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Prime Minister Narendra Modi's "short but a very productive visit" to Jakarta, where he participated in the <keyword id="1493716" type="General" weightage="20" keywordseo="ASEAN-India-Summit" source="Orion">ASEAN-India Summit</keyword> and the East Asia Summit, has concluded on Thursday, said Secretary (East), <keyword id="6374106" type="General" weightage="50" keywordseo="ministry-of-external-affairs" source="Orion">Ministry of External Affairs</keyword> (MEA), <keyword id="331724" type="General" weightage="50" keywordseo="saurabh-kumar" source="Orion">Saurabh Kumar</keyword>. "Prime Minister's participation in this summit will give India-ASEAN relations a strategic direction," said Secretary Kumar. In a short video message posted on X, by MEA spokesperson <keyword id="10953867" type="General" weightage="50" keywordseo="arindam-bagchi" source="Orion">Arindam Bagchi</keyword>, Kumar summarised the key takeaways of <keyword id="2238662" type="General" weightage="100" keywordseo="pm-modi" source="Orion">PM Modi</keyword>'s Jakarta visit. He said that PM Modi highlighted the "need to amplify the voice of the Global South, including in the G20". The <keyword id="5891" type="General" weightage="80" keywordseo="asean" source="Orion">ASEAN</keyword> leaders welcomed PM Modi's leadership in the G20 and wished him success and also congratulated India for the successful Chandrayaan-3 mission. "Prime Minister had comprehensive discussions, including in areas such as connectivity, maritime cooperation, digital transformation, trade and economy, environment, health and traditional medicines. In each of these, the Prime Minister made specific proposals, which has already been put out in the form of a twelve-point proposal," said Kumar. He added, "Two joint statements were issued between India and ASEAN. These relate to maritime cooperation and food security. In maritime cooperation, areas such as safety and security of the maritime area, maritime domain awareness, disaster management, blue economy, et cetera, have been covered." Prime Minister also announced the formation of an ASEAN India Fund for Digital Future, which would provide financial connectivity between ASEAN and India, said Kumar, adding, "Prime Minister also announced support for ERIA (Economic Research Institute for ASEAN and East Asia), which is an ASEAN think tank, which would be our knowledge partner to further deepen ASEAN-India relations." He also said that the Prime Minister, during his interactions and discussions, "called for a free, open and rules-based Indo-Pacific, emphasised ASEAN centrality and made the point that cod complements the same". Following his participation in the summits, PM Modi thanked Indonesian President, Joko Widodo, and the people. "Had a very short but fruitful Indonesia visit, where I met ASEAN and other leaders. I thank President @jokowi , the Indonesian Government and people for their welcome," wrote PM Modi on X. PM Modi, who is in Jakarta, will return to New Delhi on Thursday evening ahead of the <keyword id="42982" type="General" weightage="20" keywordseo="g20-summit" source="Orion">G20 Summit</keyword>, which will be held on September 9 and 10. ALSO READ: <a href="https://www.businessinsider.in/india/news/g20-check-out-the-full-list-of-restricted-roads-in-delhi-during-summit/articleshow/103436759.cms" data-type="tilCustomLink" target="_blank">Delhiites, here are all the traffic restrictions as a result of the G20 summit</a>

ASEAN-India Summit: PM Modi highlights need to amplify voice of Global South during Jakarta visit

<ul class="summary-list"><li><keyword id="6356970" type="LOCATION" weightage="60" keywordseo="myanmar">Myanmar</keyword>'s military leader said he'll extend its state of emergency until August 2023.</li><li>In a televised address, Gen. Min Aung Hlaing also named himself prime minister. </li><li>The leader vowed to hold multi-party elections before the state of emergency ends.</li></ul>Myanmar's military ruler Min Aung Hlaing named himself prime minister and promised multi-party elections in a televised address on Sunday, reported<a href="https://www.reuters.com/world/asia-pacific/myanmar-military-ruler-promises-elections-says-ready-work-with-asean-2021-08-01/"> Reuters,</a> but has extended the country's state of emergency until at least August 2023.When the junta initially took power, it declared a <a href="https://english.kyodonews.net/news/2021/02/516f3839474a-breaking-news-myanmar-military-detains-leader-suu-kyi-ruling-party.html">one-year state-of-emergency period</a> after which a "free and fair multiparty general election" would be held. This latest announcement means Myanmar won't see nationwide elections anytime soon. Hlaing announced the extension exactly six months after the military junta."I guarantee the establishment of a union based on democracy and federalism," he said. "I pledge to hold multiparty elections without fail."The<a href="https://www.businessinsider.com/myanmar-military-stages-coup-2021-2"> military seized power on February 1</a> from Myanmar's civilian party, alleging election fraud after the National League of Democracy (NLD) won the general election last November. In his address on Sunday, Min Aung Hlaing referred to the NLD as "terrorists," per Reuters. <div type="image" title="myanmar" height="2506" width="3341" msid="84966590" hostid="261"></div>"At present, the whole country is stable except for some terrorist attacks," Min Aung Hlaing said, referring to the pro-democracy opposition that has been <a href="https://www.insider.com/medical-professionals-on-strike-in-myanmar-to-protest-coup-2021-2">striking</a>, <a href="https://www.insider.com/myanmar-people-use-trash-protest-death-toll-climbs-past-500-2021-3">protesting</a>, and <a href="https://www.insider.com/myanmars-armed-rebels-declare-war-on-the-junta-2021-6">taking up arms</a> against the military junta. Dozens of NLD lawmakers have been arrested since the coup, including its Nobel laureate leader Aung San Suu Kyi. According to <a href="https://www.hrw.org/news/2021/07/21/myanmar-junta-tribunals-impose-65-death-sentences#">Human Rights Watch</a>, at least 900 people have been killed by state security forces, and more than 5,300 activists, politicians, and journalists have been detained since February.Gen. Min Aung Hlaing said the country would work with the incoming Association of Southeast Asian Nations (<keyword id="5891" type="ORGANIZATION" weightage="60" keywordseo="ASEAN">ASEAN</keyword>) special envoy, who will be tasked with helping to end violence in the country and facilitating dialogue between protestors and the army. Leaders from the <a href="https://asean.org/asean/asean-member-states/">ASEAN</a> have struggled to form a collective response regarding Myanmar. In April, ASEAN foreign ministers outlined a "<a href="https://asean.org/storage/Chairmans-Statement-on-ALM-Five-Point-Consensus-24-April-2021-FINAL-a-1.pdf">five-point consensus</a>" calling for an end to violence and dialogue between all parties, but stopped short of condemning the power grab. The country is also dealing with a sharp spike in COVID-19 cases. According to data from Johns Hopkins University, it has reported close to 300,000 cases, with 142,000 reported in July alone.

