Dubai Chambers’ Post

NEWS ASIA Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA) The Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA), signed on October 28, 2024, marks Vietnam's first free trade agreement with an Arab nation, enhancing economic ties between the Middle East and ASEAN. Covering 18 chapters, it eliminates tariffs on 98.5-99% of exports, boosting trade in goods like agriculture, seafood, textiles, and electronics. Bilateral trade is expected to reach $10 billion. The CEPA fosters cooperation in tourism, transportation, energy, and financial services while positioning Vietnam as a key destination for UAE investment in high-tech agriculture, manufacturing, and infrastructure. UAE businesses gain access to ASEAN markets, while Vietnam leverages UAE’s trade networks for agricultural and sustainable growth. Strengthening non-oil trade and renewable energy collaboration, the CEPA is set to secure supply chains, promote sustainability, and unlock expansive economic opportunities for both nations.

Bilateral trade between #Canada and #Indonesia is about to get better than ever! The finalization of the Canada-Indonesia Comprehensive Economic Partnership Agreement (#CEPA) was announced at the sidelines of the #APEC summit and it set to take effect mid-2025. A policy goal of Canada’s 2022 Indo-Pacific Strategy, CEPA will strengthen economic ties by reducing trade barriers, expanding market access, and fostering mutual growth between Canadian and Indonesian markets. Delve into our latest #Insight for the full break down and what’s next for Canada in Southeast Asia. 🔗: https://lnkd.in/givUyg8s

🤝🏼 Trade deal 🔁 👍🏼 #Vietnamese and #Indonesian top leaders have agreed to raise two-way trade to US$18 billion by 2028 while expanding cooperation in all fields to further bring into play the strategic partnership between the two countries. 📃 The agreement was reached on Friday between Vietnamese Party General Secretary and State President To Lam and Indonesian President-elect Prabowo Subianto, who arrived in Hanoi on the same day for a two-day working visit. 🙏🏼 Highly appreciating Subianto’s visit, Lam congratulated Indonesia on its 79th National Day (August 17) and praised the country’s recent achievements in socio-economic development as well as its contributions to peace and cooperation in the region and the world. 🎉 President-elect Prabowo Subianto thanked the warm welcome and congratulated Vietnam on its significant accomplishments in economic development and enhancing its position in the international arena. He also shared his deep sympathy for the great losses and damages caused by Typhoon Yagi in Vietnam. 🎯 Subianto affirmed that Indonesia always attaches importance to the traditional friendship and cooperation with Vietnam – the only strategic partner of Indonesia in ASEAN, and wished to take stronger measures to deepen and substantiate the relationship. 🥉 Currently, Indonesia is Vietnam's third largest trade partner and Vietnam is Indonesia's fourth largest trade partner in ASEAN, with trade between the two countries increasing by nearly four times over the past 10 years. 📌 The two leaders affirmed their determination to bring two-way trade to $18 billion by 2028 through trade promotion activities, support for trade between businesses of both countries, and remove barriers to the bilateral trade. 🌊 The two leaders reaffirmed the importance of peace, stability, safety, security, and freedom of navigation and aviation in the East Vietnam Sea; maintain ASEAN's solidarity and common stance on the East Vietnam Sea issue; and promote substantive and effective negotiations on a Code of Conduct in the waters in line with international law, especially the 1982 United Nations Convention on the Law of the Sea (UNCLOS). 💚 Lam asked Indonesia to support and send high-level representatives to the ASEAN Future Forum 2025 and the ASEAN Future Forum 2025 and the Partnering for Green Growth and the Global Goals 2030 (P4G) Summit to be held in Vietnam. https://lnkd.in/gKeZtw-v

A comprehensive outlook on the progress of carbon pricing in ASEAN to support the shift towards a low-carbon economy. Balancing industrial growth with climate goals and effective carbon pricing are the persistent challenge.

Asia House Fellow Apoorva Vishnoi explores the impact and challenges associated with stakeholder consultations in FTA negotiations in Indonesia and Vietnam, when compared to the more developed economies of the EU and Australia. The research identifies seven key challenges in making these consultations more effective in Indonesia and Vietnam ⬇️ (1) Governments have faced difficulty in identifying the right stakeholders. Improper identification can incorrectly exclude businesses that will be affected by FTA issues, denying them the chance to contribute. (2) Businesses generally lack awareness and knowledge about FTAs. This is particularly the case for new-generation FTAs, which are far-reaching in their scope but often involve highly technical information. (3) There is limited transparency in stakeholder consultations which makes it harder for businesses to determine if they will be affected by a given FTA and their ability to provide relevant and useful feedback. (4) There is limited participation of SMEs in the consultation mechanism, as consultations are dominated by large businesses and associations. (5) Business leaders are relatively passive and not proactive when it comes to providing high-quality input and advocating for their interests in FTAs. (6) FTAs are complex and businesses lack access to research capabilities. (7) Businesses in Vietnam and Indonesia tend to focus primarily on goods exports and tariff lines and show little interest in topics such as services or investment during FTA negotiations. The study also offers five potential pathways for the governments and businesses in Vietnam and Indonesia to explore when dealing with these challenges. Read the full report here: https://lnkd.in/gS7UepPM #asiahouse #asia #fellowship

