• GLOBAL FINANCIAL CRISIS AND IMPACT ON TRADE AND INVESTMENT
• TRADE FACILITATION AND INVESTMENT PROMOTION
• TRADE FINANCE
• WTO-RELATED NEWS
• REGIONAL AND BILATERAL TRADE AND INVESTMENT RELATIONS
• DID YOU KNOW THAT?
• RECENT PUBLICATIONS ON TRADE AND INVESTMENT

A. GLOBAL FINANCIAL CRISIS AND IMPACT ON TRADE AND INVESTMENT

GLOBAL
IG20 summit agrees on deficit cuts by 2013, BBC News, 28 June 2010
Leaders at the G20 summit in Canada have agreed to cut national budget deficits while endeavouring to promote economic growth. Host Stephen Harper, the Canadian prime minister, said that despite these cuts, short-term economic stimulus measures would still be needed. Correspondents note that every major G20 country had already committed to halve deficits within three years. Proposals for a global levy on banks have been dropped, Mr Harper said. Instead, that will be left to individual countries. Mr Harper also said government debt, as a proportion of the economy, "should be at least stabilised or on a downward trend by 2016". He added: "All leaders recognise that fiscal consolidation is not an end in itself. There will be a continued role for ongoing stimulus in the short term as we develop the framework for strong sustainable and balanced growth."
Accessed on 28 June < http://news.bbc.co.uk/2/hi/business/10429446.stm >

CHINA
China loosens currency grip as G20 summit looms, Reuters , 21 June 2010
SHANGHAI - China 's surprise move to relax currency controls ahead of this weekend's G20 summit buoyed global markets and sent the yuan to a five-year peak on Monday, but caution returned as analysts questioned how far Beijing 's new currency flexibility would go. Stock markets surged after China loosened the yuan's 23-month-old peg to the U.S. dollar, easing a policy aimed at steadying its economy during the global downturn and paving the way for the currency to appreciate over the long-term as demanded by the United States and other major trade partners. The unexpected move sent the yuan up 0.42 percent to 6.7976 per dollar on Monday, both the biggest daily gain and the highest close since China revalued the currency and introduced a managed float regime in 2005.
Accessed on 21 June < http://www.reuters.com/article/idUSTRE65I11B20100621 >

A look at global economic developments, The Associated Press , 23 June 2010
A look at economic developments and activity in major stock markets around the world Wednesday:
___

SHANGHAI — China said it will scrap export tax rebates for hundreds of products in July for the first time since it imposed them in late 2008. That follows the weekend statement that Beijing will allow more flexibility of its currency exchange rate. Analysts said the surprising move would erode corporate earnings of exporters.

Elsewhere in Asia, Japan 's benchmark Nikkei 225 stock index dived 1.9 percent, South Korea 's Kospi shed 0.3 percent and Australia 's S&P/ASX 200 fell 1.6 percent. Benchmarks in Singapore and Taiwan fell.

Hong Kong 's Hang Seng reversed course late in the session, gaining 0.2 percent.
Accessed on 27 June <http://www.google.com/hostednews/ap/article/ >

JAPAN
Japan 's exports up 32.1 % on year in May, Xinhua , 24 June 2010
TOKYO , Japan 's exports rose in May from a year earlier, the Ministry of Finance (MOF) said in a preliminary report on Thursday. The 32.1 percent increase in the recording month marks the sixth successive month of increase, the ministry said. Economists said growing demand for Japanese goods from other Asian countries has boosted industrial output as the nation stages an export-led economic recovery. Exports to Asia, which account for more than half of Japan 's total exports, rose 34.4 percent from a year earlier, while shipments to the European Union increased 17.4 percent, according to the MOF. China , however, remained Japan 's top export market, rising 25.3 percent on year in the recording month, with a trade deficit of 58. 3 billion yen (649.05 million U.S. dollars) for the month.
Accessed on 24 June
< http://news.xinhuanet.com/english2010/business/2010-06/24/c_13366613.htm >

