.

Gu agrees, saying that bilateral economic and trade ties will be further enhanced to a higher level, and the two countries will pursue more cooperation under the BRI.

As a developing country with more than 100 million people, the Philippines needs to improve its infrastructure and enhance the growth of its industrial enterprises, Gu noted.

"We need to better understand the opportunities for bilateral cooperation through increased engagements by enterprises," Penaranda said, noting that it is important that the frequent reciprocal visits of officials and business delegations continue.

Experts said China is committed to advancing the development with other countries and the Belt and Road initiative will bring greater growth to other developing countries and promote the economic integration of the Asia-Pacific region.

The two countries have conducted broad cooperation in transportation infrastructure and industrial parks and energy, and China is the Philippines' largest trading partner.

Trade between China and the Philippines increased 8.5 percent year-on-year to $51.28 billion, according to information released by China's Ministry of Commerce (MOFCOM) on Thursday.

As of the end of September, China's investment in the Philippines was $1.25 billion and the Philippines' investment in the Chinese market reached $3.33 billion, according to the MOFCOM.

Experts said cultural and educational exchanges between the two countries also see a huge potential.

The hospitality toward Chinese people is easily felt among the Philippine public.

The Chinese and Philippine flags were placed along Roxas Boulevard in Manila a week ago. Many Chinese who live and study in Manila waited along the boulevard on Tuesday to welcome Xi.

"We're so excited that President Xi has come to Manila. We hope the two countries could strengthen cultural exchanges in the future," Kui Jiangong, a PhD candidate from China who studies at Adamson University in Manila, told the Global Times on Tuesday.

"I have met many locals who like to discuss Chinese culture with me as they want to know more about China," he said. - Global Times

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Schoolchildren wave the national flags of the Philippines and China along the route of Chinese President Xi Jinping's convoy at the Malacanang palace grounds in Manila on Tuesday. Photo: AFP

Chinese President Xi Jinping's state visit to the Philippines from Tuesday to Wednesday has caught international attention.

China-Philippines relations have been one of the most vacillating connections among China and its neighboring countries. During the rule of Benigno Aquino III, bilateral relations were at a low ebb due to frictions over the South China Sea. Incumbent President Rodrigo Duterte changed the Philippines' diplomatic course and brought ties with China back to the right track.

Last year, China surpassed Japan and became the largest trading partner of the Philippines. The two are conducting negotiations over the possible joint exploration of oil and gas in the disputed waters. If they reach an agreement, it could serve as an exemplary model for South China Sea claimant countries.

However, not everybody is happy to see Beijing and Manila set aside disputes and develop friendly ties. Besides obstruction from pro-US factions within the Philippines, some US and Western forces do not want to see rapprochement between China and the Philippines and even pressure the Duterte government to cut relations.

Recently, some Western media claimed that most of the assistance and investment that China promised to the Philippines was never fulfilled. Such tone maliciously aims to drive a wedge between Beijing and Manila.

In recent years, China has been advancing its Belt and Road initiative in Southeast Asia and has no reason to skip the Philippines when seeking investment and cooperation. In fact, relevant departments of the two countries have been working to push forward the implementation of cooperation projects.

The West has been accusing China's Belt and Road initiative of locking some countries into a debt trap. However, when it comes to the Philippines, the West criticized China for not fulfilling its promises. Behind such hypocritical words lie the West's deep-seated prejudice and hostility against China.

When the US strategically targets China, it is difficult for the Philippines - geographically adjacent to China while closely watched by the US - to keep independent strategic thinking and remain firm-minded.

But independent thinking and strong political determination are essential for every country. When Duterte first thought about mending ties with Beijing, independent thinking prompted Manila to face the question: What advantages can the country gain from enmity with China, if any? Will the Philippines benefit from it or will it be exploited by external forces?

The whole region should keep alert to whom will benefit from confrontation among South China Sea stakeholders. As one of the US' allies in Southeast Asia, the Philippines will always be a tool of the West to instigate provocations in the waters. After twists and turns, Philippine society will form its own judgment.

