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AUSTRALIA
Treasury dismisses bilateral free trade deals in Asia. ABC, 14 May 2006.
Australia’s Treasury has dismissed the Australian Government’s quest for bilateral free trade deals in Asia, saying that there were no clear benefits. It argued that the proliferation of discriminatory agreements in Asia and the Pacific would be complicated and costly. Overlapping rules of origin could stifle region-wide production, slow the integration of China with East Asia and divert attention and political effort from the rules-based multilateral system.
Accessed in 15 May < http://www.abc.net.au/correspondents/content/2006/s1637717.htm >

DEVELOPING-8 COUNTRIES (D-8)
D-8 States sign deal to cut import tariffs and trade barriers. The Daily Star, 14 May 2006.
The D-8 members, namely Bangladesh, Egypt, Indonesia, Islamic Republic of Iran, Malaysia, Nigeria, Pakistan and Turkey, have signed a Preferential Trade Agreement (PTA) to cut import tariffs and remove non-tariff and para-tariff barriers to boost trade among the member countries. The meeting also signed a multilateral agreement on administrative assistance in custom procedures.
Accessed on 15 May < http://www.thedailystar.net/2006/05/14/d60514050157.htm >

EUROPEAN UNION
EU to review trade ties with China. CRI, 5 May 2006.
The European Commissioner for Trade announced that he would launch a review of trade ties with China this year, saying Europe needed a new strategy to handle the EU’s ‘biggest’ trade policy challenge in the years ahead. He stated that the only way to answer new competitors as China or India was for the EU to push ahead with more market reforms to become more competitive.
Accessed on 8 May < http://en.chinabroadcast.cn/811/2006/05/05/167@84939.htm >

INDIA
India and Pakistan want common intellectual property right for basmati rice. Economic Times, 3 May 2006.
India and Pakistan agreed to jointly file a case to claim Intellectual Property Rights (IPR) over basmati rice world-wide. India has formed a Joint Study Group for consultations with Pakistan on the joint registration of basmati as a geographical indication, following detailed discussions between the commerce secretaries of both countries in March.
Accessed on 3 May < http://economictimes.indiatimes.com/articleshow/1513391.cms >

JAPAN
Japan and Viet Nam agree to start official FTA talks. Yahoo News, 28 April 2006.
Japan and Viet Nam have agreed to launch formal negotiations aimed at sealing a bilateral FTA later this year. The two countries reached the accord during a three-day FTA study session in Tokyo to explore the feasibility of such a pact. The timing of starting the formal negotiations and details on areas to be covered by the accord have yet to be fixed.
Accessed on 3 May < http://asia.news.yahoo.com/060428/kyodo/d8h8uqd00.html >

KAZAKHSTAN
Parliament ratifies protocol to agreement on free trade with Azerbaijan. Gazeta, 2 May 2006.
The Parliament of Kazakhstan has approved the law on ratification of the protocol on changes and amendments in the agreement on free trade between Kazakhstan and Azerbaijan. The protocol, which was signed on 24 May 2005, provides cancellation of exemptions of certain commodity articles from the free trade regime between the two states.
Accessed on 3 May < http://eng.gazeta.kz/art.asp?aid=74800 >

MYANMAR
India-Myanmar to expand the bilateral trade. IRIS, 12 May 2006.
India and Myanmar have agreed to expand and diversify bilateral trade, with the target of raising the two-way trade to US$ 1 billion by 2006. In 2004-2005, India ranked as the second most important market for Myanmar exports and the seventh most important source of Myanmar’s imports. Currently, ongoing cooperation include the areas of agriculture, telecommunications and oil/gas sectors, as well as increasing business to business interactions in the private sector.
Accessed on 15 May
< http://www.myiris.com/newsCentre/newsPopup.php? >

Pakistan to make easier visas for Bangladeshi businesspeople. All Headline News, 17 May 2006.
In a move to increase bilateral trade with Bangladesh, Pakistan announced that it would ease visa procedures for Bangladeshi businesspeople. Pakistan and Bangladesh are currently looking into a free trade agreement.
Accessed on 18 May < http://www.allheadlinenews.com/articles/7003612011 >