Japan retail sales show spending may be losing steam, Reuters, 28 June 2010
TOKYO , Japan 's retail sales in May rose at their slowest annual pace in four months in a sign that stimulus-driven consumption may be losing momentum as the export-led economic recovery is expected to moderate in the coming quarters. Retail sales have been surging since the start of this year, helped by government subsidies for purchases of cars, electronics and other durable goods. But analysts warn this boost is starting to wane as such subsidies expire later this year, boding ill for the economic recovery.
Accessed on 28 June < http://www.reuters.com/article/idUSTOE65N03V20100628 >
 
PAKISTAN
Pakistani foreign direct investment declines by 44%, Central Asia Online , 21 June 2010
ISLAMABAD – Pakistan 's domestic challenges are turning investors off, analysts say – and it may be a while before things improve. “No one comes to invest in a country like Pakistan confronted with a debt trap and a growing fiscal deficit”, prime minister economic advisory committee (EAC) and former advisor to the Finance Ministry Dr Ashfaq Hasan Khan said. “If you look at developments of the past two years, in Pakistan's case its debt has gone up to 60% of GDP and (it has a) growing fiscal deficit”. Pakistan 's foreign direct investment (FDI) dropped by 44.7% in the first ten months of fiscal year 2009-2010, compared with a year earlier, according to an official document of the Board of Investment (BOI), a division responsible for promoting investment in Pakistan.
Accessed on 21 June < http://centralasiaonline.com/features/caii/features/pakistan/2010/06/21/>

RUSSIA
Russia 's Economic Czar Tackles Deficit, Bureaucracy, Wall Street Journal, 23 June 2010
MOSCOW —Russian President Dmitry Medvedev's top economic adviser is charged with a difficult task: weaning Russia from its addiction to oil and natural-gas revenues and increasing efficiency throughout the bloated government in order to eliminate the budget deficit by 2015. "Short term, our biggest threat is the debt crisis in Europe, but long term, all of our threats are internal," said 38-year-old Arkady Dvorkovich, who was educated in part at Duke University . "Corruption, a poor business climate, insufficient incentives to innovate—these are the things that can hurt us. This is what we must make an effort to fight." Ensconced in his cavernous Moscow office, which once belonged to Leonid Brezhnev, the Soviet leader from 1964 until 1982, Mr. Dvorkovich answered questions about the Russian economy while sitting in front of a "Lord of the Rings" chess set.
Accessed on 23 June < http://www.google.com/hostednews/ap/article/>

THAILAND
Thailand : Clearer, simpler rules could help attract FDI, Bangkok Post , 22 June 2010
To restore and expand foreign direct investment, the government should distribute new investment guides worldwide and also simplify immigration procedures, says the property consultancy Colliers International Thailand. Problems with investment in certain regions include lack of infrastructure, distance from port facilities, poor agricultural land, low level of industrial development and limited natural tourism advantages, said managing director Patima Jeerapaet. Most of the skilled worker population is concentrated in Bangkok while education levels are lower elsewhere.
Accessed on 22 June <http://www.bangkokpost.com/clearer-simpler-rules-could-help-attract>

B. TRADE FACILITATION AND INVESTMENT PROMOTION

PAKISTAN - PHILIPPINES

Pakistan 's Investors To Explore Opportunities In Malaysia, Bernama , 17 June 2010
KUALA LUMPUR , A 10-member delegation of leading Pakistani businessmen and industrialists will explore investment opportunities during their visit from June 19 to 24, 2010. The delegation will explore avenues for business partnerships and joint ventures with their Malaysian counterparts in areas such as pharmaceutical, iron and steel, food, energy, properties and real estate, textile and garments, commodities, processing of mineral water. During their visit, the members have a meeting with Deputy International Trade and Industry Minister Datuk Mukhriz Tun Mahathir, said a statement from the Pakistan High Commission. They will also attend the Malaysian International Halal Showcase 2010 for business-match-marking, networking and exploring business opportunities.
Accessed on 17 June < http://www.bernama.com/bernama/v5/newsbusiness.php?id=506842 >  

