APR News

The Chairman of the EEC Board Tigran Sargsyan discussed topical issues of forming a free trade zone (FTZ) between Iran and the EAEU States with the Ambassador of the Islamic Republic of Iran in the Russian Federation Mehdi Sanaei on December 5, 2016.
Tigran Sargsyan thanked Mehdi Sanaei for the opportunity to discuss the directions of trade cooperation and noted that the issue of forming a free trade zone remains the most important aspect of the constructive dialogue between the Eurasian integration association and the Islamic Republic of Iran.

After wrapping up a productive year of meetings and activities, Ambassador Latsamy Keomany, Permanent Representative of Lao PDR to ASEAN, handed over yesterday the chairmanship of the Committee of Permanent Representatives to ASEAN (CPR) to Ambassador Elizabeth P. Buensuceso, Permanent Representative of the Philippines to ASEAN, in a ceremony witnessed by Secretary-General of ASEAN Le Luong Minh in Jakarta on December 2, 2016. The Philippines will be ASEAN Chair for 2017.
Under Lao PDR’s chairmanship, the CPR focused its work on translating relevant action lines in the three ASEAN Community Blueprints 2025 into concrete actions and on continued implementation of the Recommendations of the High Level Task Force on Strengthening the ASEAN Secretariat and Reviewing the ASEAN Organs. The CPR has also been proactively engaging its dialogue and other external partners in Jakarta to further deepen and strengthen relations with them.
In her remarks, Ambassador Buensuceso highlighted the thematic priorities and some of the outcome documents for the Philippine chairmanship in 2017 under the theme of “Partnering for Change, Engaging the World.” Noting the big tasks at hand, she expressed hoped to continue the work and sustain the gains achieved by previous CPR chairs with the support of the CPR and the ASEAN Secretariat.
2017 is slated to be another historic moment for the region as ASEAN will celebrate its 50th Anniversary and also mark anniversaries of dialogue relations with the US, Canada, EU, India and ASEAN Plus Three.
Press-release at the official ASEAN web-site

“The Eurasian Economic Commission is working to improve business environment in the Eurasian Economic Union,” said the EEC Board Chairman Tigran Sargsyan at the fourth Conference “Eurasian Economic integration: moving forward, new horizons for business”, organized by the Eurasian Economic Commission together with the American Chamber of Commerce in Russia (ACC) and the American-Russian Business Council (ARBC) on December 2, 2016.

The EEC Council approved the draft disposition of the Eurasian Intergovernmental Council, according to which the States of the Eurasian Economic Union (EAEU) should ensure the enforcement of Decision No.72 of the Supreme Eurasian Economic Council “On conditions for application of the term "industrial assembly of motor vehicles” on the territories of the Member States of the CU and CES” in full, and inform the EEC of the results on November 30, 2016.

The conference “Doing business with the Eurasian Economic Union” organized by “Eurasia” Center and “Eurasian Business Coalition” with the support of the Embassy of the Russian Federation in the United States was held in Washington. The Deputy Director of the Integration Development Department of the Eurasian Economic Commission (EEC) Saadat Asanseitova spoke about the current state and prospects of the Eurasian Economic Union (EAEU).
The conference was attended by representatives of diplomatic missions of Armenia, Belarus, Kyrgyzstan, Russia, and China in the United States, as well as American business, business associations of the EAEU.

On November 30, 2016 in Moscow at the session of the EEC Council with the participation of Deputy Prime Ministers of the countries of the Eurasian Economic Union (EAEU) the order of the Supreme Eurasian Economic Council “On developing the Concept of creation of the common financial market of the Eurasian Economic Union” was approved.
In accordance with the Treaty on the EAEU, the parties committed to create the common financial market in the banking and insurance sectors, and in the securities market by 2025.

The Eurasian Economic Commission conducted explanatory work with representatives of the business community on matters of tax policy and administration, including on administrative barriers impeding the mutual trade in the domestic market of the Eurasian Economic Union (EAEU). This was the focus of a roundtable organized by the Department of Financial Policy of the EEC and the Union of Manufacturers and Entrepreneurs of Armenia (UMEA) in Yerevan.

Increased integration into the global economy of the economies that comprise the Association of Southeast Asian Nations (ASEAN) has made the region a more accessible market for trading goods than either the European Union or United States. This is one of the findings of the Global Enabling Trade Report 2016, published today by the World Economic Forum and the Global Alliance for Trade Facilitation.
The report features the Enabling Trade Index (ETI), which assesses the performance of 136 economies on domestic and foreign market access; border administration; transport and digital infrastructure; transport services; and operating environment. Produced every two years, the report is a benchmark for leaders looking to boost growth and development through trade.
A further finding of the report is that, despite popular perceptions, large swathes of the global population are still unable to participate in international trade or global value chains. Larger emerging markets in particular fare poorly in the ETI, with China representing the only top-10 most-populous nation in the top half of the index. Six others, home to 2.4 billion people, rank beyond the 100th mark – India (102nd), Brazil (110th), Russia (111th), Pakistan (122nd), Bangladesh (123rd), and Nigeria (127th).
In addition to Singapore (1st) and Hong Kong SAR (3rd), East Asia and the Pacific’s other highest performers are Japan (16th) and New Zealand (18th). All countries in the region improve their score, including China (61st, up two). Among the advanced economies in the region, the Republic of Korea climbs seven notches (27th). The Mekong region exhibits particular dynamism, with all four countries improving their positioning: Thailand (63rd, up nine), Vietnam (73rd, up 14), Lao PDR (93rd, up seven), and Cambodia (98th, up four).
Press-release at the World Economic Forum (WEF) web-site

Dominica and Mongolia have ratified the Trade Facilitation Agreement (TFA), putting the total number of ratifications from members at 100. With just 10 more ratifications from members needed to bring the TFA into force.
Dominica’s and Mongolia’s instruments of acceptance were submitted to the WTO on November 28, 2016.

An International Monetary Fund (IMF) team, led by Luis E. Breuer, visited Indonesia from November 7–18, 2016, to conduct the annual Article IV Consultation. The team exchanged views with officials in the government, Bank Indonesia, and other public agencies, as well as representatives of the private sector, academics, and students on recent economic and financial market developments and the near-to-medium-term outlook.
At the conclusion of the visit, Mr. Breuer issued the following statement:
“The Indonesian economy continues to perform well, supported by a prudent mix of macroeconomic policies and structural reforms. Growth remains strong, inflation has dropped significantly, and the current account deficit has been contained. These achievements underpin a favorable economic outlook.
“Growth in 2016 is projected at 5 percent on account of strong private consumption. In 2017, growth is expected to reach 5.1 percent, driven by private consumption and a gradual pickup in private investment in response to a recovery of commodity prices and lower interest rates. Inflation is projected to rise from around 3.3 percent at end-2016 to just above the middle of the official target band at end-2017 due largely to better targeting of electricity subsidies.
“Downside risks to the outlook are largely external, stemming from uncertainties about policies of the next United States administration, tighter global financial conditions, slower-than-expected growth in China, a faster pace of monetary tightening in the United States, and a renewed fall in commodity prices. Domestic risks include a smaller fiscal buffer, reflecting tax revenue shortfalls or higher domestic interest rates due to tighter global financial conditions.
“The IMF’s Executive Board is tentatively scheduled to discuss the staff report in January 2017.”
Press-release at the official IMF web-site