APR News

This e-commerce hub will enhance Reebonz’s global outreach by significantly improving the company’s capabilities in dispatching goods to its customers, no matter where they are in the world. At 200,000 square feet, it is four times larger than Reebonz’s previous office and distribution centre. In terms of capacity, the new infrastructure can stock over 500,000 types of products, which is more than 11 times the previous capacity of 45,000. I am heartened that Reebonz is already looking ahead to its next phase of development, where it is planning to invest in robotics to further increase its productivity.

Over the next decade, Singapore`s energy demand is expected to grow at a projected compounded annual growth rate of about 1.2 to 1.8 percent, to reach around 57,900 to 62,200 gigawatt hour (GWh) in 2027. The actual energy demand will vary depending on GDP and population growth rate.
Promoting more efficient use of energy is a key prong of Singapore`s energy strategy. It will reduce the carbon footprint and enhance Singapore’s energy security and economic competitiveness. The Government has thus adopted a mix of regulations, incentives, and capability building measures to encourage energy efficiency improvements in the industrial, building and household sectors.
The Ministry of the Environment and Water Resources (MEWR) has recently enhanced the Energy Conservation Act to strengthen energy efficiency practices among companies, and plans to implement Minimum Energy Performance Standards (MEPS) for common industrial equipment. The Minister for Finance has also announced that the Government aims to implement a carbon tax from 2019.

As of June 2017, Viet Nam had 325 industrial parks and economic zones on an area of 94,900 ha, according to the Economic Zones Management Department, under the Ministry of Planning and Investment.
A total number of 220 industrial parks and economic zones have come into operational on an area of 60,900 ha and 105 others are ready for construction.
The nation now has 36 coastal industrial parks and non-tariff areas on an area of 16,100 ha.

Vietnam’s industrial manufacturing index increased by about 8.6 percent in June, the General Statistics Office (GSO) has announced.
Ha Quang Tuyen, head of the GSO’s National Account Department, said 17 out of 21 sectors recorded higher growth quarter-on-quarter, including manufacturing and processing, up 10.5 percent, contributing 7.4 percentage points to overall growth, electricity manufacturing and distribution (up 8 percent) and water supply and waste treatment (7.8 percent).

Malaysia ranks at 24th position in the latest World Competitiveness Yearbook (WCY) 2017 compiled by The Institute for Management Development (IMD), World Competitiveness Centre based in Lausanne, Switzerland. Despite a decline from 19th position last year, Malaysia remains in in the top 25 most competitive nations among 63 economies including Hong Kong, Switzerland, Singapore, USA and Netherlands.

Directorate General of Foreign Trade (DGFT) of India has constituted a GST facilitation cell in DGFT Headquarters to assist and advice exporters, trade and industry for smooth transition from present regime to GST regime w.e.f. 1 July 2017.The GST facilitation cell is headed by Mr Nikunj Kumar Srivastava, Add DGFT and comprises two other officers Mr Rakesh Kumar (r.kumar73@nic.in), Mr Kaushlendra Pratap Singh (Kaushlendrap.singh@nic.in). Exporters can email their queries concerning GST and pertaining to FTP.

A two-day National Consultative Workshop, organized by Government eMarketPlace (GeM)SPV and DGS&D under Ministry of Commerce in association with National eGovernance Division under the Ministry of Electronics & IT, for the buyers and sellers on Government e-Marketplace (GeM), commenced on 11 July 2017.
Inaugurating the workshop the Commerce and Industry Minister Smt. Nirmala Sitharaman said, “It is a great day towards achieving transparency in public procurement. As we sign as many as six MoU today, I thank the respective state representatives coming forward and embracing GeM as the platform for government procurement in their states. I am glad that GeM is being recognized as the national e-procurement portal. Following the processes under GeM platform, around 20-30% reduction of price has been achieved as compared to what it was prior to GeM. Most importantly, the sellers do not have to run around from pillar to post to get their payment, which will be made within 10 days of the delivery of the products and services.”

Viet Nam Prime Minister Nguyen Xuan Phuc, representing APEC during the Group of 20 leaders’ summit in Hamburg, delivered a strong message of support for international cooperation to address trade and growth challenges in the unsettled global environment.
“Creating a new and more powerful momentum for growth from innovation is essential to maintain dynamic development,” declared Prime Minister Phuc, in his remarks to G20 leaders.

On June 7, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Vietnam.[1]
Vietnam’s dynamic economy continues to perform well, aided by sound economic fundamentals. Growth moderated to 6.2 percent in 2016, reflecting the impact of a drought and land salinization on agriculture and lower oil production. Weakness in the oil sector continued in the first quarter of 2017, but the underlying growth momentum remains robust underpinned by strong manufacturing activity and foreign direct investment (FDI), robust domestic demand, and a rebound in agricultural production. Inflation rose to around 5 percent in early 2017 due to increases in administered prices for health care and education. The current account surplus rebounded in 2016 to 4.1 percent of GDP, and gross international reserves rose substantially.

The APEC Committee on Trade and Investment (CTI) jointly with Friends of the Chair discussed the draft FOTC work plan as well as the format of the FTAAP work program. A number of economies expressed support for the development of the FTAAP work program and the proposed format. The first draft of the work program will be developed, with a view to having it circulated by 30 June 2017. The APEC MRT/SOM encouraged economies to make further progress on the work plan and develop the multi-year work program on FTAAP to further enhance APEC economies’ ability to participate in high-quality, comprehensive free trade negotiations in the future.