TAIWAN
ECFA will attract foreign investment to Taiwan: MOEA, Taipei Times, 25 June 2010
The Minister of Economic Affairs yesterday said the conclusion of the “early harvest” list under the economic cooperation framework agreement (ECFA) would attract more foreign investments into Taiwan . “Foreign businesses are displaying greater interest in investing in Taiwan after the ECFA is signed with China ,” Shih Yen-­shiang ( ? ?? ) said last night. The inking of the ECFA is set to increase the competitiveness of certain Taiwan industries, with some international firms looking to make use of Taiwan 's cultural and language advantages as a base from which to make forays into China , he said. Items included in the early harvest list will be the first to enjoy tariff waivers or zero duties, possibly starting from Jan. 1 next year, the ministry said. Shih hailed the conclusion of the early harvest list as a “result of discreet negotiations which are in the ‘acceptable' range.” However, not every industry is pleased with the outcome.
Accessed on 25 June < http://taipeitimes.com/News/biz/archives/2010/06/25/2003476369 >

C. TRADE FINANCE

IHONG KONG
Hong Kong : BOCHK nails down 34 deals on first day of expansion of cross-border RMB trade settlement pilot program, Xinhua , 23 June 2010
Bank of China (Hong Kong) Limitied (BOCHK) nailed down 34 RMB trade settlement transactions on Tuesday, the first day of expansion of cross-border RMB trade settlement program in Chinese mainland, said BOCHK on its website late Tuesday. The sole clearing bank of RMB business in Hong Kong said all 34 deals had been conducted in the newly added cities, after China 's central bank announced that the number of cities and provinces covered in the pilot program increased from five to 20, covering Shanghai , Guangdong , Beijing , etc. The expanded pilot program "covers the major economic regions of Chinese mainland" and provides greater convenience to the local and global customers, said He Guangbei, vice chairman of BOCHK.
Accessed on 23 June
< http://news.xinhuanet.com/english2010/business/2010-06/23/c_13365090.htm >

Philippines
Philippines : Asia-focused fund launched, Business World Online, 17 June 2010
A UNIT of listed investment holding firm ATR KimEng Financial Corp. yesterday launched a mutual fund that will be invested in Asian stocks, taking advantage of the region's economic growth momentum. “Asian equities provide a compelling diversification option for investors, because it presents opportunities for strong returns with less volatility or risk,” said Michael V. Ferrer, managing director of ATR KimEng Asset Management, at the launch of the AsiaPlus Recovery Fund yesterday.
Accessed on 17 June < http://www.bworldonline.com/main/content.php?type=2 >

D. WTO-RELATED NEWS

GLOBAL
G8 drops goal set for Doha deal, Taipei Times , 28 June 2010
The G8 nations dropped a commitment on Saturday to complete the troubled Doha trade round this year and promised to pursue bilateral and regional trade talks until a global deal could be done. WTO members launched the Doha Round in 2001 but talks have stalled amid arguments over how much rich countries should cut farm subsidies and tariffs in exchange for developing nations opening up their markets. A communique issued at the end of the G8 summit said merely that members renewed their pledge to finish the round. Last year, a G8 summit in Italy and a Pittsburgh meeting of the G20 both committed to an end date for this year. “G8 members of the WTO renew their commitment to the successful conclusion of the Doha Development Agenda, building on the progress already made,” a joint statement of the eight said.
Accessed on 28 June < http://www.taipeitimes.com//archives/2010/06/28/>