Myanmar's military leader claims role of prime minister, vows to stay in power at least another 2 years

IT solutions <keyword id="11369047" type="UNKNOWN" weightage="20" keywordseo="provider-inspira-enterprise">provider Inspira Enterprise</keyword> on Wednesday announced to hire more than 400 technology <keyword id="40254" type="ENTERTAINMENT" weightage="20" keywordseo="professionals">professionals</keyword> to expand its <keyword id="52626" type="CITY" weightage="20" keywordseo="workforce">workforce</keyword> by 60 per cent globally especially in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>. The company said it will hire professionals from cloud, cybersecurity, and analytics field to support its clients in India, South East Asia and Middle East. Headquartered in Mumbai, Inspira has satellite offices across the country, with business expanded to <keyword id="6356662" type="LOCATION" weightage="20" keywordseo="singapore">Singapore</keyword>, <keyword id="6355572" type="LOCATION" weightage="20" keywordseo="sri-lanka">Sri Lanka</keyword>, Dubai, Abu Dhabi, Kenya, Ethiopia and the US. "Inspira is looking for IT professionals who understand that their role is not the same in a contactless world. To get an edge in this competitive scenario, they must constantly unlearn, skill and upskill themselves," said Manoj Kanodia, CEO, Inspira Enterprise. With a team of over 700 professionals, Inspira Enterprise has reached a revenue of Rs 915 crore, with 50 per cent of sales coming from cybersecurity and analytics. The positions for which Inspira will add maximum headcount would be for SOC analysts (L1, L2 and L3 levels), device managers, network engineers, project managers, SOC managers and sales managers for regional positions in BFSI and enterprise verticals, to support the client base in India, <keyword id="5891" type="COMPANY" weightage="20" keywordseo="ASEAN">ASEAN</keyword> countries and the Middle East. Inspira has been at the forefront in serving more than 200 financial institutions and enterprises across sectors. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/oneplus-cryptocurrency-wallet-could-be-in-the-works-company-survey-suggests/articleshow/83164929.cms">OnePlus cryptocurrency wallet could be in the works, company survey suggests</a> <a href="https://www.businessinsider.in/careers/news/microsoft-airtel-tiktok-just-dial-byjus-and-other-companies-are-calling-out-interns-for-different-roles/articleshow/83168022.cms">Microsoft, Airtel, BYJU’S, IIT-Bombay and more — here is a list of companies looking for interns</a> <a href="https://www.businessinsider.in/tech/mobile/news/upcoming-new-smartphones-launching-in-india-in-june-2021/slidelist/83169331.cms">Smartphones launching in India in June 2021</a>

IT solutions provider Inspira Enterprise to hire over 400 technology professionals to expand its workforce in India