REPUBLIC OF KOREA
Republic of Korea to resume stalled free trade agreement talks with Japan. Asia Times, 6 May 2006.
The Republic of Korea announced that the country would seek to resume its stalled negotiations for a FTA with Japan after wrapping up a pact with the United States. The two countries began FTA talks in December 2003, but the negotiations have been stalled since November 2004 when they failed to reach an agreement on the opening of Japan’s agricultural market.
Accessed on 8 May < http://www.atimes.com/atimes/Korea/HE06Dg03.html >

THAILAND
Thailand rejects free trade agreement with the Republic of Korea. The Nation, 9 May 2006.
Thailand is the only ASEAN member not planning to sign the FTA with the Republic of Korea. Thai export goods will therefore be subject to normal Korean import tariffs instead of the lower rates stipulated in the agreement. All other ASEAN countries will sign the agreement which is scheduled to be implemented on 1 July 2006. Thailand refuses to sign because rice is on the exclusion list. Rice is Thailand’s most important crop and Thailand is the world’s biggest exporter of rice.
Accessed on 15 May
< http://www.nationmultimedia.com/2006/05/09/business/business_30003553.php >

VIET NAM
Prime Minister approves Nghi Son economic zone. Viet Nam Net, 19 May 2006.
The Prime Minister signed the decision to establish and issue regulations on the operation of the The Nghi Son economic zone in the central province of Thanh Hoa. The regulations stipulate boundaries, development targets, and rights and obligations of investors. They also clearly outline state management of the zone and applicable organization, operation and investment incentives. Investment projects in the economic zone are exempt from import tax for five years from start of operations.
Accessed on 22 May < http://english.vietnamnet.vn/biz/2006/05/572360 >

WORLD TRADE ORGANIZATION (WTO)
No time to spare in WTO Doha Round. Trade Observatory, 1 May 2006.
The Director-General of the WTO has appealed to trading nations to do their utmost to break a logjam in talks on liberalizing global commerce. Negotiations have been held up by persistent disputes, as developing countries demand greater access to wealthy markets for farm produce and rich nations in turn press for freer trade in industrial goods and services. On 30 April 2006, WTO Governments missed their target for an agreement on the mathematical formulas for reducing customs duties and other trade hurdles. Hanging over negotiators’ heads is the expected July 2007 expiry of the White House’s special authority to make trade agreements. Thereafter, other WTO members fear, a re-empowered United States Congress could hamper future talks. The Doha Round has stumbled repeatedly since it was launched in 2001 with the goal of using trade to improve the economic lot of poor countries.
Accessed on 3 May < http://www.tradeobservatory.org/headlines.cfm?refid=80719 >

WTO: United States-Viet Nam negotiation completed. Vietnam Net Bridge, 14 May 2006.
The eleven-year long negotiations between the United States and Viet Nam on the accession of Viet Nam to the WTO have been completed on 13 May 2006. Among the most important features is that Viet Nam will have the status of ‘non-market economy’ for the next 12 years which means that the United States can apply import quotas to Vietnamese textile and garment at any time, if a sign of subsidy is found.
Accessed on 16 May < http://english.vietnamnet.vn/news/2006/05/570439/ >

AFGHANISTAN
New scheme to control smuggling of chemicals used to produce heroin. IRIN, 8 May 2006.
To stem the import of key chemicals used in the production of heroin to Afghanistan, the Government and the United Nations Office on Drug and Crime (UNODC) have initiated a joint project to counter smuggling of these chemicals. A precursor control unit (PCU) will be established within the counter narcotics police of Afghanistan (CNPA) and training on precursor control will be provided to border officials and those policing drugs. The PCU will analyze seized chemicals used in heroin production and determine their country of origin. The PCU also aims to identify the illegal smuggling routes taken by the chemicals with a view to targeting and dismantling international trafficking organizations.
Accessed on 17 May
< http://www.irinnews.org/report.asp?ReportID=53214&SelectRegion >

INDIA
More import duty concessions to Singapore under FTA. The Hindu Business Line, 1 May 2006.
The Ministry of Finance has increased the import duty concessions on nearly 4,500 items as part of the efforts to meet the tariff elimination or reduction commitments undertaken in the comprehensive economic cooperation agreement (CECA) with Singapore. Under the FTA on goods, which is part of the CECA, import tariffs on items in the phased elimination list are to be eliminated in five stages. The percentage reduction is expressed as a margin of preference over the most favoured nation (MFN) applied rates. The Government has now increased the margin of preference under both the phased elimination as well as phased reduction lists.
Accessed on 3 May
< http://www.thehindubusinessline.com/2006/05/02/stories/2006050202531300.htm >