INDIA
India : States to have more voice in WTO matters, Economic Times , 22 June 2010
NEW DELHI : State governments will soon have a greater say in the stand the central government takes on key issues in the ongoing talks for opening up goods and services market in global trade at the World Trade Organisation (WTO). The commerce department will hold regular consultations with state government officials on delicate issues such as safeguards to protect agriculture against indiscriminate imports and shielding sensitive industrial-goods sectors from competition, a commerce department official said. “It has been decided to hold regular meetings with state secretaries to update them on the WTO negotiations,” he added. The plan is to meet four-five state representatives in every meeting so that it is possible to give attention to individual concerns, he added. There are issues that would be of great importance to states and where it is necessary for them to participate. For instance, the mechanism that should be pressed for at the WTO to protect farmers in case import surges if trade were opened.
Accessed on 22 June < http://economictimes/foreign-trade/States-to-have-more-voice-in-WTO>

INDONESIA
Indonesia asks WTO to rule on clove cigarette row with US, AFP , 23 June 2010
GENEVA — Indonesia on Tuesday asked the World Trade Organisation to rule on a dispute with the United States over a ban on sales of Indonesian clove cigarettes. Washington had banned the production and sales of clove cigarettes under a health act that also blocks the sales of other flavoured cigarettes such as grape, coffee or strawberry, in a bid to prevent the young from getting hooked on smoking. But Indonesia argued that the act had not been applied uniformly as it did not cover menthol cigarettes. " Indonesia cannot understand why menthol cigarettes can continue to be sold while clove cigarettes are banned," an Indonesian envoy told a meeting of the WTO Dispute Settlement Body.
Accessed on 26June < http://www.google.com/hostednews/afp/article/>

WTO complaint to continue despite US objections: Republic of Indonesia, The Jakarta Post , 28 June 2010
A protest against a US cigarette ban that affects Indonesian companies will stand — despite a US statement that the country's WTO complaint is “premature”, an official says. The government would do its best to fight US discrimination of Indonesian-produced clove cigarettes that resulted from a new law aimed at reducing the number of young smokers in the US, said Gusmardi Bustami, the Trade Ministry's director-general of international trade cooperation. After a formal consultation between the countries in May failed to produce results, Indonesia formally submitted a complaint during a court session of the WTO's (World Trade Organization) Dispute Settlement Body (DBS) at the organization's headquarters in Geneva on June 22, Gusmardi said.
Accessed on 28June
< http://www.thejakartapost.com/wto-complaint-continue-despite-us>

JAPAN – PHILIPPINES
WTO reviews Japan-RP trade pact, Globalnation Inquirer , 21 June 2010
Advertisement MANILA , Philippines —The World Trade Organization is reviewing the controversial Japan Philippines Economic Partnership Agreement (JPEPA), the Department of Foreign Affairs said in a news release. The June 15 review in Geneva by the WTO's Committee on Regional Trade Agreements (CRTA) was chaired by Ambassador Alfredo Suescum of Panama and attended by delegations from the two countries. The CRTA was established by the WTO General Council to examine individual regional trade agreements (RTAs). The review process is governed by the Transparency Mechanism for Regional Trade Agreements adopted on 14 December 2006 establishing on a provisional basis a new transparency mechanism for all RTAs.
Accessed on 22 June < http://globalnation.inquirer.net/WTO-reviews-Jap >  

RUSSIA
Russia Creation of Customs Union should not hinder Russia's entering WTO, Ria Novosti , 17 June 2010
The creation of the Russian, Kazakh, and Belarusian Customs Union should not hinder Russia 's entering the World Trade Organization (WTO), a Russian deputy minister for economic development said on Thursday. "We are ready to take all the steps necessary to resolve the disagreements, but I don't think it [developing the Customs Union] should hinder Russia 's joining the WTO," Andrei Slepnev said at the St. Petersburg International Economic Forum. Earlier on Thursday, the European Parliament adopted a resolution saying that the Customs Union could become an obstacle to Russia 's accession to the WTO.
Accessed on 17 June < http://en.rian.ru/russia/20100617/159466154.html >

