Marketization news on March 18, 2022

SMALL INDUSTRY NEWS

WORLD'S GOODS HIGHLIGHTS DAY 18.03

One of the members of the Regional Comprehensive Economic Partnership (RCEP), Malaysia, will announce the RCEP to come into force in this country from today, March 18. Malaysia is one of the countries expected to benefit the most from RCEP due to its huge import and export turnover with China, which is also a member of this free trade agreement.

Trade and digital technology are key to helping Southeast Asia recover from the pandemic

According to the Asian Development Bank (ADB), to revive the economy and society that has been hit hard by the pandemic, Southeast Asia is the region that needs stronger investment in digital technologies, at the same time deploying better infrastructure to promote trade as this is an important key for the region to recover quickly from 2022. Covid-19 has caused about 10% damage to the economy. economy of Southeast Asia as a whole, strengthening existing value chains and trading systems is essential for recovery.
With the digital economy expected to more than double to $350 billion by 2025 in Southeast Asia, the information and communication technology (ICT) sector is one of the key drivers of the recovery. recovery since 2020, when the service industry and other prominent sectors were hit hard.

After 2 years of the epidemic, now the world continues to face the crisis from the Russia-Ukraine war, high energy prices cause inflation in the region and will continue to affect consumer demand and global investment, but one of the most affected regions is Southeast Asia. Not only that, China's Zero Covid policy is now also having a huge impact on the import and export of Southeast Asian countries. This policy has caused a recent backlog and congestion of goods, making importers and exporters, especially raw goods and agricultural products, under pressure in terms of transit time and quality of goods. Countries in Southeast Asia, especially Thailand, are important suppliers of raw goods, such as rubber and electronic components, which are vital to the construction and automotive industries. Chinese bowl. In terms of agriculture, Vietnam and Myanmar account for more than half of China's rice imports in 2021. This factor will also challenge Southeast Asia's trade this year.