ISLAMIC REPUBLIC OF IRAN
Iranian Government abolishes duties on steel imports. Steelmills of the world, 1 May 2006.
The Islamic Republic of Iran has reduced import duties for finished steel products to zero, from the existing five to eleven per cent, depending on the product type.
Accessed on 2 May
< http://www.steelmillsoftheworld.com/news/newsdisplay_moreover.asp?slno=4914 >

PAKISTAN
Ten per cent regulatory duty imposed on wheat import. The Daily Times, 3 May 2006.
Pakistan has imposed a 10 per cent regulatory duty on import of wheat. The move comes in the midst of harvesting season as an attempt to force the private sector to buy local commodity at least at the support price of PRs 415 per 40 kg and enable the farmers to get a reasonable price. The Government has taken this decision to enable farming to remain a profitable profession for the sake of the country’s future food security.
Accessed on 3 May
< http://www.dailytimes.com.pk/default.asp?page=2006%5C05%5C03%5Cstory_3-5-2006_pg1_6 >

64 countries to get non-tax transit trade facility. The Daily Times, 5 May 2006.
Pakistan will allow temporary admission of tradable goods and means of transport without payment of taxes, duties and import restriction among a chain of 64 countries. Container trucks of signatory of states of the ATA Carnet will be allowed to pass through Pakistan without restriction. The enforcement of ATA Carnet and TIR Carnet will also allow Pakistan to meet the most important condition of the Trade Agreement of the Economic Cooperation Organization (ECOTA). The ATA Carnet is a convention allowing free movement of goods across frontiers and their temporary admission into customs territory with relief from taxes and duties. The TIR Convention is a UN-sponsored convention which provides transit facility with total conditional relief from import duties and taxes to goods and vehicles carried by road without application of import restrictions. About 64 contracting states have signed this agreement. All ECO countries, except Pakistan, have signed the TIR convention.
Accessed on 8 May
< http://www.dailytimes.com.pk/default.asp?page=2006%5C05%5C05%5Cstory_5-5-2006_pg5_1 >

PHILIPPINES
Customs designate new check area for cargoes. Sun Star, 8 May 2006.
The Bureau of Customs (BOC) is designating a new examination area for all cargoes in the Port of Davao in line with the city’s priority on security and anti-drugs advocacy and the Bureau’s effort to increase collection and prevent smuggling. The designation of a new examination area aims to promote trade facilitation; facilitate customs clearance of legitimate imported goods; enhance BOC’s capability to detect shipments attendant with fraud; ensure the collection of lawful government revenues as well as proper compliance with all other laws and regulations administered and enforced by the BOC; and effectively monitor empty containers. Aside from the new examination area, Customs is set to install a new x-ray machine at the port.
Accessed on 9 May
< http://www.sunstar.com.ph/static/dav/2006/05/08/news/ >

President orders reduction of import tariffs on oil. Sun Star, 16 May 2006.
The President has ordered the lowering of import duties on crude and refined petroleum products from the present three per cent to two per cent, one per cent, and zero per cent as world oil prices hit certain trigger levels. The tariffs shall be automatically restored as international prices drop, based on the same trigger prices. She also issued an order which extends for another five years the zero and one per cent tariff on imports of certain capital equipment, spare parts, and accessories of registered new and expanding enterprises in order to reduce the cost of business start up operations. The zero per cent duty shall be granted to expanding enterprises and businesses that are newly registered with the Board of Investment (BOI) upon the BOI’s issuance of a certificate of authority.
Accessed on 16 May
<http://www.sunstar.com.ph/static/net/2006/05/16/arroyo.allows.reduction.of.import.tariffs.on.oil.html>