Medvedev to discuss Russia's WTO bid, arms cuts treaty ratification with Obama, RIA Novosti , 22 June 2010
Russian President Dmitry Medvedev and his U.S. counterpart Barack Obama will discuss Russia 's accession to the WTO, the ratification of the new arms cuts treaty and nuclear non-proliferation, as well as key international and regional issues on Thursday, a Kremlin aide has said. Medvedev will fly to Washington for a three-day visit later on Tuesday. "Medvedev will hold full-scale talks with Obama on a wide range of relevant bilateral and major international issues in Washington on June 24," Sergei Prikhodko told reporters in Moscow.
Accessed on 22 June < http://en.rian.ru/world/20100622/159521246.html >

Russia working to join WTO in 2011-trade negotiator, Forexyard, 24 June 2010
RUSSIA-TRADE/WTO, WASHINGTON, - Russia is working to resolve outstanding issues with other countries in the World Trade Organization and hopes to join the global trading body in 2011, the country's chief WTO negotiator said on Thursday.
WTO negotiator Maxim Medvedkov, speaking after talks between Russian President Dmitry Medvedev and U.S. President Barack Obama, said Russia would "do everything possible" to join the WTO, "probably next year."
Accessed on 24 June < http://www.forexyard.com/Russia-working-to-join-WTO-in-2011>

USA
U.S. urged to save Doha trade round from oblivion, Reuters , 24 June 2010
WASHINGTON - The United States should try to save world trade talks from a fatal plunge into oblivion by offering deeper cuts in politically-sensitive farm subsidies and tariffs, a top U.S. trade analyst said on Wednesday. Jeffrey Schott, a senior fellow at the Peterson Institute for International Economics, was speaking during a discussion on what to expect on the trade front during the Group of 20 leaders meeting this weekend in Toronto . He said he feared without U.S. leadership the nearly nine-year-old negotiations known as the Doha round was headed toward a " Niagara moment," referring to the waterfall on the U.S.-Canadian border.
Accessed on 24 June < http://in.reuters.com/article/idINIndia-49575720100623 >

E. REGIONAL AND BILATERAL TRADE AND INVESTMENT RELATIONS

AFGHANISTAN - PAKISTAN
Afghanistan's future lies in trade partnerships, Washington Post , 20 June 2010
The recent Washington debate over Af-Pak strategy has had it backward: This war is less about trying to defeat the Taliban militarily in Afghanistan than it is about reaching an understanding with Pakistan that closes Taliban havens there and allows a political reconciliation among the warring Afghan parties. It's a Pak-Af problem, not the other way around. Afghan President Hamid Karzai seems to recognize this reality; that's why he's holding his peace jirga, meeting with Taliban contacts and sacking an intelligence chief whom Pakistan regards as an enemy. President Obama seems to appreciate the likely political endgame, but he spends too little time explaining this conflict to a skeptical American public.
Accessed on 20 June < http://www.washingtonpost.com/wp-dyn/>

CHINA - AUSTRALIA
Chinese Official Reveals Australia 's Timetable for FTA Talks with China, CRI English , 24 June 2010
Australia hopes for conclusion of the Free Trade Agreement (FTA) talks with China by the end of this year, said Chinese Deputy Minister of Commerce Chen Jian in Darwin on Wednesday. Chen, who followed Chinese Vice President Xi Jinping's visit to Australia , made the remarks in an interview with the Chinese media. "As far as I know, the Australian side hopes that both sides could conclude the talks by the end of this year," Chen said when answering a question from Xinhua. China and Australia are scheduled to hold the 15th round of FTA talks on June 28 in Beijing.
Accessed on 24 June < http://english.cri.cn/6826/2010/06/24/1881s578902.htm >