<ul class="summary-list"><li>The Association of Southeast Asian Nations met on Tuesday to discuss <keyword id="6356970" type="LOCATION" weightage="60" keywordseo="myanmar">Myanmar</keyword>'s <keyword id="43597" type="PERSON" weightage="60" keywordseo="Military-coup">military coup</keyword>.</li><li>The military coup took place on February 1, and there's been widespread violence and protests since.</li><li><keyword id="5891" type="ORGANIZATION" weightage="60" keywordseo="ASEAN">ASEAN</keyword> traditionally has a policy of non-interference with its member nations.</li></ul>As Myanmar's military coup enters its second month, member states of the Association of Southeast Asian Nations are struggling with how - and if - to intervene.The southeast Asian ten-member bloc convened a special meeting on Tuesday to discuss the coup and the <a href="https://twitter.com/soezeya/status/1365857335587995653">escalating violence</a> in Myanmar, which is a member. ASEAN maintains a policy of non-interference among its member states, though Singapore's foreign minister, Dr. Vivian Balakrishnan, conceded that the coup had damaged the region during a television interview on Monday."Instability in any corner of Southeast Asia threatens and affects the rest of us," he said, according to <a href="https://www.reuters.com/article/us-myanmar-politics/southeast-asian-ministers-prepare-for-myanmar-talks-as-crisis-intensifies-idUSKCN2AU076">Reuters</a>, adding that the coup has caused "grievous damage to Myanmar's society and economy."As the meeting took place over video conference, police fired stun grenades into a crowd in Yangon, Myanmar's main city, <a href="https://www.reuters.com/article/us-myanmar-politics-idUSKCN2AU076">Reuters</a> reported. In the Sanchaung area of the city a <a href="https://twitter.com/shafiur/status/1366642748149936128">police sniper</a> was captured in prone position aiming at a crowd.Nearly two dozen <a href="https://www.reuters.com/article/us-myanmar-politics-scene-idUSKCN2AS0FN">anti-coup protesters</a> have been killed since February 1, when National League for Democracy leaders were put under house arrest. President Win Myint, who was elected in November, has been charged with breaching the Natural Disaster Management Law by allegedly violating COVID-19 health restrictions, while civilian NLD leader Aung San Suu Kyi was charged with being in possession of "illegal communication equipment." Yesterday the junta announced <a href="https://www.theguardian.com/world/2021/mar/01/aung-san-suu-kyi-faces-third-charge-as-myanmar-junta-cracks-down-on-dissent">new charges against Suu Kyi</a>, accusing her of causing "fear and alarm," an offense that carries with it a two-year prison sentence. <div type="image" title="myanmar aung san suu kyi" height="1665" width="2221" msid="81290924" hostid="261"></div>ASEAN has called for the immediate release of Suu Kyi.Dr. Balakrishnan said Myanmar's military must talk to her to end the crisis."They need to talk, and we need to help bring them together," he said, <a href="https://www.aljazeera.com/news/2021/3/2/asean-set-for-talks-with-myanmar-military-as-crisis-escalates">Al Jazeera</a> reported.Many who oppose the coup are appalled that ASEAN agreed to meet with members of the junta, especially after Myanmar's legislature, the Pyidaungsu Hluttaw, declared the Myanmar military to be a "terrorist group."In a <a href="https://twitter.com/gracejia10/status/1366585010191392775">letter published Monday</a>, the Committee Representing Pyidaungsu Hluttaw said it condemned "in the strongest terms all atrocities and acts committed by the putschists." Putsch is another term for coup.A group of alumni from ASEAN's student program also <a href="https://twitter.com/AlexanderAhkar/status/1366498012516782083">issued a letter</a> strongly discouraging the group from "inviting the terrorist on any ASEAN mechanisms," over concern that it would legitimize the junta. Dr. Sasa, the envoy to the United Nations by the Committee Representing the Pyidaungsu Hluttaw, urged ASEAN to avoid granting legitimacy to the coup."I'm requesting for the international community to stand with the 54 million people in Burma and not work with the six military coup leaders," he said, according to the <a href="https://www.bnionline.net/en/news/history-will-be-judge-coup-leaders-says-dr-sasa">Myanmar Peace Monitor</a>. ASEAN's member nations are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

ASEAN leaders are under fire for meeting with Myanmar's military as pro-democracy leaders call the junta a 'terrorist group'

Hanoi, Apr 14 (AFP) Vietnam will urge Southeast Asian leaders to set up an emergency fund to tackle the coronavirus at a summit held online on Tuesday, as the pandemic ravages the region's tourism and export-reliant economies.Hanoi is chairing an Association of Southeast Asian Nations (ASEAN) meeting on COVID-19, with the country touting its success so far in containing the virus with extensive quarantines and social distancing.Vietnam has 265 virus cases and no deaths, while Thailand has officially also kept its numbers relatively low at just over 2,500 cases with 40 deaths.The situation is mixed elsewhere across the region, with fears that limited testing in Indonesia has played out into the low caseload -- and under 400 deaths -- for a country of 260 million.Similarly, threadbare health systems from Myanmar to Laos are widely believed to be missing the true scale of infections, while a recent surge in cases in Singapore has raised fears the pandemic could rebound in places which had batted back the initial outbreak.In opening remarks via videoconference, Vietnam's premier Nguyen Xuan Phuc hailed the work of ASEAN in fighting the virus so far.But he warned COVID-19 "has badly impacted people's lives, their socio-economic situation... challenging stability and social security".Vietnam will use the 10-member summit to propose funding to deal with the pandemic, building emergency medical stockpiles, sharing resources as well as continuing to stress-test ASEAN's responses to future outbreaks.Hanoi will also call for an "exit strategy" for the battered economies of Southeast Asia, which rely on open borders to fuel tourism and feed supply chains for their exports.Vietnam has been hit hard by the virus, which forced the cancellation of the country's first Formula 1 race.Many of its factories are still running, but in a sign of the ongoing risks, dozens of workers at a Samsung unit in the north were ordered into quarantine after one tested positive for the virus.The Thai economy, the second largest in ASEAN, is expected to shrink by 5.3 percent this year -- a 22-year low -- with millions left jobless in the politically febrile kingdom. Nearly 22 million people have registered for cash handouts to help ease the economic pain.Leaders from China, Japan and South Korea are also joining the summit. (AFP) SCY

