A. TRADE-RELATED
INFORMATION
AUSTRALIA
Australia seeks FTA with Republic of
Korea. Bilaterals, 9 September
2005.
Australia has asked the Republic of Korea
to start negotiations for a free trade agreement
(FTA) to facilitate growing bilateral trade
in raw materials, as well as agricultural
and manufactured goods. The Republic of
Korea is the fourth most important trading
partner of Australia; trade between the
two countries was US$10.5 billion in 2004.
Australia currently has FTAs with New Zealand,
Singapore, Thailand and the United States
of America; and is in negotiations with
ASEAN, China, Malaysia, and the United Arab
Emirates.
Accessed on 12 September < http://www.bilaterals.org/article.php3?id_article=2687
>
BANGLADESH
Pakistan pushes for FTA with Bangladesh.
The Daily Star, 14 September
2005.
Bangladesh and Pakistan signed several
agreements to promote bilateral trade
and investment and set up a joint working
group to monitor their progress. Among
the agreements are a detailed plan of
action to achieve the target of enhancing
trade to one billion dollars by 2007,
as well as an agreement to enhance flights
and establish a direct shipping link between
the two countries to strengthen trade
and economic relations. Both countries
have also agreed to encourage investment
in computer software development and IT
sector, telecommunications, textiles and
jute goods, electronics, light engineering,
leather, agro-based industries, agriculture
equipment, machinery, tourism, and marble
stone.
Accessed on 15 November < http://www.thedailystar.net/2005/09/14/d50914050147.htm
>
CHINA
Sino-Russian economic and trade ties
to be boosted with increased cooperation.
China View, 6 September 2005.
China and the Russian Federation signed
four cooperative agreements worth US$
32 million in the areas of construction
materials, timber and fishery. Cars and
energy have been identified as further
domains for Sino-Russian economic cooperation.
Chinese-made cars are attractive to Russian
clients for their cheap prices, and the
Russian Federation noted that it could
provide China with energy products like
petroleum, natural gas and electricity.
Accessed on 7 September < http://english.sina.com/business/1/2005/0906/44967.html
>
EUROPEAN UNION
EU proposes new aviation talks with
Australia, Chile and India. EUBusiness,
5 September 2005.
The European Union has proposed new aviation
talks with Australia, Chile and India
aimed at further opening their markets
and improving regulatory cooperation.
The EU has already concluded air traffic
rights accords with Australia and Chile,
but it plans to go further and is seeking
deals on safety cooperation, security,
protection of the environment and passengers,
as well as harmonising competition rules
between airline companies.
Accessed on 6 September < http://www.eubusiness.com/Transport/050905170212.4p4i8dju
>
G-20
G-20 calls for end to unfair trade
terms: joint declaration. The
Dawn, 11 September 2005.
The G-20 ministers’ conference on
9 September 2005 adopted a joint declaration,
calling upon developed countries to show
flexibility in their standpoint on agriculture
issues, which are central to the Doha
Development Agenda (DDA). The G-20 ministers
emphasized the commitment to conclude
the DDA negotiations to eliminate trade-distorting
policies in agriculture maintained by
developed countries, and to provide for
substantial improvement in market access
for all products.
Accessed on 12 September < http://www.dawn.com/2005/09/11/top1.htm
>
PAKISTAN
Pakistan planning project for better
trade with Afghanistan, Central Asian
Republics. Daily Times, 14
September 2005.
Pakistan will start working on a Sub-Regional
Connectivity and Trade Facilitation Project
to expand trade relations with Afghanistan
and Central Asian Republics (CARs). The
Asian Development Bank will contribute
about two thirds to the PRs 27.34 billion
project and the National Highways Authority
(NHA) will provide the rest. The project
includes rehabilitating key national highways
that are part of the sub-regional corridor,
cross-border infrastructure development,
and institutional strengthening of NHA.
Accessed on 15 September <
http://www.dailytimes.com.pk/default.asp?page=story_14-9-2005_pg7_8
>
RUSSIAN FEDERATION
Russian, European railways to improve
international services. ITAR-TASS
News Agency, 3 September 2005.
Railways of the Russian Federation and
Europe have agreed to pool their efforts
in order to improve the quality of international
railway services. Twenty-three railway
directors general from 16 countries met
for a conference in St. Petersburg on
3 September to discuss joint actions.
One of the priorities of the Russian Federation
railway is the integration into the Eurasian
transport system. This requires the resolution
of technical problems and the harmonization
of legal acts.