INDIA - USA
Mukherjee calls for advance technology trade between India-U.S., One India , 24 June 2010
Washington, Indian Finance Minister Pranab Mukherjee on Wednesday called for an advance technology trade between India and the United States . Addressing a Joint Indo-US Business CEOs Forum Meeting in Washington here on Wednesday, Mukherjee said: "We are negotiating a bilateral investment treaty with US and are committed to take further initiatives which will contribute in creating a more conducive environment for investment flows." The forum was attended by eight Business CEOs from both sides besides high-level Government participation from both the countries reflecting the importance given by them.
Accessed on 25 June < http://news.oneindia.in/mukherjeecalls-for-advance-technology-trade>

MALAYSIA – EU
Malaysia : FTA talks: Shift in policy bad for local players, Free Malaysia Today , 23 June 2010
KUALA LUMPUR : The resuming bilateral Free Trade Agreement (FTA) talks between Malaysia and the European Union (EU) reflects a shift in the government procurement policy that could be detrimental to local businesses. Government procurement was the sensitive issue that became the stumbling block in the failed initial talks between Asean and the EU but the revelation made by International Trade and Industry Minister Mustapha Mohamad in Parliament on Monday suggested otherwise. Mustapha had said in a reply to Klang DAP parliamentarian Charles Santiago that Malaysia is prepared to study the viability of opening up its procurement policy. "Even though the talks are still in the early stages, the meeting session between Malaysia and EU is the best avenue to study the readiness of the Malaysian government. But there have been vast changes between the current round of talks and the previous engagement.
Accessed on 23 June < http://www.freemalaysiatoday.com/fta-talks-shift-in-policy-bad-for-local-players- >

MALAYSIA – WEST ASIA
Malaysia Eyes New FTA Partners, Bernama , 21 June 2010
KUALA LUMPUR , The government will expand investment and trade opportunities by signing new free trade agreements (FTAs), particularly with nations in West Asia and other emerging markets. "These efforts will be undertaken to expand market access and boost business opportunities for exporters and businesses. The government will also undertake efforts to conclude the on-going FTA talks at the bilateral and regional levels," says the Ministry of International Trade and Industry (MITI) in the 2009 International Trade and Industry Report released here on Monday. MITI said talks between Malaysia and Chile can be reached before end-2010. "The successful completion of this agreement not only offers potential market access opportunities in the area of trade in goods, but also in services including construction, finance and banking," it says.
Accessed on 12 June < http://www.bernama.com/bernama/v5/newsbusiness.php?id=507481 >

South KOREA - USA
US, South Korea to conclude trade pact, Taipei Times , 28 June 2010
In a display of unshakeable unity against nuclear-armed North Korea , US President Barack Obama agreed on Saturday to wrap up a long delayed free-trade deal with South Korea and extend Washington 's wartime command of South Korean forces. As tensions surged on the Korean Peninsula after Pyongyang was blamed for a deadly attack on a South Korean warship, Obama held warm talks with South Korean President Lee Myung-bak, declaring that “our friendship and alliance continues to grow” both on the security and economic fronts. After talks on the sidelines of a G20 summit, Obama launched a new initiative to implement a ­­free­-trade agreement signed between the two allies in June 2007 during the administration of his predecessor, former US president George W. Bush.
Accessed on 28 June < http://www.taipeitimes.com/News/world/archives/2010/06/28/2003476527 >

TAIWAN - CHINA
Taiwan, China finishing important trade pact, The Associated Press , 24 June 2010
TAIPEI , Taiwan — Negotiators from China and Taiwan worked Thursday to finish a bilateral trade deal that seems destined to change the island's character in a way not seen since it split from the Chinese mainland amid civil war 61 years ago. In one sense, the Economic Cooperation and Framework Agreement is a simple tariff accord meant to protect Taiwanese companies from the punitive effects of a free trade agreement between China and Southeast Asian countries that went into effect earlier this year. But the deal, which is expected to be signed next week in the Chinese city of Chongqing , ultimately ties Taiwan 's high-tech economy to China 's lucrative markets and paves the way for much closer political relations between the sides.
Accessed on 24 June < http://www.google.com/hostednews/ap/article/>

