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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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Economics

Cross-border trade is expected to grow up to 3-6%

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BANGKOK (NNT) – Thailand’s cross-border trade is expected to recover to growth of 3-6% this year, helped by COVID-19 vaccine distribution and the global economic recovery.

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Foreign Trade Department Director-General Keerati Rushchano said cross-border trade, which includes transit trade, is likely to generate 1.36 to 1.40 trillion baht, up from 1.31 trillion baht in 2020.

According to Mr Keerati, the key risk factor that may derail border trade growth is the political chaos in Myanmar that will weaken purchasing power there and cause a delay in goods transport.

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Tourism

Thai government may subsidise an unlimited domestic air pass

The government looks to offer a subsidy for an unlimited travel pass to people who buy domestic air tickets in advance to help struggling airlines in Thailand.

National News Bureau of Thailand

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BANGKOK (NNT) – The government looks to offer a subsidy for an unlimited travel pass to people who buy domestic air tickets in advance to help struggling airlines in Thailand.

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Asean

Canada, Indonesia Trade Talks Begin for Comprehensive Economic Partnership Agreement

The CEPA would benefit Canadian exporters and importers as it will improve access to ASEAN’s largest economy and the world’s fourth most populous country.

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Canada, Indonesia Trade Talks Begin for Comprehensive Economic Partnership Agreement

On January 11, 2021, Canada’s Minister of Small Business, Export Promotion, and International Trade, Mary Ng, announced that the country has launched public consultations on a Comprehensive Economic Partnership Agreement (CEPA) with Indonesia. 

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