Many Philippine elite might have thought that their country and the entirety of Southeast Asia could rely only on the US and the West before China's rise, yet most regional countries did not achieve modernization. China offers more options for the Philippines, and because of China's rise, the Philippines and Southeast Asia have gained more attention. Compared with the Aquino era, the Philippines under Duterte has acquired more strategic initiatives without becoming overly dependent on other countries.

China-Philippines friendly cooperation has changed the strategic position of the Philippines and brought about a new pattern for its development. It is expected that Xi's visit will accelerate bilateral cooperation.

Newspaper headline: Xi, Duterte upgrade ties, Xi’s Philippine visit a ‘milestone’ event, Improved relations help keep stability in S.China Sea: expert

https://youtu.be/Nu0q5wraLGQ

As cooperation and political trust improve, China and the Philippines agreed on Tuesday to lift ties to a comprehensive strategic cooperation relations while stressing the need to manage disputes in the South China Sea through "friendly negotiations."

The decision was announced after visiting Chinese President Xi Jinping's meeting with Philippine President Rodrigo Duterte on Tuesday in Manila, the Xinhua News Agency reported.

Chinese experts stressed that the visit is a milestone event in the development of bilateral relations and the two countries will pursue greater cooperation under the framework of the China-proposed Belt and Road initiative (BRI) in the coming years.

As friendly neighbors across the sea, China and the Philippines enjoy geographic proximity and a strong bond that links the two peoples and cultures, Xi said, Xinhua reported on Tuesday.

Since Duterte took office, China and the Philippines have reopened the door of friendship and cooperation to each other, bringing real benefits to the two peoples and making important contributions to regional peace, stability and prosperity, Xi noted.

Xi's visit will largely promote bilateral relations as the visit shows that China values friendly relations with the Philippines, Gu Xiaosong, a research fellow on Southeast Asian studies at the Guangxi Academy of Social Sciences, told the Global Times on Tuesday.

"It is a milestone event in the development of bilateral relations," Gu remarked.

Glenn Penaranda, commercial counselor of the Philippine Embassy in China, told the Global Times on Tuesday that "Xi's visit is vital in highlighting the significant relationship between our two countries, particularly in trade and investments. The visit will encourage more and deeper engagements."

Improved China-Philippines relations will also play an important role in maintaining the stability of the South China Sea, experts noted.

"If China and the Philippines can reach an agreement on the exploration and development of oil and gas resources in the South China Sea, it will be a breakthrough in economic cooperation in the region and will largely promote the safety of the Asia-Pacific," Gu said.

Growth prospects

The prospects for economic and trade relations between the two countries are very bright as Philippine priorities are aligned with the key directions for industrial capacity cooperation under BRI, in sectors such as infrastructure, construction and building materials, chemicals and manufacturing, Penaranda said.

Gu agrees, saying that bilateral economic and trade ties will be further enhanced to a higher level, and the two countries will pursue more cooperation under the BRI.

As a developing country with more than 100 million people, the Philippines needs to improve its infrastructure and enhance the growth of its industrial enterprises, Gu noted.

"We need to better understand the opportunities for bilateral cooperation through increased engagements by enterprises," Penaranda said, noting that it is important that the frequent reciprocal visits of officials and business delegations continue.

Experts said China is committed to advancing the development with other countries and the Belt and Road initiative will bring greater growth to other developing countries and promote the economic integration of the Asia-Pacific region.

The two countries have conducted broad cooperation in transportation infrastructure and industrial parks and energy, and China is the Philippines' largest trading partner.

Trade between China and the Philippines increased 8.5 percent year-on-year to $51.28 billion, according to information released by China's Ministry of Commerce (MOFCOM) on Thursday.

As of the end of September, China's investment in the Philippines was $1.25 billion and the Philippines' investment in the Chinese market reached $3.33 billion, according to the MOFCOM.

Experts said cultural and educational exchanges between the two countries also see a huge potential.

The hospitality toward Chinese people is easily felt among the Philippine public.

