Brunei's economic rebalance will lag ASEAN integration

2015 ◽  
Keyword(s):  
Oil And Gas ◽  
Oil Prices ◽  
Free Trade Area ◽  
Economic Benefits ◽  
Content Type ◽  
Trade Area ◽  
Knowledge Industry ◽  
Red Tape ◽  
Business Regulations ◽  
Asean Economic Community

Subject Brunei's economic rebalancing. Significance Brunei is liberalising trade and business regulations and seeking foreign investment ahead of the launch of the ASEAN Economic Community (AEC) free trade area from late 2015. Investment is needed in services and manufacturing to wean the economy off oil and gas; depressed global oil prices make this rebalancing more urgent. However, easing red tape and encouraging competition will bring economic benefits only in the long term. Impacts Absent higher oil prices, Brunei faces further public spending constraints. China's economic and geopolitical influence will grow in Brunei. Brunei is a candidate for overseas support to build its knowledge industry.

ASEAN electronics industry competition will grow

2015 ◽  
Keyword(s):  
Supply Chains ◽  
Free Trade Area ◽  
Electronics Industry ◽  
The Philippines ◽  
Economic Community ◽  
Content Type ◽  
Trade Area ◽  
Industry Competition ◽  
Electronics Workers ◽  
Asean Economic Community

Subject Electronics and ICT investment outlook in ASEAN states. Significance South-east Asia is removing foreign investment barriers in most electronics industries, attempting to capitalise on closer economic ties with China and digitalisation of services. Changes in supply chains are drawing investment to cheaper production bases, including Vietnam and the Philippines, forcing established manufacturers Singapore, Malaysia and Thailand to compete with China for high-end markets. This trend will intensify ahead of the ASEAN Economic Community (AEC) free trade area, which will be implemented in late 2015. Impacts Investment markets will be liberalised under the ASEAN Economic Community. Trade liberalisation will require expanded South-east Asian supply chains, and boost electronics industry links with China. ASEAN governments will address skills gaps to provide electronics workers as the industry grows.

Expanding ASEAN sea trade could see piracy flare

2016 ◽  
Keyword(s):  
Free Trade Area ◽  
South East Asia ◽  
Economic Community ◽  
Judicial Cooperation ◽  
Maritime Piracy ◽  
Content Type ◽  
Trade Area ◽  
Intelligence Sharing ◽  
Asean Economic Community ◽  
And Training

Subject Maritime piracy in South-east Asia. Significance Shippers are likely to expand seaborne trade from 2016 following the initiation of the ASEAN Economic Community free trade area at the end of last year, which envisions more integrated and liberalised shipping. However, shippers are threatened by growing regional piracy on the high seas and maritime robbery in territorial waters. Impacts Shipping firms will need to make provision for crew security and training, and may require larger insurance subscriptions. Improved intra-ASEAN intelligence-sharing and judicial cooperation would help to counter piracy. Land-based measures such as building forensic capacity and public education (as Malaysia and others are doing) would be helpful.

Uneven e-government will hinder South-east Asia trade

2015 ◽  
Keyword(s):  
Public Administration ◽  
Free Trade Area ◽  
Electronic Government ◽  
Content Type ◽  
Trade Area ◽  
Asean Member ◽  
Government Capacity ◽  
Asean Economic Community ◽  
Rural Industries ◽  
Governance Reforms

Subject E-government systems in ASEAN member states. Significance The ASEAN Economic Community (AEC) free trade area will be rolled out later this quarter. In part, the AEC requires development of electronic government (e-government) systems in ASEAN states. However, these systems are of uneven quality and capacity due to comparatively slow public administration and governance reforms, differing business and political cultures, bureaucratic divisions and technological divides. Impacts Uneven e-government systems could constrain the movement and monitoring of labour under the AEC. Rural-area governments will suffer e-government capacity gaps, constraining rural industries' development. International bodies' concerns about governance in ASEAN states will mute faith in e-government provisions.

