Originally published in The Straits Times – courtesy of the Lowry Institute The recent Quad summit was something of a victory lap for President Joe Biden’s Asia strategy. Yet the success of the Biden administration’s approach to deepening ties with a small group of capable partners has also been its limitation. The three Quad partners together accounted for nearly 40 per cent of US high-level diplomatic activity in the Indo-Pacific, tracked by the Lowy Institute for the 2024 edition of…
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Next month in November 2024, business leaders and Government officials from across the globe will converge on Lima, Peru, to address the challenges and opportunities that will shape the future of the Asia-Pacific region. This gathering comes at a critical juncture, as the world sees rising fragmentation, protectionism and strong signs of a climate crisis. Peru, with its unique blend of biodiversity and economic dynamism, provides an ideal backdrop for such a vital dialogue. Given the importance of youth engagement…
It was a fascinating moment back in 2013 to consider the linked fortunes of Latin America and of Asia. The leaders of the world’s two most power- ful nations, the United States and China, each visited Latin America and the Caribbean within days of each other. Chinese President Xi Jinping’s visit to Mexico, Costa Rica, and Trinidad and Tobago showed the strategic importance of the region to the resource-hungry Asian giant, which was eager to build strong trade, investment and…
This article is written by: Ousmene Mandeng. The IMF is the only formal arrangement for multilateral economic policy cooperation, but representation at the IMF, expressed through so-called quota shares, is no longer aligned with economic realities. This reduces countries’ incentives to engage constructively with the existing system. Any debate about change ought to see China’s quota share increase significantly. A necessary condition thereof is a reduction in the shares of the European Union countries. International trade is stagnating and there…
Aboitiz InfraCapital—the infrastructure arm of the Aboitiz family’s Aboitiz Equity Venture has won a contract to upgrade and operate an international airport in southern Philippines. The company will spend 12.8 billion pesos ($226 million) to upgrade the Laguindingan Airport in Misamis Oriental, a province on the southern island of Mindanao. The 30-year contract to operate the airport is expected to be signed with the government by the end of this month, it said. Laguindingan International Airport artist impression image by…
AUSTRALIA REPORTS LOBSTER BREAKTHROUGH: Prime Minister Albanese expects Australian lobster exports to China will resume by the end of 2024. It follows a meeting with Chinese Premier Li Qiang in Lao. China banned Australian lobster imports in 2020 as part of a trade feud that also involved barley and wine. CHINA HITS EU WITH BRANDY ATTACK: Within days of the EU voting to proceed with anti-subsidy duties of up to 35% on China-sourced electric vehicles, China announced it would impose…
World leaders adopted a Pact for the Future that includes a Global Digital Compact and a Declaration on Future Generations. The most wide-ranging international agreement in many years, covering entirely new areas as well as issues on which agreement has not been possible in decades, the Pact aims above all to ensure that international institutions can deliver in the face of a world that has changed dramatically since they were created. Read more here: https://www.un.org/sustainabledevelopment/blog/2024/09/press-release-sotf-2024/
AUSTRALIA & SOUTH KOREA TALK TRADE: Trade Ministers Farrell and Cheong met in Perth this week for a 6th Korea-Australia FTA Joint Committee Meeting. It was the first in-person committee meeting since 2019. Since the FTA began in 2014 trade between the two economies has grown from $33b to $71b. CHINA LIFTS TAIWANESE FRUIT BAN: The Ministry of Agriculture in Taipei has announced China has lifted its ban on pomelo fruit imports from the island economy. The ban was introduced…
Hong Kong – 2nd September 2024 : – The Pacific Basin Economic Council is pleased to announce the appointment of Anthony Chan, CEO of Isola Capital to its board of directors, with immediate effect. “I have had the privilege of getting to know Anthony over the past 3 years and witnessed at first-hand his passion and generosity for engaging his clients and fellow PBEC members. He has been an active participant at our roundtable dialogues and public events as an…
You’re invited to our latest round table meeting to discuss Q3 2024 market trends in APAC and look ahead to the APEC/ABAC Summit in Peru this November. We’ll also introduce our new Board members before the AGM in late November. If you plan to attend in person, please email me directly in addition to registering below, so I can track seating. We encourage in-person attendance for the chance for you to meet some new friendly faces. Date: Wed 25th September…