THAILAND
Import tariff cut to zero per cent to boost natural gas vehicle equipment. Manager, 4 May 2006.
Amid the pressure from rising oil prices, Thailand has decided to reduce the import tariff on natural gas vehicle (NGV) equipment from 10 per cent to zero per cent. The Government hopes that the new incentive will promote the use of natural gas for vehicles as a preferred alternative energy source. Thailand is a producer of natural gas, which is about 60 per cent cheaper than gasoline, for use in NGVs. The tariff reduction will apply to both new and second-hand NGV equipment.
Accessed on 5 May
< http://www.manager.co.th/IHT/ViewNews.aspx?NewsID=9490000059194 >

WORLD CUSTOMS ORGANIZATION (WCO)
WCO launches education series in globalization and interoperability. WCO, 9 May 2006.
As part of the WCO’s commitment to facilitate global trade operations, it has decided to launch an education series in globalization and interoperability (ESGI). The goal of ESGI is to enhance the ability of Customs to understand business process facilitation, while business will be encouraged to view Customs as a facilitator with a necessary enforcement role rather than a mere regulator. The programme will offer recurring educational sessions that deal with most core business processes
Accessed on 26 May
< http://www.wcoomd.org/ie/En/Press/Press%20ESGI%20Apr%202006%20EN.htm >

CHINA
Anti-dumping duties imposed on imported food additives. People’s Daily Online, 13 May 2006.
China has imposed anti-dumping duties on nucleotide-type food additives imported from Japan and the Republic of Korea. The duties ranging from 25 to 119 per cent will last five years. Nucleotide-type food additives are mainly used to improve the flavor of dressings such as soy sauce and monosodium glutamate.
Accessed on 24 May < http://english.people.com.cn/200605/13/eng20060513_265186.html >

INTERNATIONAL TEA COMMITTEE (ITC)
World tea industry seeks standard fixation. New Kerala, 12 May 2006.
All major tea producing countries, including China, India, Indonesia and Sri Lanka, have sought fixation of uniform maximum residue limited (MRL) standards by the Codex Alimentarius Commission, a body jointly set up by the United Nations Food and Agricultural Organization (FAO) and the World Health Organization (WHO). This demand was raised at the annual meeting of International Tea Committee (ITC) stating that MRL was emerging as a major non-tariff barrier for tea exports, particularly by the developed countries.
Accessed on 15 May < http://www.newkerala.com/news2.php?action=fullnews&id=58206 >

JAPAN
British poultry import ban implemented. The Daily Yomiuri Online, 1 May 2006.
A temporary import ban on British poultry has been imposed by the Ministry of Agriculture, Forestry and Fisheries due to bird flu cases reported in the United Kingdom. The ban is primarily aimed at the import of chicks. Japan has already suspended imports of poultry from France, Germany and the Netherlands due to cases of avian influenza in Europe. Imports of poultry from the four countries accounted for about 80 per cent of poultry imports last year. The ministry will consider supporting poultry farmers with low-interest loans and other measures in the event of a long-term import ban.
Accessed on 2 May < http://www.yomiuri.co.jp/dy/business/20060501TDY02003.htm >

Japan partly lifts import ban on British poultry. Reuters Alert Net, 24 May 2006.
Japan has decided to resume poultry imports from The United Kingdom, with the exception of Norfolk, where a less-virulent strain of the bird flu virus was found last month. The Ministry of Agriculture stated that it expected to be able to lift the ban on poultry from Norfolk in early August if no further outbreaks were reported there.
Accessed on 25 May < http://www.alertnet.org/thenews/newsdesk/T97481.htm >

Japan approves United States safeguard steps for beef export. Cattle Network, 19 May 2006.
Japan has approved a survey of safety checks being taken by the United States meat-packing industry, opening the door to talks about re-opening the Japanese market to beef imports from the United States. Japan signaled it was willing to lift the ban on imports if food safety could be assured. Before starting talks however, Japan wants to review the survey results of the compliance checks carried out at the 35 meat-packing plants that have applied for export permission to export to Japan.
Accessed on 22 May < http://www.cattlenetwork.com/content.asp?contentid=38326 >