ASEAN leaders meet online to tackle coronavirus

<keyword id="1334" type="COUNTRY" weightage="20" keywordseo="China">China</keyword> and 14 other countries have agreed to set up the world's largest trading bloc, encompassing nearly a third of all economic activity, in a deal many in Asia are hoping will help hasten a recovery from the shocks of the pandemic. The Regional Comprehensive Economic Partnership, or RCEP, is to be signed virtually on Sunday on the sidelines of the annual summit of the 10-nation Association of Southeast Asian Nations. After eight years of negotiating with blood, sweat and tears, we have finally come to the moment where we will seal the RCEP Agreement," Malaysia's trade minister, Mohamed Azmin Ali, said in a statement. The deal sends a signal that RCEP countries have chosen to open our markets instead of resorting to protectionist measures during this difficult time," he said. The accord will take already low tariffs on trade between member countries still lower, over time, and is less comprehensive than an 11-nation trans-Pacific trade deal that President Donald Trump pulled out of shortly after taking office. It includes the 10 nations belonging to the Association of Southeast Asian Nations, China, Japan, South Korea, Australia and New Zealand, but not the United States. Officials said the accord leaves the door open for India, which dropped out due to fierce domestic opposition to its market-opening requirements, to rejoin the bloc. It is not expected to go as far as the European Union in integrating member economies but does build on existing free trade arrangements. The deal has powerful symbolic ramifications, showing that nearly four years after Trump launched his America First" policy of forging trade deals with individual countries, Asia remains committed to multi-nation efforts toward freer trade that are seen as a formula for future prosperity. Ahead of Sunday's RCEP special summit" meeting, Japanese Prime Minister Yoshihide Suga said he would firmly convey his government's support for broadening a free and fair economic zone, including a possibility of India's future return to the deal, and hope to gain support from the other countries. The accord is also a coup for China, by far the biggest market in the region with more than 1.3 billion people, allowing Beijing to cast itself as a champion of globalisation and multilateral cooperation" and giving it greater influence over rules governing regional trade, Gareth Leather, senior Asian economist for Capital Economics, said in a report. Now that Trump's opponent Joe Biden has been declared president-elect, the region is watching to see how U.S. policy on trade and other issues will evolve. Analysts are skeptical Biden will push hard to rejoin the trans-Pacific trade pact or to roll back many of the U.S. trade sanctions imposed on China by the Trump administration given widespread frustration with Beijing's trade and human rights records and accusations of spying and technology theft. Critics of free trade agreements say they tend to encourage companies to move manufacturing jobs overseas. So, having won over disaffected rust-belt voters in Michigan and western Pennsylvania in the Nov. 3 election, Biden is not going to squander that by going back into TPP," Michael Jonathan Green of the Center for Strategic and International Studies said in a web seminar. But given concerns over China's growing influence, Biden is likely to seek much more engagement with Southeast Asia to protect U.S. interests, he said. The fast-growing and increasingly affluent Southeast Asian market of 650 million people has been hit hard by the pandemic and is urgently seeking fresh drivers for growth. RCEP originally would have included about 3.6 billion people and encompassed about a third of world trade and global GDP. Minus India, it still covers more than 2 billion people and close to a third of all trade and business activity. The United States-Mexico-Canada Agreement, or USMCA, the retooled version of the North American Free Trade Agreement under Trump, covers slightly less economic activity but less than a tenth of the world's population. The EU and Comprehensive and Progressive Trans-Pacific Partnership, the revised version of the deal Trump rejected, also are smaller. RCEP includes six of the 11 remaining CPTPP members. India balked at exposing its farmers and factories to more foreign competition. Among other concerns, Indian dairy farmers are worried about competition from New Zealand and Australian milk and cheese producers. Automakers fear imports from across the region. But overall the biggest fear is over a flood of manufactured goods from China. Trade and investment flows within Asia have vastly expanded over the past decade, a trend that has accelerated amid feuding between the U.S. and China, which have imposed billions of dollars' worth of punitive tariffs on each other's exports. The RCEP agreement is loose enough to stretch to fit the disparate needs of member countries as diverse as Myanmar, Singapore, Vietnam and Australia. Unlike the CPTPP and EU, it does not establish unified standards on labor and the environment or commit countries to open services and other vulnerable areas of their economies. But it does set rules for trade that will facilitate investment and other business within the region, Jeffrey Wilson, research director at the Perth USAsia Center, said in a report for the Asia Society.

China and other ASEAN countries sign the world's biggest trade pact – the door has been left open for India to rejoin the bloc

New Delhi, Nov 29 () The government has initiated dialogue with ASEAN members for review of the free-trade agreement (FTA) executed 10 years ago, Commerce and Industry Minister Piyush Goyal informed the Rajya Sabha on Friday.
 Replying to supplementaries during Question Hour, the minister said the FTA with ASEAN was executed around 10 years ago and "our study shows that we have not been able to get as much benefit out of the FTA".
 "We have opened up our market to many other countries to the detriment of India's and Indian coffee growers interests.
 "We have already initiated dialogue with ASEAN countries and I am happy to share with the House that ASEAN has agreed for a review of the FTA. We will take up various issues in the review and then we will report to the House," he told the House.
 He also said the Coffee Board is trying to develop an Indian brand of coffee for export and the work in this regard is underway.
 In his written reply, the minister also said the Government of India through the Coffee Board is undertaking various measures to boost the export of coffee across the world. SKC DV HRS

