Economics international trade

Britain on Friday said it had struck a deal to join an 11-country trans-Pacific trade pact which includes Japan and Australia as it looks to deepen ties in the region and build its global trade links after leaving the European Union. Prime Minister Rishi Sunak said Britain had agreed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in a move his office said was the biggest trade deal since Brexit. A previous government impact assessment estimated the deal would add just 0.08% to GDP in the long term, but Britain has strategic - not just economic - motives, as it can now influence whether applicants China and Taiwan may join the group. "Joining the CPTPP trade bloc puts the UK at the centre of a dynamic and growing group of Pacific economies," Sunak said, adding the deal demonstrated "the real economic benefits of our post-Brexit freedoms." Britain has been looking to build trade ties following its departure from the EU in 2020, … [Read more...] about Britain, building post-Brexit ties, to join trans-Pacific trade pact

Illustrative image (Source: AFP/VNA) Bangkok (VNA) – Thailand’s Commerce Ministry has projected the country's export sector to gradually recover in the latter part of the year. The rebound of the service and tourism sectors should also boost demand from trading partners , the ministry said. However, global economic uncertainty and an inflationary environment will inevitably affect Thai exports in the first half of the year. Thai outbound shipments are expected to contract in the first and second quarters, as importers still maintain large stockpiles, said Phusit Ratanakul Sereroengrit, director-general of the International Trade Promotion Department . The ministry reported on March 30 the customs-cleared value of exports dipped for the fifth month in a row in February, falling 4.7% year-on-year to 22.4 billion USD while imports increased by 1.1% to 23.5 billion USD, resulting in a trade deficit of 1.11 billion USD. For the first two months of 2023, Thai … [Read more...] about Thailand’s export expected to recover in H2 of 2023

Vietnam ese Deputy Minister of Foreign Affairs Le Thi Thu Hang (R) and Italian Undersecretary for Foreign Affairs and International Cooperation Maria Tripodi (Photo: VNA) Rome (VNA) – Vietnamese Deputy Minister of Foreign Affairs Le Thi Thu Hang and Italian Undersecretary for Foreign Affairs and International Cooperation Maria Tripodi co-chaired the fifth political consultation between the two ministries to discuss orientations to promote the bilateral Strategic Partnership in the coming time. The two sides expressed their delight that the consultation was held on the occasion of the 50th anniversary of the establishment of the bilateral diplomatic ties, and the 10th founding anniversary of the Strategic Partnership. They highly appreciated outstanding results in bilateral economic cooperation with the two countries becoming each other's important trading partner in the region. Two-way trade reached more than 6.2 billion USD in 2022, up 11% year-on-year, thanks to … [Read more...] about Vietnam, Italy agree on orientations to enhance Strategic Partnership

Tourists from Laos are welcomed at the Da Nang International Airport after Laos Airlines resumed Vientiane-Da Nang direct flights. — VNS Photo Cong Thanh The central city welcomed 150 tourists from Vientiane, Laos on the first direct flight after a two-year hiatus caused by the COVID-19 pandemic. The arrival signifies a promising growth in tourism, investment and trade between Laos, northeast of Thailand and central Viet Nam. The airline began its schedule with two flights per week on Thursday and Sunday before increasing to daily flights in the future. The group of Lao tourists will visit destinations in Da Nang and the UNESCO-recognised world heritage sites in Hoi An, My Son Sanctuary and Thua Thien-Hue Province. It’s the third city that Laos Airlines has resumed its post-pandemic flights to after HCM City and Ha Noi. Laos Airlines said it would help connect and attract more visitors from Korea and China to Viet Nam through the Vientinane-Da Nang air route. Da Nang … [Read more...] about Laos Airlines connects post-pandemic flight with Da Nang