Accessed on 7 September < http://www.itar-tass.com/eng/level2.html?NewsID=2377761&PageNum=0
>
Russian authorities to crack down
on pirated products. ITAR-TASS
News Agency, 9 September 2005.
The Russian Federation has announced that
it would concentrate efforts on eradicating
pirated production, whose scope currently
questions the country's prospects for
joining the World Trade Organization.
The revenue derived from sales of pirated
CDs in the Russian Federation amounts
to dozens of billions of dollars a year.
Officials now called for toughening penalties
for counterfeiting; extending the period
of limitation for this crime, which now
only reaches two months; and making amendments
to the copyright and licensing regulations.
Accessed on 12 September < http://www.itar-tass.com/eng/level2.html?NewsID=2399794&PageNum=0
>
SOUTH ASIAN FREE TRADE AREA
SAFTA breakthrough after rules of origin
agreement. New Age, 19 September
2005.
The seven member countries of the South
Asian Free Trade Area have finally reached
a consensus on rules of origin criteria.
Experts have set the minimum requirement
for value addition at 30 per cent for
least developed countries — Bangladesh,
Bhutan, Nepal and the Maldives —
and 40 per cent for developing countries
— India, Pakistan and Sri Lanka.
The rules will be effective from 1 January
2006. The meeting also identified areas
of technical assistance that the developing
members will provide the least developed
ones to make the free trade area operational.
Accessed on 19 September < http://www.bangladesh-web.com/news/view.php?hidDate=2005-09-19&hidType=TOP&hidRecord=0000000000000000061406
>
SRI LANKA
Sri Lanka Tea Board promoting untapped
markets in Eastern Europe. Daily
News, 2 September 2005.
The Sri Lanka Tea Board will promote untapped
markets in Europe to increase local exports
by 10 per cent on a yearly basis. It has
already launched a major promotional and
trade fair campaign in newly joined EU
states, covering Czech Republic, Poland,
Slovakia and Ukraine. It will also participate
in major forums including a tea testing
forum in Germany, which is organized by
major tea buyers in Europe.
Accessed on 6 September < http://www.dailynews.lk/2005/09/02/bus02.htm
>
VIET NAM
Vietnamese, Lao provinces to increase
cooperation. Viet Nam News Agency,
5 September 2005.
The central Quang Binh province of Viet
Nam and the central Khammouane province
of the Lao People’s Democratic Republic
have discussed measures to increase their
cooperation with the Nakhon Phanom province
of Thailand in using the road system No.12
for regional socio-economic development,
highlighting passengers and goods transport
services, and goods exchange at common
border gates. The two sides also agreed
to conduct regular contacts on border
security to prevent drug trafficking,
smuggling and illegal immigration.
Accessed on 6 September
< http://www.vnagency.com.vn/newsA.asp?LANGUAGE_ID=2&CATEGORY_ID=29&NEWS_ID=165357
>
B. CUSTOMS REGULATIONS AND CHARGES
ASEAN
ASEAN accord on customs ICT up. The
Manila Bulletin, 7 September 2005.
Customs authorities from the 10 Member Countries
of the Association of Southeast Asian Nations
(ASEAN) have agreed to adopt an information
and communication technology (ICT) accord
to facilitate trade and free flow of information.
An advance e-customs strategic plan has
been developed by ASEAN to expedite and
simplify information among governments and
trade participants. With the adoption of
ICT by ASEAN members, trade between countries
in the region will expand and customs revenues
of governments will increase. The development
of a sound and transparent legal and regulatory
system which meets international standards
and promotes investments is also intended.
Accessed on 8 September < http://www.mb.com.ph/BSNS2005090743708.html
>
EUROPEAN UNION
EU secures tariff agreement. Business
Day, 5 September 2005.
The European Union secured an agreement
on tariffs for rice from Thailand. Thailand,
the world’s biggest rice exporter,
will have a duty-free allowance of 4,313
tons of rice and pay a levy of 175 euros
per metric ton on processed ready-to-eat
rice, should quantities exceed a historical
average or 145 euros a ton for lower volumes.
The EU last year cut in half the price
it will pay its own rice producers, mainly
based in Italy and Spain, as part of changes
designed to reduce the trade-distorting
effects of its agricultural policy. To
cushion the blow to farmers, the EU raised
border duties to restrict imports. As
a result, the EU, which relies on imports
for 40 percent of its rice, was forced
by World Trade Organization rules to seek
agreements with its biggest rice suppliers,
namely India, Pakistan, Thailand and the
United States of America.