Govt initiates dialogue with ASEAN members for review of FTA: Goyal

New Delhi, Jul 13 () Moody's Investors Service on Monday said the challenging economic and credit conditions stemming from COVID-19 will weigh on the asset quality and profitability of banks in India and ASEAN countries. Moody's expects that asset quality and profitability will deteriorate from "good" levels in 2019 across most banking systems, and while government support measures will offset some of the pressure, they will not fully eliminate the negative impact. "In ASEAN and India, bank downgrades in 2020 have been driven by Indian banks, following the downgrade of the sovereign in June," Moody's Vice President and Senior Credit Officer Eugene Tarzimanov said. Despite the challenging outlook, the majority of banks are adequately capitalized, it added. "The challenging economic and credit conditions stemming from COVID-19 will weigh on ASEAN and Indian banks' asset quality and profitability," Moody's said. In a report titled 'Banks - ASEAN and India: Asset quality, profitability will weaken as economic challenges grow', Moody's said the largest banks will continue to benefit from deposit inflows as they are seen as safe havens in times of stress. Moody's expects the GDP of most ASEAN economies and India to contract in 2020 and gradually recover in 2021. The relaxation in lockdowns and resumption of economic activity will be key factors supporting the recovery, it added. JD ANU ANU

Asset quality of banks in India, ASEAN economies to weaken due to COVID-19 crisis:Moody's

New Delhi, Feb 1 () Import duty on crude plam oil (CPO) remain unchanged at 37.5 per cent if the edible oil is imported under the ASEAN pact, trade body SEA clarified on Saturday.
 The clarification comes amid confusion among traders after the customs notification in the Budget document mentioned duty on CPO at 44 per cent.
 On December 31, the government had reduced the duty on CPO to 37.5 per cent from 40 per cent. The duty cut was made under the ASEAN agreement and India Malaysia Comprehensive Economic Cooperation Agreement (IMCECA).
 "There was confusion about 44 per cent customs duty on CPO mentioned in the Budget document. The finance ministry has clarified that there is no change in import duty on CPO under the ASEAN agreement. The duty remains unchanged at 37.5 per cent," Solvent Extractors Association of India (SEA) Executive Director B V Mehta told .
 India purchases bulk of CPO from ASEAN nations specially Indonesia, Malaysia and Thailand. The 44 per cent duty on CPO is just a standard rate, he added.
 Palm oil comprises more than 60 per cent of India's total vegetable imports. The country imported 7.41 lakh tonne of CPO in December 2019, while total vegetable oils shipments stood at 11.28 lakh tonnes in the same period, the SEA data showed. LUX MJH LUX MR
MR

No change in custom duty on CPO imported from ASEAN: trade body clarifies

New Delhi, Jan 1 () The government on Wednesday slashed import duty on refined palmolein from 50 per cent to 45 per cent, while that on crude palm oil (CPO) from 40 per cent to 37.5 per cent with immediate effect, a move that the industry opposed saying it will hurt domestic refiners.
 A notification in this regard has been issued by the finance ministry.
 The duty cut has been made under the ASEAN agreement and the India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA), the notification added.
 Opposing the move, the Solvent Extractors' Association of India (SEA) said that after the reduction in import duty, the tax difference between CPO and refined palmolein has reduced from 10 per cent to 7.5 per cent.
 "This will have serious impact on domestic palm oil refining industry and oilseeds farmers. We fear import of refined palmolien would increase and capacity utilisation of our industry would be affected leading to potential loss of employment," SEA Executive Director B V Mehta said in a statement.
 After a long time, the domestic oilseeds had started selling their produce above the minimum support price (MSP). "Lower import duty would make it difficult to defend MSP and the new found enthusiasm of the oilseed farmers would be dampened," he said.
 The country's edible oil imports are now touching 70 per cent of the consumption. The duty cut would be counterproductive and contrary to the government's stated objective of increasing domestic oilseed production, he added.
 Asserting that India too should protect the interest of farmers like Malayasia and Indonesia, the SEA said Indonesia from January 1 has imposed export duty of USD 50 on CPO and USD 30 per cent on refined palmolien.
 Similarly, Malaysia has imposed export duty of USD 31 per cent on CPO and zero duty on refined palmolein which work out to be nearly 5 per cent on CPO value, thus effective duty difference is hardly 2.5 per cent only.
 "We strongly appeal to the government to increase the duty differential between CPO and refined palm oil to 15 per cent, by taking appropriate measures," the industry body added. LUX HRS

Govt cuts import duty on crude, refined palm oils under ASEAN, IMCECA pacts

As we approach the 50th anniversary of ASEAN in 2017, now is an opportune time to reflect on the region’s achievements, examine its prospects going forward and review the risks and challenges it faces. 
 Arguably the second most successful regional organization after the <keyword id="6355110" type="ORGANIZATION" weightage="20" keywordseo="European-Union">European Union</keyword>, ASEAN has achieved much in its short 50-year history. 
 
As a fledgling economic bloc established at the height of the Cold War comprising five member countries, ASEAN’s leaders committed to turn this densely populated region into one of the dynamic growth drivers of the global economy, raising the living and educational standards of its people, growing its trade profile and turning the region into a major focus of foreign investment. 
 
It has done this and much more. ASEAN, boasting a 10-country membership, has a combined GDP of nearly USD3 trillion. If ASEAN were a single country, it would be the seventh largest economy in the world and in 10 years it is projected to become the fifth largest after the United States, China, Japan and Germany. It has also achieved a high-level of integration, making much of the intra-regional trade and investment largely seamless. 
 