The Chinese and Philippine flags were placed along Roxas Boulevard in Manila a week ago. Many Chinese who live and study in Manila waited along the boulevard on Tuesday to welcome Xi.

"We're so excited that President Xi has come to Manila. We hope the two countries could strengthen cultural exchanges in the future," Kui Jiangong, a PhD candidate from China who studies at Adamson University in Manila, told the Global Times on Tuesday.

"I have met many locals who like to discuss Chinese culture with me as they want to know more about China," he said. - Global Times

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TPPA in danger of collapse after its biggest critic wins US presidency

KUALA LUMPUR: The Trans Pacific Partnership Agreement (TPPA) faces its biggest challenge with the election of its major critic Donald Trump as US president. The agreement will collapse without the participation of United States, said its prime mover in Malaysia, Datuk Seri Mustapa Mohamed.

The International Trade and In­­dus­try Minister explained that for TPPA to be ratified, it needs at least six countries, accounting for 85% of the combined gross domestic product of the 12 signatories.

“Without the United States, there will be no TPPA,” he said when met in Parliament yesterday.

He added that failure to carry out TPPA may affect the Malaysian economy.

“We went into TPPA for the overall interest of Malaysia. To be a part of this process, to do more trading, as we believe that this will help trade and investment for Malaysia.

“Among the reasons why we joined was to get access to Mexico and Canada, countries that we haven’t gotten access to,” he said.

He, however, was quick to add that it was too soon to make an analysis on the matter.

Trump’s shock victory stunned capital markets around the world with investors seeking safe haven assets such as gold to brace the period of uncertainties.

In an immediate after-effect Asian stock markets fell, with Bursa Malaysia performing relatively better than most other markets, shedding less than 1%.

The US dollar index, which measures the strength of the currency against a basket of currencies, spiked to more than 1,207, largely due to the weakening of emerging market currencies and strengthening of safe-haven currencies such as the Yen and Swiss francs.

The ringgit fell to RM4.224 against the greenback, a nine-month low since Feb 25. Gold spot prices went up by almost 5% to US$1,337 (RM5,645) as investors sought shelter in safe haven assets in the period of uncertainty.

Ministers and chief negotiators of TTPA countries are expected to meet in Peru soon to take stock on the fate of the agreement.

International Trade and Industry secretary-general Datuk J. Jayasiri, who was Malaysia’s chief TPPA negotiator, said there was no indication so far that Washington under President Barack Obama would not table the Bill in the US Congress for ratification.

“All indications from US Trade Representative Michael Froman is that they are working hard to table it. The US has its own domestic process and for Malaysia we will continue the process of amending our laws,” he said.

Peru will host the annual Asia Pacific Economic Cooperaton (Apec) summit on Nov 19 to be attended by Prime Minister Datuk Seri Najib Razak. Obama is also expected to attend.

American Malaysia Chamber of Commerce (Amcham) executive director Siobhan Das said US business investments would continue to find a home in Malaysia.

“Amcham supports all efforts that enable free and fair trade between all parties, and looks forward to working with the new administration to grow US business interests in Malaysia,” said Das.

Malaysian Association for Ame­ri­can Studies (MAAS) President Prof Dr K.S. Nathan believed that Trump would try to fine tune but would not scrap the agreement.

“They may renegotiate some aspects of it but I don’t see Trump pulling back on the TPPA or even the North American Free Trade Agreement”.

The US Embassy’s charge d’affaires Edgard Kagan explained it was still possible that TPPA would be approved by US lawmakers.

“There are different views on trade in the US. President Obama is committed to the TPPA and we will just have to see what happens,” he said.

In theory, the TPPA could still be ratified by Congress during its “lame duck” session.

This is the session which takes places after the US presidential election but before the inauguration on Jan 20 next year.