Accessed on 6 September
< http://www.biz-day.com/read/economy/05_sep_05/dvwjz-9/eu_secures_tariff_agreement.htm
>
INDIA
Faster clearance of goods at 33 ports
on cards. Economic Times,
6 September 2005.
The Central Board of Excise and Customs
will roll out risk management system across
33 customs ports which are under electronic
data interchange (EDI) system at the end
of September. The customs authorities
will focus on examining medium to high
risk cargo and let others pass through
without much scrutiny. The implementation
of the project is to be completed by February
2006. At the same time, the Ministry of
Finance has decided to enlarge EDI facilities
at more customs ports in the country.
Accessed on 7 September 2005
< http://economictimes.indiatimes.com/articleshow/msid-1221399,curpg-2.cms
>
Prime Minister promises tariffs at
par with ASEAN levels. Financial
Express, 16 September 2005.
The Prime Minister of India has promised
to bring down the tariff levels comparable
to the levels of ASEAN and other countries
in the region. Furthermore, he announced
policies in infrastructure in order to
increase investment in this high growth
sector.
Accessed on 19 September < http://www.financialexpress.com/fe_full_story.php?content_id=102693
>
KAZAKHSTAN
Kazakhstan and Kyrgyzstan establish
joint customs terminal. Kazinform,
22 September 2005.
Kazakhstan and Kyrgyzstan met on 22 September
to discuss the establishment of a joint
customs terminal. After the end of constructions
Kazakhstan and Kyrgyzstan customs officials
will carry out the common control, allowing
reducing customs transmission time. The
joint terminal will start its functioning
in the end of 2005.
Accessed on 26 September <
http://www.inform.kz/showarticle.php?lang=eng&id=136368
>
PAKISTAN
United Arab Emirates and Pakistan discuss
customs affairs draft. Khaleej
Times, 12 September 2005.
The United Arab Emirates and Pakistan
held talks on 11 September to discuss
the final draft of a bilateral agreement
on cooperation in customs affairs. The
draft seeks to enhance international customs
cooperation and to curb violations that
may impact economic and social development
of the two countries. The agreement includes
cooperation in monitoring suspected persons
and vessels; exchange of information;
and maintaining a tight control over movement
of the items of special nature such as
weapons, ammunitions, nuclear materials,
and items which pose threat to public
health and environment. The agreement
will also restrict movement of antiquities,
artefacts, precious stones and metals
and all items that are not in compliance
with Islamic values.
Accessed on 13 September <http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/>
PHILIPPINES
Philippines to slash import duties.
The Manila Times, 12 September
2005.
The Tariff Commission of the Philippines
has recommended import duty cuts in nearly
a third of the products that the Philippines
imports from outside Southeast Asia. The
tariff cuts form part of the recalibration
of the country’s 10,400 tariff lines.
Besides the reduction in tariffs, the commission
has recommended rate increases for about
20 percent of tariff lines, and the maintenance
of most favored nation (MFN) duties on the
remaining 50 per cent. MFN duties pertain
to tariffs imposed on goods imported from
member-states of the World Trade Organization.
Accessed on 15 September
< http://www.manilatimes.net/national/2005/sept/12/yehey/business/20050912bus5.html
>
Customs going hi-tech. Manila
Standard Today, 15 September 2005.
The Bureau of Customs has started its
P500 million automation program aimed
at upgrading its service as well as curbing
smuggling. The automation program will
speed up processing of imports and exports.
It will also curb smuggling in the country
by receiving advance information. Customs
has signed an agreement with the Philippine
Ship Agents Association to get advance
information of all inward tankers 48 hours
before arrival.
Accessed on 15 September <
http://www.manilastandardtoday.com/?page=politics04_sept15_2005
>
RUSSIAN FEDERATION
President calls for smaller import
duties on unique equipment. Interfax,
5 September 2005.
The President of the Russian Federation
has called for a considerable reduction
or annulment of import duties on equipment
that has no Russian equivalent. In order
to accelerate the equipping of Russian
industries and science he asked the members
of the Government, the Parliament and
the State Council Presidium to consider
the annulment of import duties on technological
equipment for cattle breeding.
Accessed on 6 September < http://www.interfax.ru/e/B/politics/28.html?id_issue=11371642
>
THAILAND
European Union agrees to early ‘GSP’
benefits for shrimps. Delegation
of the European Commission to Thailand,
1 September 2005.
The EU has agreed to a temporary measure
that reduces the import duties on shrimps
from all countries entering the EU market.