Opportunities 
As ASEAN embarks on its next stage of development and integration through the ASEAN Economic Community (AEC), agreed to by member states in 2015, it offers a range of opportunities both for intra-regional and extra-regional trade and investment. These include: 
 
Services: As ASEAN states transform themselves into services-driven economies, there will need to be considerably more progress made on services liberalization and the free movement of skilled labor. Member states will need to promote unilateral reform in services, enhance regulatory transparency, remove discriminatory restrictions (which favor domestic suppliers over foreigners) and more broadly improve the ease of doing business. While much has been achieved to date in aviation and financial services, progress elsewhere in the services sector has been relatively slow. With the overall contribution of services to GDP growth still relatively low, there is considerable potential and a multitude of opportunities for greater growth going forward. Information and Communication Technologies (ICT) is a case in point 
 
<keyword id="20048" type="CITY" weightage="20" keywordseo="tourism">Tourism</keyword>: A significant tourism hub, there is much scope for ASEAN to develop its tourism industry even further, both in its own right and as a transit or add-on destination for the burgeoning North-East Asia tourism market for European, Middle Eastern and U.S. travelers. Much will depend on ASEAN’s capacity to address its significant infrastructure and human resource development needs (see below) 
Education and Training: ASEAN boasts the world’s third largest labor force after China and India, offering excellent opportunities for providers of education and training. This is particularly important for the services sector but also for industrial development given its complementary effects on the manufacturing sector through intermediate input linkages and hence overall productivity improvements in the economy 
 
Addressing Consumer Demand: The “consumer class” in ASEAN (those able to make discretionary purchases) has grown exponentially over the past decade and is projected to double again by 2025. Focused on leisure activities, retail and ICT (strongly embracing modern trends in social media), ASEAN’s growing consumer cohort offers vast opportunities to local and international companies 
 
ASEAN as an FDI Destination: The region’s infrastructure needs and its growing middle class make ASEAN a very appealing destination for foreign direct investment. ASEAN ranks alongside China as a preferred destination for Foreign Direct Investment (FDI), and still well ahead of India. But it needs to ensure that its newly minted AEC succeeds in providing the additional driver to growth through enhanced economic integration, if it is not to lose out to India in attracting future tranches of FDI from multinational corporations. 
 
Risks 
ASEAN faces a range of risks and challenges that must be addressed if it is to realize its true potential. These include: 
 
Geo-political: Competition for influence in the region between China and the U.S. has the potential to seriously undermine the economic environment of ASEAN and to affect regional growth. To date, tension between the two superpowers has remained at a medium level, though recent moves by China to enforce its sovereignty claims over disputed areas in the South China Sea and U.S. responses to these have raised the specter of a U.S.-Soviet Cold War type of confrontation between China and the U.S. ASEAN needs to continue to work to convince both China and the U.S. that a confrontation in the region would serve no one’s interest, least of all ASEAN’s. To date, it has been relatively successful in limiting these tensions. 
 
Infrastructure Deficit: An estimated USD60 billion is needed to address the regional infrastructure deficiencies of ASEAN nations. While much capital has already been deployed though bilateral, regional and multilateral initiatives, little progress has been made to date because of bureaucratic inertia and waste. Much hope has now been placed in China’s new initiative, the Asian Infrastructure Investment bank, though this has become a target of regional geopolitical rivalry. ASEAN would be well advised to embrace this initiative, though it needs to do so with open eyes and a clear understanding of its geopolitical implications. For without a significant infrastructure upgrade, ASEAN will struggle to meet its full potential. 
 
Pandemics and Natural Disasters: Typhoons, tsunamis, severe acute respiratory syndrome (SARS), Avian influenza and now Zika have shown the impact that natural disasters and pandemics can have on this densely populated region. Improved regional integration and communications, as well as improved education are likely to mitigate these risks to some extent going forward, though they will continue to pose a considerable risk for regional economic growth. 
 
Growth in China: Slower growth in China poses an ongoing risk for ASEAN, given the importance of China as a trade and investment partner for the region. There are now signs emerging that China may be over the worst of its recent economic woes – that would be a strong boost to ASEAN’s growth prospects. 
 
Religious and Political Extremism: Terrorist attacks in a number of ASEAN countries have compounded fears of the spread of religious radicalism to the region. ASEAN needs to respond to this threat collectively in order to ensure perceptions of a stable region are maintained and the desirability of ASEAN as an investment destination and preferred trading partner are preserved. 
 
ASEAN has the potential to become the third great emerging driver of global growth after China and India. Whether it achieves its full potential in this regard will depend on the capacity of the region to prosecute its grand plan of an AEC facilitating seamless cross-border trade, investment and the movement of people and the commitment of individual member states to put in place the suite of economic policies that will be required to achieve this. 
 
Simon Gerovich is founder and Chairman of the Board of Red Planet Hotels, a privately-owned Pan-Asian hotel company focused on the value hotel sector. Red Planet owns and operates hotels in Japan, Thailand, Indonesia and the Philippines. Gerovich will be part of a panel discussion at YPO’s Insights ASEAN Summit 2016 in Singapore. 
 
(The article is authored by Simon Gerovich, Founder and Chairman of the Board for Red Planet Hotels. Member of YPO since 2010) 
 
(YPO is a global community of chief executives dedicated to becoming Better Leaders through Lifelong Learning and Idea ExchangeTM. The YPO platform provides more than 24,000 members in more than 130 countries. For more information, visit www.ypo.org.)