BY Razak ahmad, Neville spykerman, Mergawati zulfakar, Loshana k shagar, Hemananthani sivanandam, Rahimy rahim, Martin carvalho, andd. Kanyakumari The Star/ANN

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TPPA in danger of collapse after its biggest critic wins US presidency

KUALA LUMPUR: The Trans Pacific Partnership Agreement (TPPA) faces its biggest challenge with the election of its major critic Donald Trump as US president. The agreement will collapse without the participation of United States, said its prime mover in Malaysia, Datuk Seri Mustapa Mohamed.

The International Trade and In­­dus­try Minister explained that for TPPA to be ratified, it needs at least six countries, accounting for 85% of the combined gross domestic product of the 12 signatories.

“Without the United States, there will be no TPPA,” he said when met in Parliament yesterday.

He added that failure to carry out TPPA may affect the Malaysian economy.

“We went into TPPA for the overall interest of Malaysia. To be a part of this process, to do more trading, as we believe that this will help trade and investment for Malaysia.

“Among the reasons why we joined was to get access to Mexico and Canada, countries that we haven’t gotten access to,” he said.

He, however, was quick to add that it was too soon to make an analysis on the matter.

Trump’s shock victory stunned capital markets around the world with investors seeking safe haven assets such as gold to brace the period of uncertainties.

In an immediate after-effect Asian stock markets fell, with Bursa Malaysia performing relatively better than most other markets, shedding less than 1%.

The US dollar index, which measures the strength of the currency against a basket of currencies, spiked to more than 1,207, largely due to the weakening of emerging market currencies and strengthening of safe-haven currencies such as the Yen and Swiss francs.

The ringgit fell to RM4.224 against the greenback, a nine-month low since Feb 25. Gold spot prices went up by almost 5% to US$1,337 (RM5,645) as investors sought shelter in safe haven assets in the period of uncertainty.

Ministers and chief negotiators of TTPA countries are expected to meet in Peru soon to take stock on the fate of the agreement.

International Trade and Industry secretary-general Datuk J. Jayasiri, who was Malaysia’s chief TPPA negotiator, said there was no indication so far that Washington under President Barack Obama would not table the Bill in the US Congress for ratification.

“All indications from US Trade Representative Michael Froman is that they are working hard to table it. The US has its own domestic process and for Malaysia we will continue the process of amending our laws,” he said.

Peru will host the annual Asia Pacific Economic Cooperaton (Apec) summit on Nov 19 to be attended by Prime Minister Datuk Seri Najib Razak. Obama is also expected to attend.

American Malaysia Chamber of Commerce (Amcham) executive director Siobhan Das said US business investments would continue to find a home in Malaysia.

“Amcham supports all efforts that enable free and fair trade between all parties, and looks forward to working with the new administration to grow US business interests in Malaysia,” said Das.

Malaysian Association for Ame­ri­can Studies (MAAS) President Prof Dr K.S. Nathan believed that Trump would try to fine tune but would not scrap the agreement.

“They may renegotiate some aspects of it but I don’t see Trump pulling back on the TPPA or even the North American Free Trade Agreement”.

The US Embassy’s charge d’affaires Edgard Kagan explained it was still possible that TPPA would be approved by US lawmakers.

“There are different views on trade in the US. President Obama is committed to the TPPA and we will just have to see what happens,” he said.

In theory, the TPPA could still be ratified by Congress during its “lame duck” session.

This is the session which takes places after the US presidential election but before the inauguration on Jan 20 next year.

BY Razak ahmad, Neville spykerman, Mergawati zulfakar, Loshana k shagar, Hemananthani sivanandam, Rahimy rahim, Martin carvalho, andd. Kanyakumari The Star/ANN

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US media wanted 'special priveleges'

 

President Barack Obama disembarked from Air Force One in Hangzhou, China, on Saturday. Photo: JONATHAN ERNST/REUTERS

https://youtu.be/f6AmvKBrJaQ

The United States' "obsession with special privileges" lies behind several US media organization's accusation that China treated US reporters rudely during the G20 Leaders Summit in Hangzhou, sources said.

The sources, who are close to the matter, responded on condition of anonymity to news reports and opinion pieces in some US newspapers that accused China of failing to meet the US media demands.