SOUTH ASIAN ASSOCIATION FOR REGIONAL COOPERATION (SAARC)
SAARC members differ over non-tariff barrier. China View, 19 May 2006.
Differences have surfaced among members of the South Asian Association for Regional Cooperation (SAARC) over the issue of NTBs as safeguard measures. The differences surfaced during a meeting of the South Asian Free Trade Area (SAFTA) sub-group on NTB, which is aimed to work out measures and guidelines to do away with the existing NTBs in SAARC. To resolve the differences, the sub-group asked each member State to identify NTBs and para-tariff barriers that have been hindering its trade with other SAFTA contracting states. They have also been asked to forward national positions on ways to address those barriers. The meeting failed after larger importing countries tried to defend NTBs as their legitimate safeguard measures. The sub-group will convene again in July, hoping to finalize SAFTA guidelines on NTBs.
Accessed on 22 May < http://news.xinhuanet.com/english/2006-05/19/content_4571279.htm >

VIET NAM
United States revises anti-dumping duties on Viet Nam catfish. Thanh Nien News, 5 May 2006.
The United States has amended the anti-dumping duties on catfish imports from Viet Nam. The Department of Commerce ruled that the penal tax on one tra and basa catfish exporter would be cut sharply to 6.81 per cent from an earlier 36.84 per cent; while it increased the tax to 80.88 per cent from 45.81 per cent for another exporter. The other two of the four Vietnamese companies that had agreed to cooperate when the United States originally undertook the anti-dumping action against catfish imports in 2002, were slapped with tariffs of 47.05 per cent and 53.68 per cent respectively. Seven smaller exporters pay taxes ranging from 45.55 to 63.88 per cent; all the other rates remained unchanged.
Accessed on 15 May < http://www.thanhniennews.com/business/?catid=2&newsid=15154 >

WORLD TRADE ORGANIZATION
Secretariat reports further declines in both new anti-dumping investigations and new final anti-dumping measures. WTO, 8 May 2006.
The WTO reported a decline of the number of initiations of new anti-dumping investigations and the number of new measures applied for the period of July to December 2005; with 2005 marking the fourth consecutive year of declines in new initiations, and the second in new measures. Among Members reporting new initiations, China reported the highest number, namely 13 initiations. China also was the most frequent subject of the new investigations, with 33 initiations directed at its exports during July-December 2005, up from 24 during the corresponding period of 2004. Concerning application of new final anti-dumping measures, the European Community reported the largest number (19) for the second half of 2005, a near-quintupling of the number of 2004. Products exported from China remained the most frequent subject of new measures, accounting for 22 of the new measures reported for the second half of 2005.
Accessed on 15 May < http://www.wto.org/english/news_e/pres06_e/pr441_e.htm >

European Union and NAMA-11 call for new mechanism to deal with non-tariff barriers. Bridges Weekly Trade News, 17 May 2006.
Both the EU and the NAMA-11 group of developing countries which includes Argentina, Brazil, Egypt, India, Indonesia, Namibia, the Philippines, South Africa, Tunisia and Venezuela have called for the establishment of a new mechanism to rapidly mediate bilateral conflicts over NTBs. According to the procedure outlined by the NAMA-11 group, a member facing an NTB would describe how its trade was being affected in the relevant WTO committee and ask for the matter to be referred to the 'NTB Resolution Mechanism. The country imposing the measure in question would be obliged to cooperate with the process. A mutually-approved facilitator would then examine the case; consult with members, affected industries, and other specialists; and provide non-binding recommendations on possible solutions within 60 days. Unlike participation in the process, implementing the recommendations would be optional. The EU outlined a similar 60-day non-binding facilitation process.
Accessed on 24 May < http://www.ictsd.org/weekly/06-05-17/story6.htm >

CHINA
China works on policies to encourage bio-energy. China.org.cn, 2 May 2006.
China said it was working on fiscal policies to encourage production of biological energy as substitutes for oil. In the meantime, the Ministry if Finance is considering a plan to provide subsidies to a few selected companies specializing in bio-energy production as demonstration projects before the cost and risk sharing mechanism was created. Bio-energy mainly refers to ethanol made from grain and stems of plants and methane, which are environmentally friendly and renewable.
Accessed on 3 May < http://china.org.cn/english/2006/May/167421.htm >