Thai shrimps will receive the same benefits
as they would under the new EU Generalised
System of Trade Preferences (GSP) scheme.
Duty is reduced from 12 per cent to 4.2
per cent for fresh shrimps and from 20
per cent to 7 per cent for prepared shrimps.
No quantitative limits will be applied.
The measure will apply retroactively from
1 August 2005 until 31 December 2005.
The new GSP scheme will then enter into
force on 1 January 2006 and maintain duties
for Thai shrimps at these levels.
Accessed on 6 September < http://www.deltha.cec.eu.int/en/news_2005/GSP_temp%20measure_EN.htm>
TURKEY
United Arab Emirates and Turkey in customs
cooperation talks. Khaleej Times,
17 September 2005.
The United Arab Emirates and Turkey on 16
September started discussing a draft agreement
for mutual customs cooperation by creating
an official data base and management support
for both countries. The blue print is set
to stimulate mutual cooperation via customs
outlets between the two countries in order
to fight customs-related crimes.
Accessed on 19 September < http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/
>
VIET NAM
Computerizing customs formalities.
Viet Nam Economy, 9 September
2005.
In an effort to boost foreign trade and
investment, Viet Nam Customs will put focus
on computerizing customs formalities. E-customs
declaration has been on a trial in Ho Chi
Minh City and Hanoi, the two localities
with the largest volumes of goods exported
and imported. The customs sector aims to
further the computerizing process with the
target that 75 per cent of volume of export
goods goes through e-customs formalities
by the end of 2005 and e-customs clearance
is basically applied nationwide in the year
of 2010. E-customs declaration allows reduction
of costs for enterprises and prevents possible
negative doings during direct contact between
businesses and customs officers. Moreover,
computerization can help stem trafficking,
trade frauds, and tax evasion.
Accessed on 12 September
< http://www.vneconomy.com.vn/eng/index.php?param=article&catid=04&id=714c1485b943ad
>
C. NON-TARIFF MEASURES
BANGLADESH
EPB undertakes steps to resolve export
barriers. Bangladesh Observer,
6 September 2005.
The Export Promotion Bureau (EPB) has taken
initiative to identify export barriers of
some important items that are beyond the
bureau’s capability to resolve, and
to achieve that these issues may be placed
on the agenda of top level government. EPB
will start dialogue with the ministries
concerned to identify the major puzzles
faced in the export of shrimp, jute, frozen
foods, leather items and pharmaceutical
products.
Accessed on 6 September < http://www.bangladeshobserveronline.com/new/2005/09/05/economic.htm
>
EUROPEAN UNION
European Commission adopts regulation
to clear blocked Chinese textile imports.
EU Commission, 12 September 2005.
Effective from 14 September 2005, the
European Commission has adopted a regulation
providing the legal grounds for Member
States to begin issuing import licenses
to Chinese exports currently blocked from
entering the European Union.
Accessed on 16 September <http://europa.eu.int/rapid/pressReleasesAction.do?reference=IP/05/1124>
INDIA
India asks EU to dismantle non-tariff
barriers. Kamudi Online, 8
September 2005.
In order to enhance the bilateral trade
and investment relationship between India
and the EU, India has asked the EU to dismantle
its non-tariff barriers and to provide easy
access for its professionals. Asserting
that trade had to play a central role in
the partnership between India and the EU,
India said there was a need for a liberal
regime for free movement of natural persons.
Accessed on 8 September < http://www.kaumudi.com/news/090805/business.stm#4
>
India ready to lift non-tariff barriers
to promote trade with Pakistan. Webindia123.com,
13 September 2005.
India has announced that the country is
ready to remove all non-tariff barriers
(NTBs) to increase bilateral trade with
Pakistan. India is targeting mostly imports
of textile, cotton, and molasses originating
in Pakistan. Textiles and cotton constitute
about 60 per cent of Pakistan's export
basket.
Accessed on 14 September
<
http://news.webindia123.com/news/showdetails.asp?id=116110&n_date=20050913&cat=business
>
INDONESIA
Government to import 200,000 tons of
rice. The Jakarta Post, 10
September 2005.
