ASEAN agrees to lower barriers to boost regional trade
KUALA LUMPUR -- Southeast Asian leaders are pushing to deepen economic integration at a regional summit that began Monday, approving an upgraded trade agreement and endorsing a new long-term vision in their first meeting since Washington announced sweeping tariffs in April.
In an effort to mitigate geopolitical risks, the bloc has just concluded negotiations on an upgraded ASEAN Trade in Goods Agreement (ATIGA), set to be formally signed at the annual October summit. The revised deal aims to lower remaining tariffs and remove non-tariff barriers to improve trade flows among member states.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Nikkei Asia
a day ago
- Nikkei Asia
Next AIIB president, 'Summer Davos,' Switch 2 in Southeast Asia
Welcome to Your Week in Asia. The China-led Asian Infrastructure Investment Bank (AIIB), the independence of which was again questioned recently, will choose its next leader, while businesspeople and policymakers will descend on China's Tianjin for the "Summer Davos." In the latter part of the week, Nintendo's Switch 2 will finally be released in three Southeast Asian countries after a strong debut in other territories. Get the best of our coverage of Asia and much more by following us on X, where our handle is @NikkeiAsia. We are also now on Bluesky. Our handle is @ MONDAY Data: Singapore consumer price index, India flash purchasing managers index TUESDAY AIIB picks next president The AIIB begins a three-day annual meeting in Beijing, where the lender will elect a successor to founding President Jin Liqun. He is due to step down next January after serving two five-year terms from the bank's inception. The favorite to replace him is China's nominee, Zou Jiayi, who is one of the more than 200 elite members of the Chinese Communist Party Central Committee. 'Summer Davos' in Tianjin The annual summer meeting of the World Economic Forum returns to Tianjin, near Beijing. Among the speakers at the three-day forum are Richard Liu, founder and chairman of Chinese online retailer Dai Houliang, chairman of China National Petroleum; and Faisal Alibrahim, the minister of economy and planning of Saudi Arabia. Singaporean Prime Minister Lawrence Wong, who is on a first visit to China as prime minister from June 22 to 26, will also speak at the forum. NATO summit Japanese Prime Minister Shigeru Ishiba and new South Korean President Lee Jae Myung aim to meet with U.S. President Donald Trump as they attend the NATO summit in The Hague. But a meeting is far from certain -- Trump abruptly left the G7 summit last week due to the conflict between Israel and Iran, which has only escalated since. Data: Malaysia CPI WEDNESDAY Korean War anniversary The 75th anniversary of the Korean War will be marked as the region continues to feel the conflict's legacy. South Korea's new president has extended an olive branch to the North by stopping propaganda broadcast across the Demilitarized Zone, which Pyongyang responded to by turning off its own loudspeakers. However, it remains to be seen if such actions can lead to further reconciliation. Nikkei-Financial Times energy summit Nikkei and the Financial Times are hosting Energy Transition Summit Asia in Jakarta on Wednesday and Thursday. The conference will discuss aligning national policies with international commitments to promote sustainable energy. Policymakers and leaders from energy companies set to attend the event include Eniya Listiani Dewi, director general of New, Renewable Energy and Energy Conservation at Indonesia's Ministry of Energy and Mineral Resources, and John Anis, CEO of Pertamina NRE. Bank of Thailand monetary policy meeting Bank of Thailand policymakers will meet to further discuss the economic impact of tariff-related uncertainties. The central bank delivered a 25 basis-point cut in its previous meeting in April. In an exclusive interview with Nikkei Asia in late May, bank Gov. Sethaput Suthiwartnarueput warned that the tariffs could impact a wide range of industries in Thailand, ranging from tires to furniture. THURSDAY Switch 2 launch in Southeast Asia Nintendo's Switch 2 goes on sale in Singapore, Thailand and the Philippines. The successor to the Switch was launched in Japan, North America, Europe and some other regions on June 5, and quickly smashed records to become the company's fastest-selling console. In Singapore, Nintendo has set up a pop-up shop at the Jewel Changi Airport retail complex. Data: Singapore manufacturing index
Nikkei Asia
3 days ago
- Nikkei Asia
Indonesia, Malaysia seek engagement with Russia as Putin eyes allies
JAKARTA/KUALA LUMPUR -- Indonesian President Prabowo Subianto and his Russian counterpart Vladimir Putin agreed to deepen bilateral ties, expand cooperation and establish a joint investment platform when they met in St Petersburg on Thursday. The meeting, held on the sidelines of the annual St. Petersburg International Economic Forum on Friday, came a month after Malaysian Prime Minister Anwar Ibrahim met Putin in Moscow. Analysts said the visits highlight how both Russia and the Southeast Asian nations are seeking to strengthen relations with as many nations as possible amid heightened global tension and shifting alliances.
Kyodo News
4 days ago
- Kyodo News
Japan destroyer sails Taiwan Strait after China jet encounter
KYODO NEWS - 12 hours ago - 00:06 | All, World, Japan A Japanese Maritime Self-Defense Force destroyer sailed through the Taiwan Strait last week, days after a Chinese fighter jet flew dangerously close to a Japanese patrol plane over the Pacific, diplomatic sources said Thursday. It was the third known passage through the waterway by an MSDF ship, with all occurring within the past year, apparently aimed at warning China, which continues to pressure Taiwan, the self-ruled democratic island it claims as its own. The Takanami entered the strait from the East China Sea on June 12 and spent more than 10 hours as it sailed toward the south, the sources said. After the transit, the destroyer headed to waters off the Philippines' main island of Luzon. The entire transit was tracked and monitored by the Chinese military, according to the sources. The Takanami conducted a joint maritime exercise with the Philippine Navy on Saturday in a South China Sea area the Southeast Asian country claims jurisdiction over, amid China's intensifying assertions in the waters. The Japanese government has typically refrained from sending MSDF vessels through the Taiwan Strait to avoid provoking China. But it has shifted its stance amid Beijing's growing assertiveness, joining ally the United States and others in asserting freedom of navigation in what they consider international waters. The latest transit came after Japan's Defense Ministry said that a Chinese J-15 fighter jet from the aircraft carrier Shandong approached as close as 45 meters to an MSDF P-3C surveillance plane over the high seas in the Pacific on June 7 and 8. The previous two transits took place in September last year and February this year. The Japanese government has not officially admitted to the activities. Related coverage: Philippines, Japan conduct joint exercise in South China Sea China Coast Guard helicopter enters Japan airspace off Senkakus Japan defense chief vows to enhance transport capacity with new unit