Forestation project to safeguard Northeast China coastline. CRI, 8 May 2006.
Northeast China’s Liaoning Province has launched a 6.27 billion yuan renminbi forestation project to make its 2,292-kilometre coastline greener. The local authority will plant 140,000 hectares of trees and restore 60,000 hectares of wetlands along its coastline in the next five years. Coastal areas possess the most economically developed areas, but are vulnerable to typhoons, tsunami and rainstorms. The best defence against natural disasters is nature itself; research indicates that a network of coastal defense, especially a belt of mangroves, is capable of absorbing 30 to 40 per cent of the total force of a tsunami or typhoon and its ensuing waves before they wash over inhabited areas onshore. The shelter project will include the establishment of primary coastal forest, mangroves, farmland and littoral wetlands.
Accessed on 11 May < http://en.chinabroadcast.cn/811/2006/05/08/167@85825.htm >

Germany and China strike deal to work together on Chinese trains. Channel News Asia, 22 May 2006.
Germany and China have agreed to work together on the building of 500 Chinese trains. The two countries signed a MoU to allow technical cooperation for the trains. China plans to invest around US$ 250 billion in upgrading its passenger rail system by 2015. Nine new passenger express rail lines are among the investment projects that aim to get passenger trains running at speeds up to 300 kilometres an hour.
Accessed on 23 May
< http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/209634/1/.html >

INDIA
India IT sector tightens security. Financial Times, 7 May 2006.
India’s information technology (IT) sector will set up a self-regulatory body to tighten security after incidents of data theft last year shook confidence in the industry. The call-centre industry came under heavy scrutiny last April after three employees of a Bangalore-based outsourcing firm, were arrested for allegedly stealing US$ 350,000 from bank account holders in New York. Two months later, an IT employee in Delhi was reported to have sold confidential information on 1,000 banking customers. Nasscom, India’s software employers’ association, will set up the independent regulatory body with initial funding of US$ 300,000, after which membership dues will cover operating costs. Already, some 1,050 companies representing 98 per cent of the IT industry have agreed to become members of the new independent body.
Accessed on 8 May < http://news.ft.com/cms/s/23680d2c-ddef-11da-af29-0000779e2340.html >

Special zones to drive telecom growth. The Telegraph, 24 May 2006.
The Ministry of Information Technology said that India would set up special economic zones in telecom to make India a manufacturing hub. The Government will also set up an export promotion council to impart the necessary thrust to the export of telecom equipment.
Accessed on 26 May
< http://www.telegraphindia.com/1060525/asp/business/story_6267388.asp >

INDONESIA
Breath of fresh air as Jakarta prepares to offer cleaner fuels. The Jakarta Post, 15 May 2006.
Indonesia is scheduled to officially launch the use of biodiesel fuel and compressed natural gas (CNG) as an alternative to the continuously skyrocketing prices of fossil fuel. Jakarta is the country’s first city to implement a bylaw on air pollution which requires all public transportation to use CNG. Jakarta was selected as a pilot project for the use of biodiesel and CNG to meet the targets of the Government’s national blue sky program. In the first stage, the state-owned oil and gas company will supply 24,000 liters of biodiesel per day at a price of Rp 4,500 per liter. The price of subsidized diesel fuel is Rp 4,300 per liter.
Accessed on 16 May
< http://www.thejakartapost.com/yesterdaydetail.asp?fileid=20060515.A04&irec=6 >

REPUBLIC OF KOREA
Republic of Korea speeds up wi-fi on the go. BBC, 2 May 2006.
The Republic of Korea is testing “Wibro” (WIreless BROadband), a new system that promises to provide high-speed internet access, even in vehicles moving at more than 80km/h. Currently, some 3,000 subscribers are testing the system which is expected to be launched commercially in June, with a Wibro zone covering Seoul and then other major cities. Wibro is the latest phase in the Republic of Korea’s ambitious plans to be a world technology leader. It already leads when it comes to high-speed internet access: four in five homes have broadband.
Accessed on 3 May < http://news.bbc.co.uk/1/hi/technology/4964860.stm >

SINGAPORE
Singapore to develop aerospace park at Seletar. Channel News Asia, 10 May 2006.
Singapore will develop a new aerospace park, expecting it to create 10,000 new jobs and to contribute S$ 3.3 billion annually in added value. Soaring growth potential and strong demand for aviation-related services are just some reasons for the development of the new aerospace park. Singapore currently accounts for a quarter of the market share for maintenance, repairs and overhaul services in the Asia-Pacific region which is expected to double its fleet of aircraft by 2015.
Accessed on 15 May
< http://www.channelnewsasia.com/stories/singaporelocalnews/view/207559/1/.html >