ASEAN auto sector disunity implies competition danger

2015 ◽  
Keyword(s):  
Automobile Industry ◽  
Production Efficiency ◽  
Free Trade Area ◽  
Production Costs ◽  
Automotive Sector ◽  
Economic Community ◽  
Content Type ◽  
Trade Area ◽  
Partnership Model ◽  
Asean Economic Community

Subject Outlook for ASEAN's automobile industry under the ASEAN Economic Community. Significance Though officially espoused as a partnership model for the ASEAN Economic Community (AEC) free trade area, and a priority sector for cooperation, South-east Asia's automotive sector is still fragmented and nationally focused, even though the AEC's arrival is imminent at end-2015. Impacts ASEAN-based automakers will need to prioritise production efficiency to stay competitive. Standardisation may be needed to reduce production costs. Export opportunities will be constrained absent further progress on regulatory harmonisation.

China-United Kingdom free trade area

2017 ◽  
Vol 10 (1) ◽  
pp. 111-126
Author(s):  
Shumei Chen ◽  
Dandan Li
Keyword(s):  
United Kingdom ◽  
Free Trade ◽  
Free Trade Area ◽  
Economic Effects ◽  
The European Union ◽  
Content Type ◽  
Trade Area ◽  
Simulation Results ◽  
The Uk ◽  
Trade Analysis

Purpose The purpose of this paper is to predict the likely economic effects of a free trade area (FTA) on both China and the United Kingdom (hereafter the UK). Design/methodology/approach Following literature review and trade relationship briefing, this paper uses the Global Trade Analysis Project simulation to predict the economic effects of such a FTA on both China and the UK. Findings The simulation results indicate that a China-UK free trade area (hereafter CUFTA) will bring more benefits than harm to both China and the UK, and achieving zero tariff or reducing technological barriers to trade (TBT) is mutually beneficial for both China and the UK, with the growth in GDP, economic welfare as well as import and export. Combining zero tariff and the reduction of TBT in exceptional departments is the most favorable way to improve the macroeconomic effects without bringing damaging effects on the comparative disadvantage industries such as transport equipment, chemicals industries for China and textiles and apparel industry for the UK. Originality/value After the UK voted to leave the European Union, CUFTA is put on the agenda by both the governments, yet there are fewer studies on CUFTA, with this paper being one of the early trials. Besides, based on the simulation results, some policy suggestions will be put forward for future negotiations and industrial policies’ adjustment.

scholarly journals The ASEAN WITHOUT A CUSTOMS UNION OR A SINGLE MARKET CONSEQUENCES OF THE ASEAN ECONOMIC COMMUNITY BLUEPRINT 2025

2020 ◽  
Vol 2 (1) ◽  
pp. 101-127
Author(s):  
Moh Firstananto Jerusalem
Keyword(s):  
Economic Integration ◽  
Free Trade Area ◽  
Single Market ◽  
Integration Theory ◽  
Customs Union ◽  
Economic Community ◽  
Trade Area ◽  
Market Economic ◽  
Asean Countries ◽  
Asean Economic Community

Abstract In the ASEAN Economic Community blueprint 2015 the term “single market” was used as a goal of economic community. Theoretically, single market is a level of economic integration after customs union. Under that blueprint, customs union could have a chance to be established as a necessary prerequisite for single market. However, the new blueprint 2025 does not adopt single market concept anymore. Different terms have been introduced namely “integrated and cohesive economy” and “unified market”. This article aims at assessing economic integration concept adopted in the ASEAN Economic Community blueprint by utilizing content analysis. It will review the change of concept by employing economic integration theory in order to indicate the direction of economic community goal. The finding is that the change of terms reflects the change of concept. As a result, ASEAN Economic Community will have a different direction in pursuing economic integration. Therefore, under the new blueprint ASEAN will not proceed to customs union and single market. However, it will remain at free trade area level of economic integration. In addition, ASEAN will not be a close trade block but tend to be an open regionalism in relation to non-ASEAN countries or regions. Keywords: ASEAN Economic Community, Customs Union, Single Market, Economic Integration, Open Regionalism.