They faulted China first with not allowing some US reporters to be close to President Barack Obama as he got off Air Force One in Hangzhou on Saturday.

Obama said on Sunday, however, that his talks on Saturday with President Xi Jinping had been "extremely productive" and that he "wouldn't overcrank the significance" of arguments that took place at the airport upon his arrival.

The Wall Street Journal complained that on Saturday "the Chinese barred Mr Obama from including his traveling press contingent in his motorcade".

The New York Times said on Tuesday that "The White House press corps, which normally has access to the president's public events wherever he travels, has been sequestered in buses 200 yards from the site of the Group of 20, without access to food or toilets."

In response, a Chinese source told China Daily that the US, brushing aside common journalistic practice in multilateral meetings, insisted on having a bus carrying about 20 US reporters follow Obama's motorcade directly to summit hall where closed-door meetings were held.

Normally, however, host countries of major multilateral meetings have journalists gather as a pool in the news center and have them go through routine security checks before they are led to the meeting hall.

Another source at the scene told China Daily that "the bus was of course not allowed to join the motorcade, according to press rules, and we arranged for the reporters to go to the news center. But some of them chose to stay on the bus, while some went to the bathrooms or the press center at the summit."

The New York Times reported that when Xi and Obama took a leisurely stroll after dinner on Saturday, "Chinese security cut the number of US journalists allowed to witness it to three from the original six, then ultimately to a single reporter".

But a second Chinese source said China "had never promised to allow six reporters".

"Because the lakeside path was too narrow for that many reporters, we proposed one on one - one reporter from the US and the other from China. Later, the US agreed it was a good arrangement," the source said.

When asked about the meeting between Xi and Obama and the so-called incidents, Mark Toner, deputy US State Department spokesman said at a news briefing on Tuesday that the "small incidents that took place on the periphery" do not take away from "the strong cooperation that we've had with China on a number of fronts over the past several years of this administration".

A Chinese source said: "It is common to make some demands, but the demands should not cross the line. The US should not be an exception."

The sources added that no other country demanded the privileges that the US sought, and "China had every reason to provide convenient arrangements to foreign reporters" because it wished to successfully host the summit.

By Zhang Yunbi and Wu Jiao(China Daily)

Contact the writer at zhangyunbi@chinadaily.com.cn

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G20 2016 concludes with multiple victories; China puts its stamp on global governance

 

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• G20 SUMMIT CONCLUDES

• Dialogue 09/05/2016 G20 Summit concludes

  
   

   

   

  China’s multiple victories from G20 summit

  
  
  The Hangzhou G20 summit concluded Monday afternoon. China as host of the summit has garnered more global attention. China's careful organization has maximized the efficiency of the meeting, with abundant results achieved. While world opinion was reserved about the role of the G20 platform in the future, the Hangzhou summit has undoubtedly consolidated its status in global governance.
  
  From China's perspective, the summit is more successful. China's situation, its ideas and stance have all been shown to the world. It has opened the door to comprehensive communication between China and the outside world.
  
  Chinese President Xi Jinping met with his US and Russian counterparts respectively, which bears significance for global strategy. The summit also offered a chance for Sino-Japanese and Sino-South Korean ties, both of which are at a low ebb currently.
  
  China has gained a great deal of soft power through the meeting. As a rising power, China's unique system has been seen by Western media as its first identity. Some in the media were more interested in seeing China make mistakes as a host than expecting fruitful results of the summit. It turned out that the summit went smoothly and was a crowd-pleaser.
  
  The US Defense Intelligence Agency tweeted a New York Times article about the G20 and wrote, "Classy as always China" to its 83,000 followers. It later deleted the tweet and made an apology. The act only shamed the agency.
  
  The way China hosts international conferences indeed differs from the West, but so what? The Hangzhou G20 meeting has further enhanced China's confidence.
  
  The world is diverse, and China does not need to feel shy about displaying its cultural characteristics or care about what the West thinks.
  
