It has been yet another impressive year for Cambodia’s economy. Thanks to continued strength in traditional sectors such as garments, tourism, trade and construction, Cambodia’s GDP grew 7 per cent in 2019 — the highest growth in the ASEAN region according to the IMF.
The Thai economy will continue to grow slowly in 2020, albeit slightly faster than this year. It is projected to expand at 2.5-3.0%, compared with 2.5% in 2019, in line with faster growth in the global economy next year. The Thai economy's main drivers in 2020 will be recoveries in export volumes and tourism, and greater government spending.
What started as a spat with the European Union over Indonesian palm oil has escalated into a far broader trade dispute with imported European spirits and now dairy products caught in the crossfire.
On 4 November 2019, India decided to opt out of the Regional Comprehensive Economic Partnership (RCEP) pact. All the 15 countries decided to conclude the RCEP trade agreement and have kept the door still open for India to work on a bilateral basis on the pending issues.
Thailand is looking forward to strengthening Free Trade Agreements (FTAs) under the next year's Asean arrangement, with the goal of expanding tariff cuts to cover more, particularly sensitive goods.
The coming year is expected to bring a modest economic recovery for Singapore, with trade tensions between the United States and China posing the main risk, say economists.
The Thai Government has extended the anti-dumping duty on cold-reduced carbon steel, both coiled and uncoiled, from China, Vietnam and Taiwan (China) for the next five years to curb supply from the three markets.
The Asean market today boasts favourable demographics, a thriving tourism industry, less market volatility and the ability to benefit from trade tensions. However, many investors are still oblivious to such advantages due to the reputation the region garnered after the 2008 global financial crisis, says JP Morgan Asset Management.
<p>Time: November 2025<br /> By: WTO and International Trade Group, Legal Department – VCCI</p>
