Latest news with #tradeintegration
Japan Times
4 days ago
- Business
- Japan Times
Former IMF economist advises Japan to strengthen non-U.S. ties
Former International Monetary Fund Chief Economist Maurice Obstfeld has advised Japan to strengthen its cooperation with Asian and European countries, given disruptions to the global economic and financial order caused by U.S. policies. In a recent interview with Jiji Press, Obstfeld expressed concern that U.S. President Donald Trump's administration has taken policy measures, including high tariffs and tax laws, that expand the federal debt and unpredictability, thereby undermining confidence in the dollar. He also said such actions are driving trade partners to deepen integration with countries other than the United States. "It will ultimately look attractive to countries to divert their trade links toward deeper integration with other trade partners, just in the interest of protecting themselves from mercurial U.S. policies," Obstfeld explained. Looking forward, Obstfeld stated, "The world is not going to return for a long time, if ever, to what it was before 2017," when the first Trump administration was inaugurated. Given this, Obstfeld urged Japan to strengthen its economic partnerships, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and regional frameworks such as ASEAN Plus Three, whose members are the 10-country Association of Southeast Asian Nations as well as Japan, China and South Korea. Regarding the future of the international monetary system, Obstfeld predicted a "multipolar" era in which the dominance of the U.S. dollar as the key currency would slightly decline, while the presence of the euro and the Chinese yuan would grow. Citing U.S. policies that could undermine confidence in the dollar, he assessed that the yuan, in particular, has significant potential for the future. Obstfeld is a senior fellow at the Peterson Institute for International Economics. He has also served as an international adviser to the Bank of Japan's Institute for Monetary and Economic Studies.
Bloomberg
06-07-2025
- Business
- Bloomberg
Decade-old Local Currency Push by BRICS Is Still A Pipe Dream
BRICS countries once again failed to make significant strides in the cross-border payments system for trade and investment they've been discussing for a decade. In a statement released as they kicked off their meeting in Brazil Sunday, leaders committed to additional talks on the potential for greater trade integration of the 10-nation bloc.
Reuters
23-05-2025
- Business
- Reuters
Asia must not succumb to tariff retaliation, Singapore cbank official says
SINGAPORE, May 23 (Reuters) - Asian economies must remain agile and not succumb to tit-for-tat tariff retaliation, a deputy managing director of the Monetary Authority of Singapore said on Friday. Retaliatory tariffs would lead to negative supply shifts that would worsen the growth-inflation trade-off and complicate monetary policy, Edward Robinson, who is also the MAS's chief economist, told a monetary policy conference. "They should continue to keep the old advice to avoid throwing rocks into their own harvest and intensify regional trade integration initiatives, including in digital and services trade, and investment," Robinson said. Protectionism and import taxes disrupt resource allocation and lower the consumer surplus as domestic households face higher prices and fewer choices, he said. "Both the targeted and the tariff-imposing economies suffer." Despite having a free-trade agreement and running a trade deficit with the United States, Singapore has been slapped with a 10% baseline tariff rate by Washington. Other Southeast Asian countries have been threatened with much higher tariffs, although they have been delayed until July and an interim 10% tariff is in place for now. Singapore on Thursday reported a 0.6% contraction in the first quarter, even before U.S. tariffs were announced, putting the economy at risk of a technical recession. The MAS eased policy at reviews in January and April this year. Speaking on Thursday after the GDP data, Robinson said the current monetary policy stance remained appropriate.
Zawya
15-05-2025
- Business
- Zawya
GAFI's CEO outlines Egypt's strategies to boost trade across Africa
Arab Finance: The Egyptian government is adopting sustainable strategies to facilitate investment flows and trade across Africa, Hossam Heiba, the CEO of the General Authority for Investment and Free Zones (GAFI), stated. During his participation in the Connecting Markets for the Future conference, Heiba noted that Egypt is working to establish integrated partnerships with key African stakeholders, including Morocco, to strengthen intra-African investment and trade. He also outlined the government's efforts to enhance the investment climate, including the imminent launch of the first version of the Unified Electronic Licensing platform, which will connect all licensing authorities. Serving as a single point of contact for investors seeking permits, the platform will streamline approval processes and accelerate the licensing process. Organized by Attijariwafa Bank, the conference aims to establish strategies for investment and trade integration across African countries. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
