APEC finance ministers express 'moderate' hope over US-China trade deal

SANTIAGO, Chile - APEC finance ministers expressed "moderate optimism" on Tuesday that the United States and China will end their trade war and sign an agreement during the forum's summit in Santiago next month.

For the last 18 months the world's 2 largest economies have been embroiled in a trade spat that saw tariffs placed on hundreds of billions of dollars' worth of goods.

US President Donald Trump announced a partial deal last week.

Treasury Secretary Steven Mnuchin added on Monday that US and Chinese officials would hold phone talks over the next 2 weeks to finalize the "phase one" trade deal.

Finance ministers and representatives of the Asia-Pacific Economic Cooperation (APEC) forum met in Santiago on Tuesday and discussed the possibility of a full trade deal being signed next month.

Chile's finance minister, Felipe Larrain, said such an agreement would be "highly significant."

While he was somewhat optimistic, he also he warned that "planning and good intentions and the idea to sign it are one thing. Actually signing it is another."

"Hence, in some there's this natural dose of skepticism."

Few specifics of the deal are known except that it covers intellectual property, financial services and currencies. Washington has also scrapped tariff increases planned for this week and could do so with others scheduled for December.

New Zealand's finance minister Grant Robertson warned against getting carried away, though.

"We also have to acknowledge that there is some way to go before this is fully resolved, but it is important for the whole world that this trade war is ended," he said.

The finance ministers are due to issue a joint statement backing free trade at the end of their meeting.

APEC is an inter-governmental forum made up of 21 economies that promotes free trade throughout the Asia-Pacific region.

Those economies make up 40 percent of the world's population, 60 percent of its gross domestic product and 50 percent of total trade, according to the Chile summit organizers.

The International Monetary Fund on Tuesday said the US-China trade war alone is estimated to shrink the world economy by 0.8 percent in 2020, but a truce would reduce that impact.

Policymakers should work to find resolutions to trade disputes, the IMF urged.

source: news.abs-cbn.com

New Zealand PM hopes other APEC members will join TPP

MANILA – New Zealand Prime Minister John Key attests that joining the Trans-Pacific Partnership (TPP) has been good for his country.

A champion of free trade, Key hopes the remaining members of APEC, including the Philippines, would also join TPP.

"I think there'll be a little bit of backslapping that goes on because of TPP being completed and I suspect for the other sort of nine other economies or countries that aren't members of TPP but are members of APEC, I suspect they'll be looking at thinking, should they possibly come in as it's an opportunity for them," Key told ABS-CBN's Ces Drilon in an exclusive interview.

"From the New Zealand's point of view, I think we take the view of the more the merrier...We'd be more than happy for other countries to come in," he added.

Meanwhile, Key said there are now more opportunities for students as well as Filipino workers in New Zealand, particularly in the construction and health care industry.

Currently, there are 40,000 Filipinos living in New Zealand.

Flights from the Philippines to New Zealand will also start next month, which Key believes will bolster tourism between both countries.

source: www.abs-cbnnews.com

APEC ministers welcome progress in creating new trade zone

Ministers of 21 Asia-Pacific economies on Tuesday welcomed progress in efforts to establish a region-wide free trade zone as they wrapped up a two-day meeting in Manila.

In their joint statement released after the meeting, the ministers also vowed to take actions "to safeguard the region's infrastructure, travel, supply chains and financial systems from terrorism and other illicit activities" in the wake of Friday's terror attacks in Paris.

At last year's forum in Beijing, the 21 member economies including the Philippines -- the host of this year's forum -- agreed to launch a joint study to look at the viability of a new free trade framework, called the Free Trade Area of the Asia-Pacific, and pledged to implement it "as early as possible."

"We commend the progress of the implementation of the Beijing Roadmap for APEC's Contribution to the Realization of the FTAAP," said the statement. The study will be completed by the end of next year.

During the meeting in Manila, the ministers confirmed the importance of pursuing the new trade bloc based on multilateral trade schemes such as the recently sealed Trans-Pacific Partnership pact.

The TPP and other trade deals are encouraging "because by having more of these regional or bilateral, plurilateral type of agreements we actually advance the position of the free-trade regimes," Philippines Trade and Industry Secretary Gregory Domingo said at a press conference after the meeting.

On the Paris massacre which left 129 people dead and hundreds wounded, Philippine Foreign Secretary Albert del Rosario said at the press conference, "Everyone has expressed their condolences to the families of the victims over the terrorist acts."