Wesgro had the honour of hosting the Foreign Economic Relations Board of Türkiye (DEİK) on Thursday, April 18th, at the InvestSA One-Stop-Shop in Cape Town. The purpose of this meeting was to facilitate a productive exchange regarding trade and investment opportunities in South Africa, as part of the DEİK delegation's week-long visit to the country. Comprising representatives from various sectors such as manufacturing, construction, and healthcare tourism, the delegation sought to gain insight into the South African market landscape. During the session, the agency provided an extensive overview of the Western Cape economy, highlighting areas of growth and delineating investment opportunities available to Turkish enterprises. This presentation aimed to equip the DEİK delegation with valuable information to aid their exploration of business prospects within the region, potentially leading to increased foreign direct investment in the Western Cape. Furthermore, Wesgro has been actively engaged in boosting trade relations with Middle Eastern countries. As part of this endeavour, efforts have been directed towards enhancing exports to the Middle East, particularly within the Halal foods and beverages sector. The agency has been instrumental in supporting local industries to expand their footprint in Muslim countries, thereby contributing to the growth and development of bilateral trade relations. DID YOU KNOW ❓ | Over 60 Turkish companies have found success in South Africa, operating across diverse industries including carpets, furniture, textiles, and food | Arcelik, a prominent Turkish small household appliances producer, is the proud owner of DEFY, a well-established SA brand, supporting employment for 2,700 individuals | Simultaneously, more than 65 South African companies are actively engaged in Türkiye, with Metair leading the charge | Trade between Türkiye and South Africa hit $2 billion in 2021 and almost $3 billion in 2022, though experiencing a dip to $1.95 billion in 2023. 💼💰 #TradeRelations #InvestmentOpportunities #CapeConfidence https://lnkd.in/dKQPBMYd JP van der Merwe Zaheer Hendricks Gcina Nomsa Dlamini

💡 Out now: Progress of Carbon Pricing in ASEAN to Support the Shift Towards a Low Carbon Economy Did you know carbon pricing remains a crucial instrument in ASEAN's shift towards a low-carbon economy? Carbon pricing is a pivotal tool in ASEAN's shift towards a low-carbon economy. Furthermore, implementing a carbon pricing scheme is essential as a starting point in ASEAN’s approach to addressing the Carbon Border Adjustment Mechanism (CBAM) introduced by the EU. Read our policy brief to understand the progress of carbon pricing in ASEAN, along with challenges and several policy recommendations to foster a shift towards a low carbon economy. 🔗 To find out more: https://lnkd.in/geeWqAyg ✍ Aldilla Rakhiemah, Nuriza Zharifah Arsyanti, Shidiq Muhammad, Indira P., Muhammad Ilham Rizaldi, Beni Suryadi

Strengthening Trade Cooperation between Europe and Southeast Asia 🌍 #EFTA and #ASEAN have taken a significant step forward by adopting a Joint Declaration on Economic Cooperation.   "A closer collaboration between EFTA and ASEAN is a milestone. This opens the door to new opportunities for many Norwegian businesses and strengthens economic ties to one of the world’s most dynamic regions," says the minister of Norwegian Ministry of Trade, Industry and Fisheries, Cecilie T. Myrseth.   Trade between Norway and ASEAN reached nearly NOK 57 billion in 2023, making ASEAN Norway's fifth-largest trading partner. Key exports include seafood, machinery, technical equipment, and fertilizers.   This declaration was finalized during a meeting in Laos, aiming to enhance dialogue and collaboration between the EFTA States and ASEAN. Norway has been a sectoral dialogue partner with ASEAN since 2015, and this partnership continues to grow in areas like sustainable development and peace 🕊 ♻ Read more here 👉 https://shorturl.at/MFeQu #trade #economiccooperation Innovation Norway Asia and the Middle East

This post highlights the significant milestones achieved as Vietnam and the UAE upgrade their bilateral relationship to a Comprehensive Partnership Economic Agreement (CEPA). The key focus areas include: - Accelerating action programs within the Comprehensive Partnership framework. - Enhancing cooperation in innovation, green transformation, digital transformation, and the circular economy. - Driving economic, trade, and investment collaboration to achieve breakthroughs. - Developing the Halal industry and expanding market access for Vietnamese Halal products. - Strengthening ties in labor, culture, tourism, sports, and fostering people-to-people exchanges. - Enhancing coordination, consultation, and mutual support on regional and global issues in various multilateral forums. This strategic elevation to a Comprehensive Partnership signifies a commitment to deepening collaboration across multiple sectors for mutual benefit and regional stability. The partnership sets a solid foundation for continued growth and cooperation between Vietnam and the UAE.

BIMSTEC - Bridge between South & Southeast Asia The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) was established on June 6, 1997, through the Bangkok Declaration. Member states: 🇮🇳India, 🇧🇩Bangladesh, 🇧🇹Bhutan, 🇲🇲Myanmar, 🇳🇵Nepal, 🇱🇰Sri Lanka, and 🇹🇭Thailand. 🔗 BIMSTEC positions itself as a vital bridge between South Asia and Southeast Asia, with the Bay of Bengal serving as a crucial maritime and economic artery. The organization covers around 1.5 billion people, representing over 22% of the global population. Challenges in deepening cooperation within BIMSTEC: ▪️ Many of BIMSTEC’s initiatives, including the Free Trade Agreement (FTA), have seen slow progress due to prolonged negotiations and differing priorities among member states. ▪️ Countries like Myanmar and Sri Lanka have faced political upheavals, affecting their ability to fully engage in regional cooperation. 📊 There is a significant economic disparity between member countries, making it difficult to implement policies that benefit all members equally. ▪️ BIMSTEC lacks the institutional strength of other regional organizations like ASEAN, limiting its capacity to enforce decisions and coordinate effectively. ▪️ Trade within the BIMSTEC region remains low, accounting for only 7% of total trade among its members.