The future of ASEAN: Risks and opportunities

In 2016, <keyword id="13486" type="COUNTRY" weightage="20" keywordseo="Vietnam">Vietnam</keyword> will mark the 30th anniversary of the launch of the Đổi Mới reforms, which marked the beginning of Vietnam’s efforts to reform and transform its economy. At the time, the country was still recovering from decades of conflict, was insular, and overly dependent on long-time allies such as the Soviet Union. In just one generation, Vietnam has become one of the fastest growing economies in the world, and trade has played a starring role in that transformation. 
 
In a few short years, Vietnam has become a manufacturing hub, particularly for the electronics industry and the apparel and footwear industry, with most of the products exported to markets around the world. Foreign direct investment in Vietnam continues to be robust, with billions of dollars being invested by companies from Korea, Japan, Thailand, the United States and other countries, with the majority going towards manufacturing. Vietnam’s agricultural products are also in demand around the world, and the country is one of the world’s top exporters of rice, coffee, fish and shrimp, and a range of other agricultural products. 
 
 
 
Trends in Vietnam’s GDP per capita and exports, 1986 – 2016 
 
It was just about a year ago that negotiations around the landmark TPP were successfully concluded, and there was great fanfare about the benefits it is expected to bring to Vietnam. Since then, the political situation in the US has evolved in a way that makes passage unlikely this year – if ever. Likewise, Vietnam’s free trade agreement with the EU is a far-reaching pact that is expected to go into effect in 2018, but Brexit has called into question the whole concept of the EU; will other nations follow the UK’s example? 
 
Another multilateral pact, the Regional Comprehensive Economic Partnership (RCEP), encompasses ASEAN’s ten members plus six other countries including India and China, and remains under negotiation nearly five years since it was first proposed; Singapore Prime Minister Lee recently said that talks were progressing rather slowly. None of this would be happening had Vietnam’s government not made a concerted effort to open up the country and build relationships with countries around the world. 
 In 2007, Vietnam joined the <keyword id="126959" type="ORGANIZATION" weightage="20" keywordseo="World-Trade-Organization">World Trade Organization</keyword>, marking the start of its integration into the global economy. Since then, the country has negotiated and/or entered into 16 free trade agreements, on both a bi- and multilateral basis. Recent agreements include those with Korea, the Russian Federation, the <keyword id="3145781" type="ORGANIZATION" weightage="20" keywordseo="ASEAN-Economic-Community">ASEAN Economic Community</keyword> (AEC), the EU, and of course the Trans-Pacific Partnership (TPP). 
 
What does all of this mean to Vietnam? Clearly the possible failure of TPP would be disappointing. Meanwhile the effects of Brexit remain to be seen. Regardless of what happens, there is no chance that Vietnam’s growth will be stopped – trade has become the cornerstone for its economy, and I would expect the government to enter into bilateral agreements with those TPP members with which it does not currently have agreements, and will negotiate a separate agreement with the UK at the appropriate time. But all of these developments point to the extreme difficulty of negotiating, let alone eventually ratifying multinational agreements, and the future of large economic communities could be called into question. 
 
The progress made by ASEAN nations over the past two decades has been nothing short of breathtaking, and trade has been and will continue to be a critical part of the region’s ongoing development. Trade encompasses so much more than simply producing and selling goods – it is a catalyst for progress, for greater exposure to and integration with the world, and ultimately for improving peoples’ lives. It is a multi-faceted topic, and that is why I am excited to be a part of the panel discussion at this year’s Insights ASEAN Summit. 
 (The article is authored by By <keyword id="3791307" type="UNKNOWN" weightage="20" keywordseo="don-lam">Don Lam</keyword>, CEO and Founding Partner for VinaCapital, who is also a Member of <keyword id="852310" type="ORGANIZATION" weightage="20" keywordseo="YPO">YPO</keyword> since 2010) 
 
(YPO is a global community of chief executives dedicated to becoming Better Leaders through Lifelong Learning and Idea ExchangeTM. The YPO platform provides more than 24,000 members in more than 130 countries. For more information, visit www.ypo.org.)

The future of trade and growth in Southeast Asia

Prime Minister <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> on Saturday said reforms are "just a way station" to transforming India, with a slew of measures putting the economy back on track and vowed to provide a transparent and predictable tax regime as well as protection to <keyword id="388837" type="UNKNOWN" weightage="20" keywordseo="intellectual-property">Intellectual Property</keyword> Rights. 
 
Speaking at the ASEAN Business and Investment Summit, he said government actions in the past 18 months have led to bringing down inflation while at the same time leading to higher GDP growth and foreign investmen .. 
 
"Reform is not an end in itself. Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India," he said. 
 
"India is reforming to transform, it is at a take-off stage. I invite you to be part of this change," he said. 
 
When the BJP-led government took office in May 2014, the economy faced serious challenges in high fiscal and current account deficit, stalled infrastructure projects and persistent inflation. 
 
"It was obvious that reforms were needed. We asked ourselves the question - Reforms for what? What is the aim of reform? Is it just to increase the measured rate of GDP growth? Or is it to bring about a transformation in society? My answer is clear: we must 'reform to transform'," he said. 
 
The fruits of development have to be taken to the margins of geography and to the bottom of demography. "We have to touch lives, while reaching for the sky," he said. 
 
Action during the last 18 months has ensured that "GDP growth is up and inflation is down, foreign investment is up and the current account deficit is down, tax revenues are up and interest rates are down, thee fiscal deficit is down and the rupee is stable," Modi said. 
 
