Wednesday, 20 September 2017
Sort Updates

Industry Updates

ASEAN to promote Trade with Russia and EAEU

Date of Publication: 13 September 2017; Source: Antara

Jakarta (ANTARA News) - ASEAN Economic Ministers agreed to expand trade with Russia and those grouped in the Eurasian Economic Union (EAEU).

The cooperation would be cemented with a memorandum of understanding on trade expansion between the two sides, Director of International Trade Negotiations Iman Pambagyo said.

Imam said currently ASEAN and Eurasian Economic Union (EEC) are seeking to finalize the MoU expected to be wrapped up in November, 2017.

"ASEAN and EEC are finalizing the MoU to promote economic cooperation between the two sides and it is expected to be signed during the ASEAN Summit in November 2017," Iman said in a written statement received here on Tuesday.

Senior officials of the two economic groupings will soon wrap up the MoU that it could be signed together with Eurasian Economic Commission (EEC) - supranational body - of EAEU and secretary general of ASEAN, representing ASEAN member countries.

EAEU groups Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan.

The 49th Asean Economic Minister meeting was closed with the 6th AEM-Russia Consultations and the 14th AEM-India Consultations in Pasay, the Philippines. The Russian delegation was headed by Deputy Economic Development Minister Maxim Oreshkin and the Indian delegation by Minister for Commerce and Industry Suresh Prabhakar Prabhu.

The ministers also ratified revision of the ASEAN-Russia Trade and Investment Cooperation Road Map together with Post 2017 ASEAN-Russia Trade and Investment Cooperation Work Program developed from the ASEAN-Russian Trade and Investment Cooperation Road Map.

The Ministers discussed development of Russian recommendation about feasibility study on ASEAN-EAEU free trade area.

"AEM Ministers are of the opinion ASEAN needs to study and know first the trade system in EAEU before deciding on more intensive cooperation with EAEU. The methods could be in the form of workshop and dialog about trade policy," Iman said.

Based on ASEAN statistic data, the ASEAN-Russian trade was valued at US$12 billion in 2016 or 5 percent of ASEAN total trade. Russian direct investment in ASEAN was valued at US$60 million in 2016.

Notice: The Publishers of Asean LIP acknowledge the permission granted by the relevant official/ original source for the reproduction of the above/ attached materials. You shall not reproduce the above/ attached materials in whole or in part without the prior written consent of the Publishers and/or the original/ official source. Neither the Publishers nor the official/ original source will be liable for any loss, injury, claim, liability, or damage caused directly, indirectly or incidentally to errors in or omissions from the above/ attached materials. The Publishers and the official/ original source also disclaim and exclude all liabilities in respect of anything done or omitted to be done in reliance upon the whole or any part of the above/attached materials. The access to, and the use of, Asean LIP and contents herein are subject to the Terms of Use.

IBP urges Senate to restore CHR 2018 Budget

MANILA - The Integrated Bar of the Philippines (IBP) on Tuesday urged the Senate to provide a workable budget for the Commission on Human Rights (CHR) for 2018.

Senate okays Fiscal and Monetary Report Act of 2017 Solon wants to create Classification System for Third Parties in BOC BNM to provide Guidelines on Cryptocurrency by Year-end more

Gemstones Bill needs More Changes: Panel

The Gemstones Bill, which had been passed by the Amyotha Hluttaw in August, still needs more amendments as it does not reflect the true sentiments of the people, according to a member of an advisory committee.

Consumers urged to complain about Faulty Goods and Services Registers of Nominee Directors Guidance for Companies Registers of Registrable Controllers Guidance for Foreign Companies more

CDC deliberates on Draft Organic Anti-corruption Law

BANGKOK, 19th September 2017 (NNT) - Constitution Drafting Commission (CDC) Chairman, Meechai Ruchupan said the CDC has now completed its deliberations on key issues in the draft organic law on the prevention of corrupti ...

Former Store Keepers jailed, fined RM10,000 for Bribery Man fined $6,600 for Possession and Keeping of Illegal Wildlife Eleven Drivers who took up “Lucrative” Online Job Offers end up in Jail more

Federal Government ensures Transparency in Sabah, Sarawak Rights

TUARAN, Sept 17 (Bernama) - The federal government will always ensure that every decision pertaining to the rights of Sabah and Sarawak is discussed in a transparent manner, including getting input from ministers of both ...

