Category: Trading

SINGAPORE – Ministers and senior officials of members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), vowed to continue to explore new areas of cooperation in the digital and green economy, as an approach to advance CPTPP.

 

The commitment was unveiled in a joint ministerial statement, released after the Sixth Commission Meeting of CPTPP, chaired by Singapore yesterday. Officials from Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam joined the meeting.

 

According to the joint statement, a set of non-binding Guidelines for Mutual Recognition Agreements (MRA) or Arrangements for Professional Services, have been adopted, which is expected to increase transparency and consistency of MRAs negotiated by CPTPP members, and contribute to a more business-friendly environment for trade in professional services.

 

Members also discussed new and emerging areas of cooperation, in the digital and green economy, acknowledging that, these areas present opportunities for deeper collaboration among members, to enhance trade and investment.

 

Amid rising inflationary pressures and an uncertain global environment, the members are committed to leveraging their strong partnership within the CPTPP, and exploring concrete ways to foster an enabling environment for trade and investment flows, said the statement.

 

The members reaffirmed strong commitment to uphold and support the rules-based multilateral trading system, with the WTO at its core.

 

“Concomitantly, we remain resolute in our continued commitment to facilitate the flow of essential goods and services, in a manner consistent with and supportive of international trade rules,” the statement said.

 

Singapore Minister for Trade and Industry, Gan Kim Yong, said after the meeting that, the participants had fruitful exchanges on a broad range of important issues. “We took stock of the steady progress that has been made over the past year, in implementing the Agreement, as well as, in reviewing its impact on trade and supply chains.”

 

He said, members will continue efforts to address subsequent applications, in accordance with the CPTPP Accession Process, in support of the agreement’s expansion to economies that are committed to its objectives, and are able to adhere to its high standards.

 

Source: NAM NEWS NETWORK

​Foreign direct investment (FDI) posted US$460 million net inflows in July 2022, bringing the cumulative net inflows to US$5.1 billion for the first seven months of 2022.^1,2 These levels, however, were lower than the comparable net inflows posted a year-ago (US$1.3 billion and US$5.8 billion, respectively). All major FDI components yielded lower net inflows in January-July 2022 as foreign investors remained cautious amid continued adverse global conditions

In July 2022, FDI net inflows decreased due largely to the lower non-residents’ net investments in debt instruments of their local affiliates.³ This decrease more than offset the growth in their net investments in equity capital

Equity capital infusions during the month originated mainly from Singapore, Japan, and the United States. These were invested largely in the 1) construction; 2) manufacturing; and 3) real estate industries.

 

 

 

Source: Bangko Sentral ng Pilipinas (BSP)

​The Bangko Sentral ng Pilipinas (BSP) participated in the recently concluded Second Stage of the 55th Asian Development Bank (ADB) Annual Meeting of the Board of Governors held in Manila, Philippines from 26 to 30 September 2022. The meeting convened state leaders and high-level officials and discussed economic and social developments anchored on the theme Positioning Climate Resilient Green Economy for the Post COVID-19 World.

Governor Felipe M. Medalla, as ADB Alternate Governor, led the BSP delegation in various meetings which discussed ADB’s continued support to the Philippines. Bilateral engagements were also held at the sidelines of the ADB Annual Meeting with counterparts from the US, Pakistan, Bangladesh, and Malaysia, while an audience with ADB President Masatsugu Asakawa provided an opportunity to discuss matters of mutual concern.  A constituency dinner hosted by ADB Executive Director Noor Ahmed on 30 September 2022 paved a closer interaction with the members of the regional constituency block comprising of Kazakhstan, the Maldives, Marshall Islands, Mongolia, Pakistan, Philippines, and the Timor-Leste.

 

 

Source: Bangko Sentral ng Pilipinas (BSP)

PUTRAJAYA (Malaysia), Malaysian Foreign Minister Saifuddin Abdullah will host his Japanese counterpart Yoshimasa Hayashi during his two-day working visit to Malaysia starting Saturday.

According to the Foreign Ministry, this is Hayashi’s first visit to Malaysia since being appointed as Japan’s Foreign Affairs Minister in November 2021.

Both ministers are scheduled to hold a bilateral meeting to review the progress in furthering the long-standing and multi-faceted ties between Malaysia and Japan.

“In May 2022, Malaysia and Japan have agreed to elevate its relations from Strategic Partnership to a Comprehensive Strategic Partnership during Prime Minister’s official working visit to Japan,” said the ministry in a statement Saturday.

During the meeting, it noted that both ministers will be discussing ways to expand further various areas of cooperation including economic and trade, education, culture, human capital development as well as re-establishing people to-people contact.

The two foreign ministers will also exchange views on various regional and international issues of common interest.

The ministry said Hayashi’s two-day visit is timely as it coincides with the 40th anniversary of Malaysia’s Look East Policy (LEP) and 65 years of diplomatic relations between Malaysia and Japan.

“The visit also adds new impetus in further exploring untapped areas of potential for the mutual benefit of both countries,” it added.

In 2021, Japan was Malaysia’s fourth largest trading partner with trade valued at US$36 billion. As of last year, Japan is Malaysia’s third largest foreign investor in the manufacturing sector for implemented projects valued at US$27.6 billion.

 

Source: NAM NEWS NETWORK

KUALA LUMPUR, Oct 6 (NNN-BERNAMA) – Malaysia has officially ratified the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP), the Ministry of International Trade and Industry said, yesterday.

 

The ratification coame, after years of detailed deliberation, extensive consultations and careful assessment by the government, with the implementation of the agreement presenting huge benefits that outweigh any potential costs, the ministry said in a statement.

 

The CPTPP, which presently boasts 11 countries as its members, is currently growing to include more interested economies into the fold, and has the potential to become a new rule book for future trade, it said.

 

“With the eventual inclusion of more economies, particularly the UK and PRC into the CPTPP, Malaysian exporters will gain wider and deeper market access opportunities,” it added.

 

Among the benefits of the agreement cited by the ministry are, trade-facilitative rules of origin (ROO), that are designed to support modern business practices and further promote deeper integration of Malaysian businesses into regional supply chains, it said.

 

“The agreement allows Malaysian manufacturers to source raw materials from all CPTPP countries, for purposes of fulfilling the ROO requirements and consequently, qualifying for reduction and elimination of import duties,” it said.

 

“As such, the CPTPP offers a more trade friendly approach vis-a-vis the ROO ecosystem, which in turn is expected to ease compliance by companies,” it added.

 

CPTPP members include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

 

“As a bloc that advances regional economic integration, the CPTPP is also a testament to the significance of the multilateral trading system,” the statement said.

 

Source: NAM NEWS NETWORK

​Effective 10 October 2022, the applicable rediscount rates of the Bangko Sentral ng PIlipinas (BSP) for the Peso Rediscount Facility and the Exporters’ Dollar and Yen Rediscount Facility are as follows:

The Peso rediscount rates are based on the latest available BSP Overnight Lending Rate plus spread, while the rates for the Exporters’ Dollar and Yen Rediscount Facility are based on 90-day London Inter-Bank Offered Rate as of 30 September 2022 plus spread.

For the period 01 January to 30 September 2022, the aggregate total availments under the Peso Rediscount Facility remain at P11.6 billion. There was no availment under the Exporters’ Dollar and Yen Rediscount Facility for the same period.

 

 

Source: Bangko Sentral ng Pilipinas (BSP)