  Many countries are simply shouting out slogans, while China is dedicated to actions. Picturesque Hangzhou becomes more beautiful after hosting the G20. Despite some criticisms, its positive impact will long be enjoyed by Hangzhou residents and domestic travelers.
  
  China has encountered some controversies and challenges during its hosting of the G20 summit, but now they are all gone. This is a valuable process for China as it conveys the meaning of being a major power.
  
  As long as we are firm and dedicated, we will be confident that even if there are some errors, we can be at ease about it.
  
  During China's rise, we will keep changing our understanding of success and become more skilled in coping with the West. Development still tops the agenda. Rapid development is the biggest parameter for China to win respect and discourse power, and how the West sees us is one of the least important factors.
  
  We also got to know what world unity is. China should make contributions to unite the world. The Hangzhou G20 summit proves that China has such capabilities and doing so suits our interests. - Global Times
  

China puts its stamp on global governance at G20 Summit

Chinese President Xi Jinping presides over the opening ceremony of the Group of 20 (G20) summit in Hangzhou, capital of east China's Zhejiang Province, Sept 4, 2016. [Photo/Xinhua]

The ceremonies, handshakes, meetings and speeches, banquets and performances of this year's G20 Summit have now come to an end.

In fact, they ended on Monday after the leaders of the world's 20 major economies met in Hangzhou, East China's Zhejiang province, and a long list of agreements were signed. Check details of the final communiqué

But these were not the be-all and end-all of the 2016 G20, as it is likely to have a lasting legacy in international relations, with China leaving its stamp on the G20 as a mechanism to coordinate future actions by the world's leading economies.

China's contribution to the 2016 G20 has been significant in two ways.

First, China has demonstrated unswerving commitment to globalization, more specifically to defending free trade and cross-border investment and business cooperation, despite the fact that it can no longer easily increase its own exports by relying on low-cost labor, and that many processing operations formerly based in China have relocated elsewhere.

Amid growing calls for protectionism worldwide, pessimism about the future, and fear of sharing opportunities with foreigners, China understands that it must set an example by working with other countries to defend the existing global market system.

Just as President Xi Jinping told the delegates at the Business 20, a sideline session of the G20 Summit, on Saturday, rather than overturning the existing system, what China wants is to expand the global market system, to make it include more nations, more workers and more entrepreneurs.

China has also cautioned against attempts to seek self-protection, and politically defined small-circle games, since they tend to rewrite the rules for the global system and worsen the problems plaguing the world economy. On Sunday, Xi again called on the G20 members to continue to promote the liberalization and facilitation of trade and investment.

Second, China's contribution has also been significant in the way the G20's agenda has been aligned with the long-term goals and programs set out by the United Nations. China has contributed substantial content to affect this, including its efforts to nurture cooperation among the emerging market economies and inviting more leaders from developing nations to participate in the G20 process, as well as the proposal for a common e-commerce platform for small and medium-sized enterprises across the world.

To brave the rough waters of the world economy and start a new journey for future global growth, the G20 should not only help the world coordinate efforts to deal with emergencies, as was its original purpose following the onset of the global financial crisis, it should also focus on long-term governance. It should address both the symptoms and root causes of the world's economic problems with real actions, so as to spread opportunities where there are few or none.

In anti-globalization, anger and divisiveness hold sway. Globalization, on the other hand, requires people from different countries to exchange views, compare notes and learn from one another.

However, the G20 members can do more than just talk. They can generate more trade and cross-border investment deals, showcase more innovations, provide more services, and extend help to more poor people and under-developed nations. In the process, the G20 can become more important by finding "a direction and a course for the world economy with a strategic vision", as Xi has urged. In this way it can help realize people's common aspirations for sustainable, balanced and inclusive growth. - China Daily

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Gathering synergy for a new type of world economy

Beijing's prescriptions may sound too good to be executable at this point, but not if the G20 members, as Xi called for, "work with real action with no empty talk".


Remarks by H.E. Xi Jinping President of the People’s Republic of China At the Closing Ceremony of the G20 Hangzhou Summit
 
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