The modern international financial system emerged from the devastation of World War II. Since then, it has continued to be shaped by historic slumps – most recently, the 2008 global financial crisis.
Before the outbreak of the Covid-19 pandemic in late 2019, global economic growth had already been on a downward trend, slowing from a peak of 3.8% in 2017 to 3.0% in 2019 – weighed down by rising trade tensions between the US and China, and the lagged effect of the US Federal Reserve’s (US Fed) policy tightening in 2017-18.
Indonesia’s economy could contract more than expected if the coronavirus pandemic remains uncontrolled, as Southeast Asia’s largest economy faces an “uneven and volatile” economic recovery, according to the World Bank (WB).
Cambodia and the Republic of Korea (ROK) have pledged to finalise their Free Trade Agreement (FTA) negotiations by the end of the year to increase trade and investment between the two countries.
Thailand has kick-started efforts to forge a free trade agreement (FTA) with the European Free Trade Association (EFTA), a regional trade bloc consisting of Iceland, Liechtenstein, Norway and Switzerland.
Indonesia and the Republic of Korea (RoK) have enhancing their business ties with investments worth thousands of billions of rupiah that will create thousands of jobs in the Southeast Asian nation.
According to the Ministry of Agriculture and Rural Development, from September 4 to September 17, six enterprises appliedfor certification with a volume of approximately 4.3 thousand tonnes of fragrant rice exported to the EU. Rice exports including fragrant rice to the EU will continue to increase despite the impact of the Covid-19 pandemic from now until the end of the year.
Canada represents a potential market for Vietnamese wood and furniture firms to expand into and increase their market share, according to experts at an online trade exchange held in Ho Chi Minh City on September 30.
<p>Time: November 2025<br /> By: WTO and International Trade Group, Legal Department – VCCI</p>