F. DID YOU KNOW THAT?

GLOBAL
Despite economic crisis, UN says developing world is on track to cut extreme poverty by half, The Canadian Press, 24 June 2010
The global economic crisis has slowed the fight against poverty but the developing world is still on track to meet a key U.N. goal of halving the number of people living on less than $1 a day by 2015, according to a report released Wednesday. The U.N. report cited new World Bank estimates suggesting that the crisis left an additional 50 million people in extreme poverty in 2009 and will leave some 64 million impoverished by the end of 2010, primarily in sub-Saharan Africa and eastern and southeastern Asia. Hunger may also have spiked in 2009 — with over 1 billion people undernourished — as a consequence of the global food and financial crises. The effects of the crises are likely to persist with poverty rates slightly higher than they would have been had the world economy grown steadily at its pre-crisis pace, it said.
Accessed on 24 June < http://www.google.com/hostednews//>

JAPAN

Japan donates $3.9 million to APEC, Sify , 20 June 2010
Japan has donated about $3.9 million to promote energy efficiency activities and low-carbon measures in the Asia-Pacific Economic Cooperation (APEC) forum for the Pacific Rim countries. The funds will primarily be used to support a low-emission urban development initiative approved by APEC energy ministers at a meeting in Fukui Saturday. 'The Low-Carbon Model Town Project aims to introduce low-carbon technology at the level of society. Over the next three years, APEC will select between 10 to 20 locations and conduct feasibility study projects to transform these cities into low-carbon cities,' said Japan's minister for economy and trade Masayuki Naoshima, who chaired the meeting.
Accessed on 20 June < http://sify.com/japan-donates-3-9-mn-to-apec-news-international>

NEW ZEALAND
New Zealand emissions trading scheme fails fairness tes, Scoop , 23 June 2010
The emissions trading scheme achieves neither of its two most important aims – to be fair and to reduce emissions meaningfully at low-cost, says a newly published analysis from the New Zealand Sustainability Council. Written and researched by the council's director, one-time investigative journalist Simon Terry, and Professor Geoff Bertram from the Institute of Policy Studies at Victoria University , “The Carbon Challenge” says the ETS “fails entirely on both those counts.” The damning analysis suggests nearly 20 years' ineffectual preparation for New Zealand 's carbon reduction obligations in the First Commitment Period of the Kyoto Protocol, between 2008 and 2012. That's led to the ETS being implemented half-way through that first period, and promising very little emissions reduction.
Accessed on 23 June < http://business.scoop.co.nz/emissions-trading-scheme-fails-fairness>

USA
Obama says economy 'not moving as fast as we want, AFP , 23 June 2010
WASHINGTON — President Barack Obama said Tuesday that the US economy was "not moving as fast as we want," amid a tepid recovery from the worst economic crisis in a generation. "We've now seen five straight months of job growth and economic growth of over half a million private sector jobs that have been created since the beginning of the year," Obama said after a cabinet meeting at the White House. "But we also know that it is not moving as fast as we want." His comments came after Treasury Secretary Timothy Geithner earlier in the day sounded a downbeat tone on the state of the recovery. In testimony to Congress, Geithner admitted the economy was "still going through an incredibly difficult period," as he warned the impact of the crisis would be "lasting."
Accessed on 23 June < http://www.google.com/hostednews/afp/article >

VIET NAM
Viet Nam : APEC energy ministers meet, Viet Nam News, 21 June 2010
Tokyo — Deputy Minister of Trade and Industry Do Huu Hao attended a summit of energy ministers at the Asia-Pacific Economic Co-operation (APEC) meeting in Fukui prefecture, Japan on Saturday. At the two-day meeting, themed Low Carbon Paths to Energy Security, energy ministers discussed measures to ensure energy supplies and stabilise the global oil market amid the increasing demand for energy from emerging economies in the region. The meeting also focused on policies to increase the efficient use of natural energy resources along with ways to enhance the use of low-carbon energies.
Accessed on 21 June < http://vietnamnews.vnagency.com.vn/APEC-energy-minister-meet.html >