VIET NAM
Viet Nam to import more electricity from China. China View, 8 May 2006.
Viet Nam plans to buy additional 200 MW of electricity from China to supply its northern Thai Nguyen province between 2007 and 2010. The Ministry of Industry forecasts Viet Nam’s electricity demand to grow 15-16 per cent per year until 2010. Viet Nam, which currently has total electricity production capacity of 11 GW, mostly generated by coal-fired and hydroelectric plants, plans to begin purchasing power from Lao People’s Democratic Republic in 2008. It also plans to complete its first nuclear power plant by 2020 as alternative means of meeting its growing power demand.
Accessed on 15 May < http://news.xinhuanet.com/english/2006-05/08/content_4522502.htm >

670 trillion dong to be poured into industrial development in six regions. Viet Nam News Agency, 6 May 2006.
The Prime Minister has approved an industrial development plan through 2010, which forecasts demand for investment capital ranging from 640 to 670 trillion D. Under the plan for developing Vietnamese industries according to national geography through 2010 and beyond to 2020, the Government has set the directions and targets for industrial development in six regions. Foreign capital sources will play an important role in implementing the plan, which is expected to mobilize 5-6 per cent of the needed funds from official development aid (ODA) and 27 per cent from foreign direct investment capital. The rest will be mobilized from the State’s funds.
Accessed on 15 May < http://www.vnagency.com.vn/NewsA.asp? >

CHINA
China’s state pension fund permitted to invest overseas. China Economic Net, 30 April 2006.
China has allowed the State Security Fund Council to begin to invest overseas as of 1 May 2006. The move was made possible after the Ministry of Finance, the Ministry of Labor and Social Security and the People’s Bank of China, the country’s central bank, approved provisional regulations governing the overseas investment of the fund last month. Overseas investment will help the fund to explore more investment opportunities, diversify investment risks and maintain and increase the value of the fund.
Accessed on 1 May < http://en.ce.cn/Markets/Equities/200604/30/t20060430_6864293.shtml >

China’s new rules on initial public offerings (IPOs) effective. China View, 18 May 2006.
China's newly-revised regulations on initial public offerings (IPO) came into effect on 18 May 2006. The new rules contain 70 conditions under which companies can issue an IPO and apply to be listed on stock markets. The new rules also require detailed information disclosure and prescribe penalties for irregularities.
Accessed on 23 May < http://news.xinhuanet.com/english/2006-05/18/content_4567410.htm >

Postal savings bank to be established. China Economic Net, 25 May 2006.
China's State Council has given the nod to a new Chinese bank which will be based on the existing savings deposit business at far-flung postal station. The new bank will provide basic services to millions of rural dwellers. China has more than 28,000 financial institutions in the banking sector with total assets of nearly 40 trillion yuan renminbi.
Accessed on 26 May
< http://en.ce.cn/Industries/Financial-services/200605/25/t20060525_7088204.shtml >

EUROPEAN INVESTMENT BANK (EIB)
EIB, EBRD agree joint carbon credit fund. EIB, 22 May 2006.
The EIB and EBRD agreed to establish a new fund to generate carbon credits from projects across the high energy intensity countries of central and eastern Europe and the Commonwealth of Independent States. The Multilateral Carbon Credit Fund (MCCF), which is expected to be operational within the coming months, will enable registered public and private sector participants to buy carbon credits from emission reduction projects generated by both institutions. Typical projects will include industrial energy efficiency, fuel-switch, renewable energy and landfill gas extraction and utilization projects.
Accessed on 26 May < http://eib.eu.int/news/press/press.asp?press=3109 >

INDONESIA
Qatar and Indonesia sign agreement. The Peninsula Qatar, 1 May 2006.
A meeting between Qatar and Indonesia reviewed bilateral cooperation between the countries and discussed how to best boost them in various domains. The meeting also signed an agreement on avoidance of double taxation and prevention of evasion of payment of income taxes.
Accessed on 3 May
< http://www.thepeninsulaqatar.com/Display_news.asp? >