Indonesia will import 200,000 tons of
rice starting next month, to increase
domestic supply until the end of the year
in anticipation of higher demand ahead
of fasting month of Ramadhan and Idul
Fitri holidays. The rice will be sold
to registered poor families at a subsidized
price. Indonesia, in late June, extended
the rice import ban until the end of this
year, under the condition that the ban
would be lifted if the average price of
medium-quality rice went over Rp 3,500
and the rice stock declined to below one
million tons. The ban applies to only
indigenous rice varieties and does not
block imports of those types of rice that
are not locally produced.
Accessed on 12 September
< http://www.thejakartapost.com/detailbusiness.asp?fileid=20050910.L04&irec=3
>
MALAYSIA
Import ban on Thai mangoes. The
Star, 10 September 2005.
In order to safeguard the mangoes in Malaysia
from a pest called “mango seed weevil”,
the country has banned the entry of Thai
mangoes which do not carry import permits
or pest-free certificates to protect the
local varieties from the pest. The ban
is effective until further notice. Thai
mangoes without the proper permits will
be confiscated.
Accessed on 12 September
< http://thestar.com.my/news/story.asp?file=/2005/9/10/nation/12002623&sec=nation
>
PAKISTAN
Pakistan imports sugar from India.
The Independent, 7 September 2005.
A consignment of sugar arrived in Pakistan
from India at the Wagah land border crossing,
ending a four-year ban on sugar imports
by Pakistan. The 2,000 metric tons of
white sugar imported from India will help
ease domestic demand in Pakistan and also
reduce prices. Sugar prices in Pakistan
have reached an all-time high and the
country is facing a serious lack of sugar.
Two-way trade between India and Pakistan,
who have fought three wars since independence
in 1947, grew from US$ 161 million in
2000 to US$ 483.85 million in the last
financial year, when they began a peace
process.
Accessed on 8 September < http://independent-bangladesh.com/news/sep/08/08092005bs.htm#A3
>
PHILIPPINES
Philippines grants Australia and Canada
demands for rice import ban. ABS-CBN,
26 September 2005.
The Philippines offered to allow the entry
of Canadian deboned turkey meat, canola
oil, and peas as well as a hike in Australian
rice imports in exchange for both countries’
support for an extension of rice import
ban until 2012.
Accessed on 26 September < http://www.abs-cbnnews.com/storypage.aspx?StoryId=17306
>
UNITED STATES OF AMERICA
United States of America slaps quotas
on more Chinese textiles after talks fail.
Channel News Asia, 2 September
2005.
The United States of America announced
restrictions on imports of two more Chinese
garments, namely brassieres and synthetic
filament fabric. The announcement came
just hours after talks in Beijing failed
to reach an agreement on textiles trade.
Furthermore a review on whether quotas
are needed on another four types of Chinese
textiles, namely cotton and man-made fibre
sweaters; cotton and man-made fibre dressing
gowns and robes; men's and boys' wool
trousers; and knit fabric, has been extended
to 1 October 2005.
Accessed on 6 September
< http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/166178/1/.html
>
THAILAND
Import curb talks held with state firms.
The Nation, 10 September 2005.
Thailand consulted with state enterprises
on how to curb imports in order to reduce
the country’s trade deficit. The
National Economic and Social Development
Board has estimated that all state enterprises
will spend a combined B100 billion on
imports next year. Therefore, the government
is setting up consultations to discuss
these import plans in detail to find ways
for reducing imports and the trade deficit.
Accessed on 12 September
< http://www.nationmultimedia.com/2005/09/10/business/index.php?news=business_18567318.html
>
VIET NAM
United States of America to cut anti-dumping
tariff. Viet Nam News Agency,
6 September 2005.
The United States of America has reconsidered
anti-dumping duties on Vietnamese basa
catfish and will cut the duties imposed
on two Vietnamese importers after one
year of applying a tax penalty.
Accessed on 7 September
< http://vietnamnews.vnagency.com.vn/showarticle.php?num=04ECO060905
>
D. INDUSTRY AND TECHNOLOGY-RELATED INFORMATION
AUSTRALIA
Australia’s uranium attracts China.
International Herald Tribune, 7
September 2005.
Australia and China have agreed to negotiate
a treaty that will guarantee that China
can use Australian uranium for peaceful
purposes; clearing the way for long-term
supply contracts. Australia possesses an
estimated 40 per cent of the world's uranium
reserves. About 80 per cent of China's electricity
is generated at coal-fired power stations,
but the country is now investing in nuclear
power, in a bid to counter pollution and
power shortages. China has nine nuclear
power reactors in operation, two under construction
and many more on the drawing board as it
attempts to more than double the share of
nuclear-generated electricity from about
1.4 per cent now to more than 4 per cent
by 2020.