G. RECENT PUBLICATIONS ON TRADE AND INVESTMENT

	UNDP in Action 2009/2010: Delivering on Commitments showcases results, UNDP , (available online, PDF version, 2.6 MB, 47 pages) All of UNDP's policy advice, technical and financial support and advocacy toward strengthening human development are aimed at one end result: real improvements in people's lives. In 2009, in many of the countries where it operates, UNDP continued to experience a high demand for development support in areas covering: poverty reduction and achievement of the Millennium Development Goals (MDGs); democratic governance; crisis prevention and recovery; and environment and sustainable development. At the same time, the global eco­nomic crisis required an urgent response from UNDP, especially in terms of helping countries to identify and protect the most vulnerable. With the UN's 2010 MDG global summit approaching, 2009 was a year for UNDP to take stock of progress made and to accelerate the work needed to achieve the MDGs by the 2015 deadline. Accessed on 31 June <http://www.undp.org/publications/UNDPaction2010/pdf/
	Global Economic Prospects 2010: Crisis, Finance, and Growth, World Bank (available online, pdf version, 14.86 MB, 132 pages) This report explores both the short- and medium-term impacts of the financial crisis on developing countries. It presents evidence that the financial boom played a critical role in the growth boom experienced by developing countries between 2003 and 2007, but that tighter conditions in the future are expected to result in weaker growth over the next 5 to 15 years. Although global growth has resumed, the recovery is fragile, and unless business and consumer demand strengthen, the world economy could slow down again. Even if, as appears likely, a double-dip recession is avoided, the recovery is expected to be slow. High unemployment and widespread restructuring will continue to characterize the global economy for the next several years. Accessed on 29 June < http://publications.worldbank.org/ecommerce/>
	World Development Report 20010, WORLD BANK, (available online in PDF version, 62.73 MB, 439 pages) The World Bank's annual World Development Report provides a wide international readership with an extraordinary window on development economics. Each year, the report focuses on a specific aspect of development. The report is an urgent call for action, both for developing countries who are striving to ensure policies are adapted to the realities and dangers of a hotter planet, and for high-income countries who need to undertake ambitious mitigation while supporting developing countries efforts. A climate-smart world is within reach if we act now to tackle the substantial inertia in the climate, in infrastructure, and in behaviors and institutions; if we act together to reconcile needed growth with prudent and affordable development choices; and if we act differently by investing in the needed energy revolution and taking the steps required to adapt to a rapidly changing planet. Accessed on 29 June < http://siteresources.worldbank.org/INTWDR2010/Resources/WDR10>
	The Millennium Development Goals Report, UNDP (available online in PDF version, 6.34 MB, 76 pages) This report is based on a master set of data that has been compiled by an Inter-Agency and Expert Group on MDG Indicators led by the Department of Economic and Social Affairs of the United Nations Secretariat, in response to the wishes of the General Assembly for periodic assessment of progress towards the MDGs. The Group comprises representatives of the international organizations whose activities include the preparation of one or more of the series of statistical indicators that were identifi ed as appropriate for monitoring progress towards the MDGs, as refl ected in the list below. Anumber of national statisticians and outside expert advisers also contributed. Accessed on 29 June < http://www.un.org/millenniumgoals/pdf/MDG%20Report%202010%20En%20r15%20-low%20res%2020100615%20-.pdf>

Information is taken mainly from secondary sources and UNESCAP accepts no responsibility for its accuracy. Mention of any companies and their products does not imply endorsement by the United Nations.

The designations employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area, or of its authorities, or concerning the delimitation of its frontiers or boundaries.