PHILIPPINES
Department of Finance wants annual review of tax incentives. Inq7, 2 May 2006.
The Department of Finance is proposing an annual review of the cost-effectiveness of the tax exemptions and other financial incentives given to investments in industries listed in the BOI’s Investment Priorities Plan (IPP). The proposal aims to give the Government a firmer basis in selecting industries that receive tax breaks. It is based on a study which showed that more than 80 per cent of the financial incentives given to projects registered with the BOI were redundant and the investors would have made their investments even without the incentives. The proposed cost-benefit analysis would let the Government monitor whether the incentives had helped boost growth of the recipient industries and whether the incentives were necessary for their development.
Accessed on 3 May
< http://money.inq7.net/topstories/view_topstories.php?yyyy=2006&mon=05&dd=02&file=11 >

TAJIKISTAN
EBRD expands Tajikistan micro-lending by US$ 25 million. EBRD, 21 May 2006.
Less than three years after launching the Tajikistan Micro and Small Enterprise Finance Facility, EBRD will inject another US$ 25 million into it. The loans enable small entrepreneurs, more than half of them women, to expand operations. Although the maximum size of micro sub-loan to date has been US$ 30,000, the largest disbursed to date has been US$ 25,000 and the average has been US$ 2,687. Repayment is unusually punctual, with only 0.15 per cent of loans outstanding by the end of 2005.
Accessed on 25 May < http://www.ebrd.com/new/pressrel/2006/58may21.htm >

REPUBLIC OF KOREA
Republic of Korea reiterates bid for revision of tax treaties. Yahoo News, 12 May 2006.
The Ministry of Finance is stepping up efforts to revamp cross-border tax treaties in order to tax the capital gains that offshore investors earn through the disposal of their majority stakes in local firms. The ministry’s new policy targets foreign majority shareholders who own stakes of 25 per cent or more in a local firm. Currently, more than two-thirds of the Republic of Korea’s international tax treaties allow only the country where investors are based to levy taxes on them.
Accessed on 25 May
< http://www.koreaherald.co.kr/SITE/data/html_dir/2006/05/02/200605020038.asp >

VIET NAM
Viet Nam telecom industry to open to all investors. Thanh Nien News, 11 May 2006.
The Minister for Telematics announced that the ministry would encourage private investment in the lucrative telecom sector. He announced that the telecom sector, currently a state monopoly, would open the doors to foreign counterparts if it became a member of the World Trade Organization (WTO) this year. The telecom sector would push up equitization of its mobile phone service providers and foreign investors were promoted to buy a certain share volume. With a population of over 83 million and just 14 per cent mobile phone penetration, Viet Nam is viewed as a massive potential market for investors.
Accessed on 15 May < http://www.thanhniennews.com/business/?catid=2&newsid=15352 >

Read the whole report from OECD:
< http://www.oecd.org/document/4/0,2340,en_2649_37431_36681348_1_1_1_37431,00.html >
Accessed on 26 May 2006

… Japan starts producing toys for the elderly?

The fact that the country’s falling population means that there are less children to play with toys, led Japanese toy companies to turn to adults as potential customers. One of the latest toy lines is a doll that is selling very well to adult women, especially women over the age of 60.

Read the whole report from BBC:
< http://news.bbc.co.uk/1/hi/business/4919606.stm >
Accessed on 1 May 2006

… Malaysia and Indonesia, the world’s top two palm oil producers, have forged an alliance to control prices?

The two countries account for 80 per cent of the world's palm oil output, each producing 15 million tonnes. Under the pact, Malaysia and Indonesia have agreed to join forces and not allow crude palm oil prices to be determined by non-producing countries such as traders in Europe and Singapore.

Read the whole report from the Business Times:
< http://www.btimes.com.my/Current_News/BT/Friday/Corporate/BT568970.txt/Article/ >
Accessed on 26 May 2006

… the Russian Federation has transferred Customs from the Ministry of Economic Development and Trade to the purview of the Prime Minister?
The President of the Russian Federation undertook the largest anticorruption operation since he came to power by transferring Customs from the Ministry of Economic Development and Trade to the purview of the Prime Minister.

Read the whole report from Kommersant:
< http://www.kommersant.com/page.asp?idr=527&id=673129 >
Accessed on 19 May 2006

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