Low oil prices put pressure on China's energy policy

2015 ◽  
Keyword(s):  
Oil And Gas ◽  
Oil Prices ◽  
International Market ◽  
Domestic Demand ◽  
Energy Prices ◽  
Content Type ◽  
Oil Companies ◽  
National Oil Companies ◽  
Financial Pressure ◽  
Difficult Time

Subject Effect of low oil prices on China. Significance China is the world's second-largest oil user and imports nearly 60% of its annual requirements. If oil prices remain below 50 dollars per barrel, China's import bill for crude oil will fall by tens of billions of dollars in 2015, while the national oil companies (NOCs) face a difficult time as their profits from oil production are squeezed. However, the consequences are not straightforward due to the government's role in setting energy prices and the mix of commercial and state objectives of the NOCs. Impacts Financial pressure on China's NOCs will not be as great as on their international counterparts. The NOCs are likely to embark on a spree of buying overseas oil and gas assets. With contracted gas supplies exceeding domestic demand, Chinese LNG importers will sell surplus on the international market.

Low oil prices will force policy choices on Azerbaijan

2015 ◽  
Keyword(s):  
Oil And Gas ◽  
Banking System ◽  
Oil Prices ◽  
Fiscal Consolidation ◽  
Content Type ◽  
Policy Choices ◽  
The Past ◽  
Fiscal Space ◽  
Will Force ◽  
The Impact

Subject The impact of prolonged low oil prices. Significance Hydrocarbons drove rapid economic expansion in the past. The associated increase in income fuelled the growth of domestically oriented sectors, such as trade and construction. Publicly financed infrastructure spending, using the fiscal space created by oil and gas revenues, also contributed. Impacts Sluggish oil production will compound the impact of persistent low oil prices. Fiscal consolidation will also require a stronger focus on the prioritisation of spending. Devaluation has not fully restored competitiveness but is a source of stress for the banking system.

Oil optimism may face headwinds in Guyana

2016 ◽  
Keyword(s):  
Oil And Gas ◽  
Oil Prices ◽  
Economic Environment ◽  
Oil Exploration ◽  
Content Type ◽  
Border Dispute ◽  
Offshore Oil And Gas ◽  
Offshore Oil ◽  
Exploration Activity

Subject The outlook for offshore oil. Significance A recent offshore oil and gas find has given Guyana hope of becoming a significant oil producer. However, while this and an earlier find are encouraging and further exploration is planned, the current uncertain economic environment and fluctuating oil prices suggest that bringing these finds into production is not guaranteed. Impacts Oil exploration activity may prompt a flare-up of the continuing border dispute with Venezuela. A major offshore oil find would have a very significant impact on Guyana's GDP of some 4 billion dollars. However, over-optimism could lead to borrowing against an expected future windfall, or the temptation to prioritise 'vanity' projects.

Ghana’s Akufo-Addo faces economic diplomacy challenges

2021 ◽  
Keyword(s):  
International Trade ◽  
Free Trade ◽  
Free Trade Area ◽  
African Union ◽  
Content Type ◽  
Economic Diplomacy ◽  
Trade Area ◽  
Social Tensions ◽  
Trade Partners

Significance However, the success of Akufo-Addo's second term could depend in large part upon effective economic diplomacy with regional and international trade partners now the African Continental Free Trade Area (AfCFTA) has become operational. Impacts Ghana will push for all African Union (AU) members to ratify the AfCFTA to secure its position as a regional hub. Economic plans may heighten existing social tensions within Ghana, notably Western Togoland, if growth is not shared equitably. More AU members will likely undertake full ratification of the AfCFTA to not be left outside of lucrative continental markets.

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