Stating that a series of concerted steps including structural and institutional reforms have initiated, the Prime Minister said the government was "moving fast" to make sure tax regime is transparent and predictable where genuine investors and honest tax payers get quick and fair decisions. 
 
"Going further, I want to assure you that India is committed to protect Intellectual Property Rights of all innovators. We have taken several initiatives for transparency and online processing in IP administration. A comprehensive National IPR policy is expected by the end of the year," he said. 
 "To re-vitalise the flow of <keyword id="6362476" type="ORGANIZATION" weightage="80" keywordseo="investments">investments</keyword>, the second wave of structural and financial reforms have been launched. "We are trying to further open up the economy and introduce an element of predictability and stability in taxation system," he said. 
 
While productive public investment has been substantially increased, carbon taxes on fossil fuels has been imposed to show India's commitment to climate change. 
 
Stating that the world economy was not exactly doing well, Prime Minister said the economic revival in India is the result of a series of concerted policies. 
 
Even while cutting the fiscal deficit, productive public investment has been substantially increased. 
 
"We have embarked on a course of fiscal consolidation. We have entered, for the first time, into a monetary framework agreement with the Reserve Bank to curb inflation," Modi said. 
 
Recounting steps taken, he said carbon taxes on fossil fuels has been imposed, diesel price de-controlled, cess on coal hiked by three fold and wasteful expenditure has been cut. While confidence within and outside the country has increased, the IMF and World Bank have expressed even better hope for the <keyword id="6356076" type="UNKNOWN" weightage="80" keywordseo="indian-economy">Indian economy</keyword> this year and after, Modi said. 
 
Macro-economic stability, he said, is good. 
 
"Our aim is to create jobs for more than a billion young hands. To provide this, the share of manufacturing must reach around 25 per cent in our GDP," he said adding 'Make in India' campaign has been launched and government is aggressively working on ease of doing business front. 
 
Reducing complicated procedures, making them available at one platform -- preferably online, simplifying the forms and formats has been taken up on war footing, he said recalling India jumping 12 ranks in the recent World Bank's 'Ease of Doing Business Report of 2016'. 
 
Modi said the Index of Industrial Production (IIP) has shown a distinct improvement over the previous year. "We are working in all ways to make India a global manufacturing hub." 
Enumerating steps taken, he said a series of simple but powerful structural reforms in agriculture have been taken, the world's most ambitious housing for all programme launched and undertaken major improvements in the transport sector. 
 
Concerted action to revive stalled infrastructure projects and a major revamp of the power sector have been undertaken, he said. 
 
The pace of award of new highway works has increased from 9 kilometers per day in 2013-14 to 23 km a day currently. "These will have large multiplier effects throughout the economy," he said. 
 
Prime Minister said the government was committed to restore credibility in the process of allocation of natural resources. 
 
"My government has intervened with legislative and administrative measures to improve the supply of critical inputs and raw materials. They include Coal, other minerals and spectrum. The hallmark of this intervention is allocation through transparent auction," he said. 
 
About 190 million new bank accounts have been opened under the Jan Dhan Yojana. 
 
In a break with over 65 years of tradition, states have been involved in framing foreign policy. 
 
Prime Minister said the government was trying to remove the bottlenecks that were affecting growth process. 
 
"India is a land of immense opportunities," he told the ASEAN business community. "Our democratic values and an alert judicial system ensure the safety of your investments. We have set the tone of Governance with a long term vision and an open mind. We are particularly working to make India the easiest place to do business." 
 
He said "it is India's turn" now. 
 
"And we know that our time has come. We are at a take-off stage. I invite you to come and see the winds of change in India,” he said. 
Modi said maximum focus of the government is on building futuristic infrastructure. 
 
"By exercising tight control over unproductive expenditure, we have greatly increased capital investment by the public sector. To further augment such investments, we are encouraging the PPP (public-private partnership model)," he said. 
 
Also, National Investment and Infrastructure Fund has been set up to leverage public investments. 
 
"We are also coming up with Tax Free Infrastructure Bonds with a view to broaden the corporate bond market and to provide long term finance for infrastructure," he said. "We are eager to work with Malaysia, Singapore and other ASEAN countries in this regard." 
 
Prime Minister said the initiatives of 18 months has led to sentiments for private investment and inflow of foreign investment turning positive with foreign investment rising by 40 per cent. 
India, he said, has been consistently ranked as the most attractive investment destination by several global agencies and institutions. 
 
He said the government has allowed and enhanced FDI levels in key sectors including insurance, defence and railways and put most of the sectors on automatic approval route. 
 
Also FDI policies in sectors like construction, plantation and medical devices has been rationalised and composite caps for Foreign portfolio investors has been allowed. 
 
A new bankruptcy code has been drafted and formation of the Company Law Tribunal to expedite cases is on the way. 
 
"We have ended retrospective taxation," he said adding the implementation of General Anti Avoidance Rules (GAAR) has been deferred. 
 
Also, the Goods and Services Tax Bill has been introduced in Parliament. 
 
"We are hopeful of rolling it out in 2016. This will create a unified system of taxation across the country," he said. 
 
Calling India and ASEAN natural partners, Modi said ASEAN's ten member countries form an economic powerhouse and have emerged as one of the largest economic zones in the world. 
 
"Last fifteen years have seen your rapid and yet stable growth. Your Macro-economic stability has been the main reason for growth and stability in South East Asia. With good governance, futuristic infrastructure and focus on new age technologies, you have created excellence," he said. 
 
Image credit: Indiatimes

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