Accessed on 8 September < http://www.iht.com/articles/2005/09/07/business/uranium.php
>
CHINA
Chinese companies build hydropower
projects in Myanmar. China Broadcast,
2 September 2005,
China and Myanmar signed contracts on
the implementation of hydropower projects
in Myanmar. Under the contracts worth
US$ 45.84 million China is to undertake
the supply of 230 kilo-volt (kv) transmission
lines and substations for the Yeywa Hydropower
Project. Upon completion the 790-megawatt
four-generator hydropower project, being
implemented on the Myitnge River, 50 kilometers
southeast of Mandalay, will generate 3.55
billion kilowatt-hours of electricity
a year.
Accessed on 2 September < http://en.chinabroadcast.cn/2238/2005-9-2/135@269617.htm
>
China to build private pipeline to
import oil from the Russian Federation.
MosNews, 5 September 2005.
China will start construction of the country’s
first private pipeline to import oil from
the Russian Federation. The 30-kilometer
pipeline, with an estimated investment
of US$ 65 million, will link railway lines
between the northeastern city of Heihe
in the Heilongjiang province in China
and Siberia’s Blagoveshchensk in
the Russian Federation.
Accessed on 6 September < http://www.mosnews.com/money/2005/09/05/chinapipeline.shtml
>
INDIA
India set to forge energy alliances
across South Asia. The Hindu Business
Line, 18 September 2005.
India is looking at the possibility of
emerging as a regional energy hub in South
Asia. The country has plans to set up
bilateral grids with some of the neighboring
countries and forge sectoral alliances
with others. India has proposed to take
up various propositions at the next meeting
of the Bay of Bengal Initiative for Multi-Sectoral
Technical and Economic Cooperation (BIMSTEC),
namely to strengthen the existing grids
with Nepal and Bhutan and to establish
bilateral electricity interconnections
with Myanmar for exchange of power. Furthermore
it is planned to bring in gas from Bangladesh
to run thermal stations in the eastern
parts of the country.
Accessed on 19 September
< http://www.thehindubusinessline.com/2005/09/19/stories/2005091902660100.htm
>
MALAYSIA
Dutch firms keen on Malaysian agriculture,
biotechnology sectors. Malaysia
Industrial Development Authority,
1 September 2005.
The Ambassador of the Netherlands expressed
his country’s interest in further
developing the agriculture and biotechnology
sectors of Malaysia. High on the list
of potential opportunities is the production
of biodiesel for the Dutch market with
initial work originating in Malaysia.
The Embassy has arranged a matchmaking
event for companies and research institutes
for market-oriented research and development
in Kuala Lumpur on 28 September 2005.
Accessed on 6 September < http://www.mida.gov.my/beta/news/view_news.php?id=2089
>
MONGOLIA
China to build Mongolia's first oil
refinery. Reuters, 8 September
2005.
Two Chinese companies will invest US$200
million in building Mongolia's first oil
refinery in the capital Ulan Bator. The
refinery will have an annual production
capacity of 1 million tones and is expected
to operate in 2007. Half of the refinery's
products will be consumed in Mongolia,
while the rest will be sent to China.
Accessed on 8 September
< http://today.reuters.com/business/newsarticle.aspx?type=naturalResources&storyID >
NEW ZEALAND
Building New Zealand's IT map. New
Zealand Reseller News, 7 September
2005.
IT companies in New Zealand take part in
a sector-wide survey to help mapping New
Zealand’s industry. The project has
three key outcomes: to provide a map of
the funding sources available to ICT companies,
a map of industry organizations, and a landscape
map of the industry – identifying
horizontal and vertical markets. The result
should be available by year-end and IT companies
can use the information to look at the area
of market they play in and identify potential
growth opportunities in vertical markets.
Accessed on 7 September
< http://reseller.co.nz/news.nsf/0/BC5F34875F0FCADECC2570750003979E?OpenDocument
>
E. INVESTMENT-RELATED INFORMATION
BANGLADESH
Bangladesh Bank relaxes foreign exchange
guidelines. The Daily Star,
7 September 2005.
Commercial banks will no longer require
approval of the Central Bank of Bangladesh
to buy cheques from foreign embassies, international
organizations or foreign nationals employed
in Bangladesh. The Bangladesh Bank relaxed
its guidelines for foreign exchange transaction
to ease pressure on the ongoing foreign
dollar crisis.
