APR News

Issues of trade and economic cooperation between the countries of the Eurasian Economic Union (EAEU) with Brazil and leading integration association of South America (MERCOSUR) were discussed at a meeting of the EEC Board Member - Minister in charge of integration and macroeconomics Tatyana Valovaya with the Ambassador Extraordinary and Plenipotentiary of Brazil in Russia, Antonio Luis Espinola Salgado.
“Development of cooperation with Brazil is a new large-scale international activity of the EEC, which, on the one hand, will strengthen bilateral communication, and on the other hand, strengthen connections of the Eurasian Economic Union with the Latin American region,” noted Tatyana Valovaya.

APEC member economies are moving quickly to implement the newly ratified Trade Facilitation Agreement, the first multilateral trade deal under the World Trade Organization. They are intent on realizing its potential to boost trade participation and growth across the Asia-Pacific.
The Trade Facilitation Agreement, which entered into force this week after two-thirds of the WTO’s 164 members ratified it, will simplify their customs procedures, making it easier, faster and cheaper to securely move goods across borders.

On January 25, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation 1 with India.
The Indian economy has recorded strong growth in recent years, helped by a large terms of trade gain, positive policy actions including implementation of key structural reforms, a return to normal monsoon rainfall, and reduced external vulnerabilities. Inflation has remained low after the collapse in global commodity prices, a range of supply-side measures, and a relatively tight monetary stance.

Viet Nam won the first prize and outperformed youth contestants from other nine Member States for the second year in a row at the second ASEAN Youth Video Contest. Jos Quyen (21), a graphic design student in Ho Chi Minh City designed, developed, and produced the winning video entitled “Real Action, Real Volunteering” which depicts youth volunteerism in Viet Nam and its impact to the ASEAN Community. Jos got the cash prize of $1,000.

Asia-Pacific business leaders must communicate more effectively the benefits of globalization and address its adverse impacts, according to members of the APEC Business Advisory Council (ABAC) who met this week in Bangkok, Thailand.
ABAC also reinforced the importance of ongoing regional and multilateral cooperation and collaboration between economies. This has facilitated stability and greater coordination of economic and social development amongst economies.

Trade and sectoral officials from the 21 APEC member economies are convening in the bustling coastal town of Nha Trang to lay the groundwork for a refashioning of globalization in the Asia-Pacific. The goal is to establish policy conditions that enable more equitable trade and growth across the region.

“APEC remains an incubator of ideas, an engine for innovation and a driver for regional economic growth and integration,” Viet Nam’s Deputy Foreign Minister, Bui Thanh Son, exhorted APEC Senior Officials when they convened this week with its private sector advisory body in Bangkok.

A new global agreement designed to help trade flow more freely will lower costs for business and help to raise living standards across the Asia-Pacific region, business leaders meeting in Bangkok for the APEC Business Advisory Council said on February 22, 2017.
“The global economy has been through a tough period. Trade growth continues to slow,” said ABAC Chair for 2017, Mr Hoang Van Dung of Viet Nam. “It is critical that we take action wherever we can to remove the grit from the machinery of trade, keep markets open and competitive, and deepen connections. So this new agreement is extremely welcome.”

During their meeting under the Philippines’ ASEAN Chairmanship held in Boracay the ASEAN Foreign Ministers discussed the six priorities of ASEAN for 2017, namely, (1) People-oriented and people-centred ASEAN, (2) peace and stability in the region, (3) maritime security and cooperation, (4) inclusive, innovation-led growth, (5) ASEAN’s resiliency, and (6) ASEAN: a model of regionalism, a global player.

On January 30, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the Lao People's Democratic Republic.
Real GDP growth is expected to moderate from 7.5 percent in 2015 to 7 percent in 2016. Domestic activity has slowed following a less favorable external environment, and credit growth has also moderated from a high level. Inflation is expected to remain low and stable at around 2 percent at end-2016, aided by a strengthening kip exchange rate. The current account deficit is expected to remain high at 17 percent of GDP in 2016 but has narrowed from 20 percent of GDP in 2014.
The economy is exposed to external shocks, notably a further regional growth slowdown and a deterioration in terms-of-trade and capital inflows. Financial risks could also present risk to macroeconomic stability, particularly the growing foreign currency debt financed by foreign borrowing, and the existence of balance sheet currency mismatches in the private non-bank sector.
Executive Directors commended the authorities for their strong macroeconomic performance and progress on poverty reduction despite economic challenges. Directors noted, however, that there are significant vulnerabilities in the external, fiscal, and financial sectors, and that risks to the outlook could materialize from a regional growth slowdown, tightening in global monetary conditions, and capital flow volatility. Against this background, Directors emphasized the need for resuming fiscal consolidation, tighter monetary conditions with gradually increased exchange rate flexibility over the medium-term, strengthened financial sector supervision, and reforms to support economic diversification and private sector development.
Press-release at the official IMF web-site