House finds Impeach Complaint vs Sereno sufficient in Form, Substance MACC refers to A-G on Legal Action against Guan Eng Court allows Consortium Zenith's Application against PCM Vice-president more

Contractor fined RM4,000 for uploading Defamatory Comments on Facebook

PETALING JAYA, Sept 18 (Bernama) - A contractor, whose status on his dissatisfaction with the police over a traffic summons went viral on Facebook, was fined RM4,000 in default four months' jail by the Magistrate's Court ...

How Singapore SMEs should prepare for EU General Data Protection Regulation 40% in Singapore watch Pirated Content: Study Telekom Malaysia Retiree fined RM5,000 for Transmission of False Communication more

Interior Ministry promises Action if Fraud found in Khon Kaen Land Use

KHON KAEN, 14th September 2017 (NNT) - The Minister of the Interior has asserted action will be taken if any forging of documents is discovered in the process that allowed private use of a public area in Pa Huay Mek of K ...

Building Security Bill timely but Firms say Cost a Concern Amended Act aims to improve running of Property Management Organisations MP Louis Ng petitions for Single Parents to get Equal Public Housing Rights more

IRB targeting 86 Companies, Individuals in Sandakan

SANDAKAN, Sept 19 (Bernama) - A total of 86 companies and individuals who failed to submit their returns and have not paid taxes will receive legal instruments when the Sandakan Inland Revenue Board (IRB) office mounts ' ...

Proposal to amend GST Act 2014 to be tabled in Parliament Government adopts Single Platform for Trading Requirements Taxman calls on Grab, Uber Drivers more

MMDA to review Solons' Immunity to Minor Traffic Violations

MANILA - The Metropolitan Manila Development Authority (MMDA) will review the proposal to grant legislators immunity to minor traffic violations.

Use of Seatbelt for Kids hurdles House Com 'Taxi Stands for Taxis Only' Rule will be reviewed regularly The “Dream Star” more

Man sentenced to death over Shipment of 270 Kilograms of Methamphetamine

Medan, N Sumatra (ANTARA News) - The district court of Medan, North Sumatra, sentenced Irwantoni (38) to death here on Wednesday for his involvement in the shipment of 270 kilograms of methamphetamine from China to Dumai ...

Trade, Investment Agreements must not violate Human Rights Freeport Indonesia announces Long Term Operation Framework PT Dwikarya Reksa Abadi v Menteri Kelautan Dan Perikanan RI more

Laos prevails in Hongsa Power Plant Court Case

The government has won a long running legal battle with a former investor, Thai-Lao Lignite Co., Ltd., over the Hongsa thermal power project.

Telephone Number Registry Checks planned as Decree Drafted Governmentt orders Cut in Lotteries E-commerce set to boom in Laos but no Laws to regulate Sector more

Amend Education Act, register Tahfiz School - Ahmad Zahid

PUTRAJAYA, Sept 19 (Bernama) - The Education Act 1996 (Act 550) should be amended to allow the registrations of private Islamic education institutions including private tahfiz schools to be subjected to the act with the ...

Former Store Keepers jailed, fined RM10,000 for Bribery IRB targeting 86 Companies, Individuals in Sandakan Contractor fined RM4,000 for uploading Defamatory Comments on Facebook more

Gemstones Bill needs More Changes: Panel

The Gemstones Bill, which had been passed by the Amyotha Hluttaw in August, still needs more amendments as it does not reflect the true sentiments of the people, according to a member of an advisory committee.

Consumers urged to complain about Faulty Goods and Services Amended Food Law may take effect Next Year, FDA says Regulatory Roadmap needed for Banking Sector Reform more

CCS consults on the Proposed Merger of Essilor International (Compagnie Generale d’Optique) SA and Luxottica Group SpA

The Competition Commission of Singapore (“CCS”) is conducting a public consultation from 19 September 2017 to 4 October 2017 to invite interested parties to provide feedback on the proposed merger of Essilor ...

Man fined $6,600 for Possession and Keeping of Illegal Wildlife Eleven Drivers who took up “Lucrative” Online Job Offers end up in Jail Registers of Nominee Directors Guidance for Companies more

CDC deliberates on Draft Organic Anti-corruption Law

BANGKOK, 19th September 2017 (NNT) - Constitution Drafting Commission (CDC) Chairman, Meechai Ruchupan said the CDC has now completed its deliberations on key issues in the draft organic law on the prevention of corrupti ...

Government to take Legal Measures against Loan Sharks Thai Court orders Poultry Farm to pay Myanmar Workers New Excise Tax Act takes effect, to generate 12 Billion Baht in Tax Revenue more