Subscribe to our free daily newsletters
  Space Travel News  




Subscribe to our free daily newsletters



TRADE WARS
ASEAN, Hong Kong sign deal in 'vote for open trade'
by Staff Writers
Manila (AFP) Nov 12, 2017


Hong Kong and Southeast Asian nations signed a free trade deal Sunday, in what one minister described as a "clear vote" against protectionism, as the United States withdraws into its "America First" rhetoric.

The city, a special administrative region of China, forged the agreement with the Association of Southeast Asian Nations (ASEAN) on the sidelines of a summit in Manila to be attended by world leaders including US President Donald Trump.

The ministers were meeting just days after Trump accused Asia-Pacific nations of undercutting his country -- the world's largest economy -- during another regional meeting in Vietnam.

"In the face of protectionistic sentiments in other parts of the world, (this agreement is) in fact a loud and clear vote from all of us here for free and more open trade," Edward Yau, Hong Kong's Secretary for Commerce and Economic Development, said during the signing ceremony.

Trump has unpicked decades of US-led efforts towards more open global trade and lower tariffs, pulling his nation from the sprawling Trans-Pacific Partnership (TPP) pact which had included four ASEAN members.

China has moved to occupy the space vacated by the US, positioning itself as the champion of a world with fewer barriers to commerce, even as critics accuse it of its own brand of protectionism.

ASEAN, an economic bloc with a combined population of more than 600 million, is Hong Kong's second-largest trading partner after mainland China, according to the territory's Trade and Industry Department website.

Hong Kong acts as an important entrepot for trade between mainland China and ASEAN, an economic grouping made up of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Total merchandise trade between Hong Kong and ASEAN amounted to $106 billion in 2016 and total services trade between the two sides was $15 billion in 2015, according to official figures.

The deal, which was signed along with an investment agreement, will provide the region with better access to the Chinese market, the Philippine trade ministry said.

First negotiated in 2014, it covers areas including customs procedures, sanitary measures and intellectual property rights.

"We send a strong message to the world of our outward-oriented drive and economic resolve towards cooperation," said Philippine Trade Secetary Ramon Lopez, whose nation this year holds ASEAN's rotating chairmanship.

ASEAN members have established a free-trade area among themselves aiming to slash tariffs on most goods to zero and minimise non-tariff barriers.

They have also signed free-trade deals with key partners China, Japan, South Korea, India, Australia and New Zealand.

ajm/hg/eb

ANZ - AUSTRALIA & NEW ZEALAND BANKING GROUP

TOTAL

TRADE WARS
China eases foreign limits in finance as Trump leaves
Beijing (AFP) Nov 10, 2017
China gave US President Donald Trump a parting gift as he left Beijing Friday, easing limits on foreign ownership in the financial sector that the United States and Europe have long criticised. The announcement came after Trump capped his first state visit to Beijing by praising the "highly respected" President Xi Jinping as he took off for an Asia-Pacific summit in Vietnam. During his v ... read more

Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
TRADE WARS
NASA Opens $2 Million Third Phase of 3D-Printed Habitat Competition

Insight will carry over two million names to Mars

Opportunity Does a Wheelie and is Back on Solid Footing

Martian Ridge Brings Out Rover's Color Talents

TRADE WARS
Russia locks up six for Moon flight simulation

Low-cost clocks for landing on the Moon

Human presence in Lunar orbit one step closer with successful RS-25 engine test

NASA research suggests significant atmosphere in lunar past and possible source of water on Moon

TRADE WARS
Watching Jupiter's multiple pulsating X-ray Aurora

Help Nickname New Horizons' Next Flyby Target

Juno Aces 8th Science Pass of Jupiter, Names New Project Manager

Jupiter's X-ray auroras pulse independently

TRADE WARS
Scientists find potential 'missing link' in chemistry that led to life on earth

18-Month Twinkle in a Forming Star Suggests a Very Young Planet

Overlooked Treasure: The First Evidence of Exoplanets

Atmospheric beacons guide NASA scientists in search for life

TRADE WARS
Russia embezzlement probe at rocket firm Soyuz

Alaska Aerospace Launches Aurora Launch Services Company

Launch your design with Cheops

NASA Selects Studies for Gateway Power and Propulsion Element

TRADE WARS
China's reusable spacecraft to be launched in 2020

Space will see Communist loyalty: Chinese astronaut

China launches three satellites

Mars probe to carry 13 types of payload on 2020 mission

TRADE WARS
Return of the Comet: 96P Spotted by ESA, NASA Satellites

Astronomers Complete First International Asteroid Tracking Exercise

Hubble Sees Nearby Asteroids Photobombing Distant Galaxies

Dinosaur-killing asteroid impact cooled Earth's climate more than previously thought




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement