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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

How the COVID-19 situation may affect Thailand’s export sector

Thailand’s export sector could face damage of 200-300 billion baht if the situation cannot be brought under control within six months.

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

The Thai National Shippers’ Council has raised a concern that the export sector might face a 200-300 billion baht toll should the COVID-19 situation not be brought under control in six months, urging the government to speed up the vaccine rollout to all segments of the population.

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Business

Pandemic drives sea freight prices to record high

The Covid-19 pandemic, which initially brought global shipping to a virtual standstill, did not bode well for the industry and led to “an unprecedented drop in demand”

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

Container shipping prices have reached record highs some 18 months after the outbreak of the coronavirus pandemic which disrupted maritime logistics chains and drove demand sky-high.

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