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Protectionism will not be able to stop global trade

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Despite fears of rising protectionism in the global economy, trade expansion will continue and remain an unstoppable force.

This was the key message delivered by the finance ministers of India, Pakistan and Indonesia at a panel discussion held on the sidelines of the Asian Development Bank’s 50th annual meeting on Saturday.

Indonesian Finance Minister Sri Mulyani Indrawati noted that global poverty has been significantly reduced since 1950 because most countries, especially those in Southeast Asia, have benefited from open trade and globalization.

“This is something we need to recognize and maintain,” she said, even as world’s trade policies “are becoming more uncertain.”

 One of the uncertainties panelists mentioned was U.S. President Donald Trump’s signing of an executive order in March to launch a 90-day investigation of countries with which the U.S. runs a significant trade deficit. The list of 16 trading partners include such Asian economies as Japan, China, Thailand and Indonesia.

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Trade

US cuts GSP trade benefits for Thailand

The US Trade Representative (USTR) announced that Washington will eliminate some tariff benefits for Thailand, saying the country has failed to allow imports of pork from US producers.

Olivier Languepin

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UTCC: Thai export sector to be affected by US-China trade war

The Office of the United States Trade Representative (USTR) announced today that President Trump is suspending $817 million in trade preferences for Thailand under the Generalized System of Preferences (GSP) program based on its lack of sufficient progress providing the United States with equitable and reasonable market access for pork products.

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Investment

Why Vietnam Has Become a Promising Alternative for US Businesses in Asia

Vietnam Briefing discusses trends in the Vietnam-US relationship, growing economic ties, and how US businesses can leverage and benefit from moving their production to Vietnam.

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Following four decades since the end of the Vietnam War, Vietnam’s relationship with the US has changed significantly.

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Asean

Global value chains: risk mitigation to reduce dependence on China

Risk mitigation will lead to reduced dependence on China in global value chains, and diversification will benefit ASEAN, but localisation of production will have negative effects for ASEAN producers

Boris Sullivan

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Moody’s Investors Service says in a new report that shifting supply chains as countries reconfigure trade relationships following the coronavirus crisis will have mixed credit implications for the Association of Southeast Asian Nations (ASEAN).

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