Accessed on 12 September < http://www.thedailystar.net/2005/09/07/d50907050346.htm
>
CAMBODIA
Cambodia introduces investment incentives
to Vietnamese businesspeople. Viet
Nam News Agency, 25 September 2005.
Cambodia has offered investment incentives
in the areas of agriculture, communication
infrastructure development, power generation,
heavy industries and human resource development.
Furthermore, foreign investors in Cambodia
will enjoy tax holidays for 3 and 9 years.
The Investment Law of Cambodia also stipulates
that imported items for domestic production
shall be totally exempt from import tariffs
and that foreign investors are allowed
to transfer all their profit abroad.
Accessed on 26 September
< http://www.vnagency.com.vn/NewsA.asp?LANGUAGE_ID=2&CATEGORY_ID=29&NEWS_ID=167916
>
CHINA
Foreign banks allowed to trade forwards.
China View, 31 August 2005.
The Central Bank allowed foreign banks
to become members of the country’s
interbank foreign-exchange forwards market.
Allowing the lenders to trade currency
forwards is the latest in a series of
steps China has taken to liberalize its
foreign exchange market. Among other steps
toward a more market-based yuan renminbi,
the central bank of China raised limits
on how much foreign currency companies
can hold, increased the amount of yuan
renminbi individuals can sell, and let
more than 130 domestic and foreign banks
apply to trade yuan renminbi forward contracts
in a bid to help them guard against swings
in the yuan renminbi.
Accessed on 6 September < http://news.xinhuanet.com/english/2005-08/31/content_3425462.htm
>
EUROPEAN UNION
EU asks India for Singapore-like tax
benefits. Business Standard,
7 September 2005.
The European Union asked India to extend
similar capital gains tax benefits to
its investments in the country as India
has given to Singapore under the Comprehensive
Economic Cooperation Agreement. India
has granted Singapore tax exemption on
capital gains from investment in India.
Safety clauses in the agreement have excluded
shell or conduit companies from the benefit.
Accessed on 7 September
< http://www.business-standard.com/common/storypage.php?storyflag >
INDONESIA
Japan and Indonesia sign swap deal
to double currency line. Channel
News Asia, 31 August 2005.
Japan and Indonesia have agreed to double
the size of currency swap deals to US$6
billion. The agreement, which is part of
a pan-Asian initiative aimed at averting
a repeat of the Asian financial crisis of
the late 1990s, comes as Indonesia introduces
various initiatives to try to restore investor
confidence. It will allow Indonesia to swap
rupiah for up to six billion United States
dollars. Under a currency swaps, a country
hit by a foreign exchange crisis like the
one in 1997 could borrow foreign currency
- usually United States dollars - from another
country to bolster its reserves until the
crisis has passed.
Accessed on 6 September
< http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/165826/1/.html
>
MALAYSIA
Malaysia relaxes investment rules to
boost capital market. Channel News
Asia, 15 September 2005.
The Securities Commission of Malaysia announced
that it was relaxing investment rules to
allow local investors to diversify their
portfolios and to improve the efficiency
of the local capital market. The measures
include the revision of the frameworks on
investments in foreign securities, secondary
market trading of non-ringgit bonds, offerings
of foreign shares in Malaysia and amendments
to facilitate further flexibility in the
capital market. It will allow local investors
to invest in foreign-listed securities and
foreign companies to issue shares in the
domestic market.
Accessed on 16 September
<
http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/168446/1/.html
>
PAKISTAN
Pakistan, Brunei Darussalam to sign
accord on investment. Daily Times,
10 September 2005.
Pakistan and Brunei Darussalam are set
to initiate an agreement for the establishment
of Pakistan-Brunei Darussalam Investment
Company Limited with an authorized capital
of US$ 200 million for the promotion of
bilateral investment. A delegation from
Brunei Investment Agency will visit Islamabad
from 19-21 September to deliberate on
a memorandum of understanding for the
establishment of Joint Investment Company.
Accessed on 15 September < http://www.dailytimes.com.pk/default.asp?page=story_10-9-2005_pg5_12
>
REPUBLIC OF KOREA
Government to promote more foreign
investment. The Korea Times,
6 September 2005.
The Republic of Korea will further improve
the environment for foreign investors
by easing regulations and providing incentives.
The government will pursue financial deregulation
and advance the financial supervision
system. Foreign capital is a critical
factor for sustainable economic growth.
The Financial Holding Companies Act will
be amended to allow foreign financial
companies to set up financial holding
companies in the Republic of Korea.
Accessed on 7 September < http://times.hankooki.com/lpage/biz/200509/kt2005090616483911860.htm
>
SINGAPORE
Singapore launches financial industry
competency standards. Sina,
3 September 2005.
The Institute of Banking and Finance (IBF)
of Singapore has launched a Financial
Industry Competency Standards Framework.
Backed by a certification and accreditation
system, the framework identifies the skills
and the knowledge required for a specific
job in the financial sector. The standards
are in accord with the best practices
found in other leading financial centers.
The IBF expects the move to help upgrade
the skills and enhance the professional
standards of those working in the financial
industry.
Accessed on 6 September < http://english.sina.com/business/1/2005/0903/44600.html
>
VIET NAM
Viet Nam to hold foreign investors' forum
in November. Viet Nam News Agency,
20 September 2005.
The second forum of foreign investors in
Viet Nam, Vietnam Forinvest 2005, will be
held in early November by the Department
of Foreign Investment under the Ministry
of Planning and Investment. The forum will
assess the position, the role and successes
of foreign direct investment (FDI) in Viet
Nam as well as introduce investment opportunities
in the country. It will include a seminar
on FDI policies and an exhibition.
Accessed on 26 September
<http://www.vnagency.com.vn/NewsA.asp?LANGUAGE_ID>
F. DID YOU KNOW THAT...?
… APEC launched a SMEs action
plan to help Member Economies deal with
globalization?
APEC has launched an action plan to enable
Member Economies to review and improve their
economic and policy environments for small
and medium sized enterprises (SMEs). The
action plan emphasizes the following seven
areas of activity: developing human resources
and technology through industry, educational
and research institutions; facilitating
access to expert assistance and consulting
services; enhancing availability of capital
to innovative SMEs; networking and clustering
for innovative SMEs; establishing appropriate
legal and regulatory structures; establishing
a market consistent economic environment;
developing methodologies for effectively
measuring processes in the implementation
of innovation programs for SMEs.
Read the whole report from APEC:
http://www.apecsec.org.sg/apec/news___media/media_releases/
Accessed on 6 September
… Bangladesh considers
banning plastic bags, while Australia
may opt for taxes?
Governments around the world are dealing
with the plastic bag menace in different
ways. Bangladesh considers banning plastic
bags completely after finding that they
were the main culprit during the 1998
floods that submerged two-thirds of the
country. The problem was that discarded
bags were choking the drainage system.
Read the whole report from the Bangladesh
Observer:
< http://www.bangladeshobserveronline.com/new/2005/09/05/economic.htm
>
Accessed on 6 December
… Chinese rural consumption
level falls ten years behind urban?
Chinese farmers are leading the lives their
urban counterparts were having a decade
ago. Nearly 60 per cent of China’s
1.3 billion population lives in rural areas.
At the end of 2004, the countryside reported
26.1 million people living in extreme poverty,
and 49.77 million low income farmers barely
feeding themselves.
Read the whole report from China Economic
Net:
< http://en.ce.cn/Business/Macro-economic/200509/08/t20050908_4626969.shtml
>
Accessed on 8 September
… traders in India can now use digital
signatures?
The trading community in India can now use
digital signatures on the bills of entry
and the shipping bills that are filed with
the ICEGATE, the portal of the Department
of Revenues that provides e-filing services.
Read the whole report from sify:
< http://sify.com/finance/fullstory.php?id=13946502
>
Accessed on 26 September
… the President of the
Republic of Korea wants APEC to become
a bloc?
The President of the Republic of Korea
stressed the need for Asia-Pacific countries
to pursue economic integration like that
of the European Union and the North American
Free Trade Agreement. He noted that it
would be more effective on a long-term
basis to build a regional economic bloc,
rather than to continue signing bilateral
free trade agreements (FTAs).
Read the whole report from the Korea
Times
< http://times.hankooki.com/lpage/200509/kt2005090617235210230.htm
>
Accessed on 7 September
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sources and UNESCAP accepts no responsibility
for its accuracy. Mention of any companies
and their products does not imply endorsement
by the United Nations.
The designations
employed and the presentation of the material
in this publication do not imply the expression
of any opinion whatsoever on the part of
the Secretariat of the United Nations concerning
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concerning the delimitation of its frontiers or boundaries.
©2005 United Nations
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