"There was a call for the unity of nations and people, and there was additionally a call for bringing to justice those who perpetuated the horrific developments in Paris last Friday," he said.

The 21 economies are considering expressing their joint response to the attacks in a declaration to be issued by the leaders later this week, an APEC source said.

source: www.abs-cbnnews.com

'APEC hotties' Trudeau, Nieto set Twitter on fire

MANILA - Canadian Prime Minister Justin Trudeau has arrived in Manila for the Asia-Pacific Economic Cooperation (APEC) Leaders' Meeting, joining 20 other leaders and representatives from the member-economies of the APEC bloc.

Trudeau, who arrived at the Ninoy Aquino International Airport (NAIA) at 5:39 p.m. Tuesday, was welcomed by Canadian and Philippine officials including Agriculture Secretary Proceso Alcala.

Upon his arrival, the 43-year-old Trudeau immediately took Twitter by storm, with many Filipino netizens gushing over his good looks.

The name of Trudeau, who is the second youngest Canadian to assume the position of Prime Minister, is second on Twitter's trending topics in the Philippines, as of posting.


Aside from Trudeau, Mexican President Enrique Peña Nieto also caught the attention of several Filipinos, with social media users using the hashtag #APEChottie to describe the two leaders.


Nieto, who arrived in Manila past noon, served as governor of the State of Mexico from 2005 to 2011 before he was elected president in 2012.


Here are some of the reactions of netizens on Trudeau and Nieto:

The Canadian Bae or The Mexican Papi #APEChottie 😂😂😂 pic.twitter.com/FnlawKbtJH

— jerome vidallon (@iamjedvidallon) November 17, 2015

Who cares about traffic jam when u have Canadian PM Trudeau & Mexican President Nieto for #APEChottie #APECbae https://t.co/tPBHmKVcL9

— Kim (@kimchi_926) November 17, 2015

Omg Canadian PM Justin Trudeau is a certified #APEChottie #APEC2015

— Cecilia Pantua (@axlpantua) November 17, 2015

Pagdating ni Trudeau sa airport hindi bala ang nalaglag. #APEChottie

— Teddy Casiño (@teddycasino) November 17, 2015

Thank you for gracing our land with your presence. @JustinTrudeau #APEChottie pic.twitter.com/d0EJgAZSPn

— Betina Gueco (@betinaguecooo) November 17, 2015

That mexican president reminds me of ian veneracion tho #apechottie #baerrito

— Princess Palma (@princessspalma) November 17, 2015

One order of tacos, burrito and unli nachos! With Mexican President Nieto on the side #APEChottie #APECbae https://t.co/DB6KiS6p8H

— J K (@kayiishh) November 17, 2015

This is just so funny. haha Pinoys always look on a bright side #APEChottie

— E S T E M AJ 26 (@majjestyanne) November 17, 2015

 source: www.abs-cbnnews.com

Asia-Pacific leaders gather in Philippines under security shadow

MANILA - US President Barack Obama and other Asia-Pacific leaders will arrive in the Philippines Tuesday for a summit meant to foster trade unity but with terrorism and territorial rows in focus.

The two-day Asia-Pacific Economic Cooperation (APEC) summit will begin Wednesday under the global shadow cast by last week's murderous rampage in Paris that killed at least 129 people.

While the 21-member APEC group's mission is to promote trade, the leaders will undoubtedly discuss the tragic events in the French capital and efforts to counter the Islamic State group, which has claimed responsibility for the carnage.

Obama and Chinese President Xi Jinping will travel to Manila from Turkey, where they attended a summit of the Group of 20 top economies that also focused heavily on IS and bringing peace to Syria, where IS controls a vast swathe of territory.

Philippine authorities, which had already deployed more than 20,000 security forces for the summit, said security had been ratcheted up even higher because of the Paris attacks.

Another sensitive issue this week will be China's recent efforts to assert control over the South China Sea, which is home to some of the world's most important shipping lanes.

The other claimants are APEC members Vietnam, the Philippines, Malaysia, Brunei and Taiwan.

The Philippines, one of China's most vocal critics in the row, had promised to be a "perfect host" to Xi, who is also due to arrive in Manila on Tuesday.

But, while keeping the dispute off the official agenda, Philippine President Benigno Aquino appears to be taking the opportunity of the APEC summit to firm up alliances aimed at countering China.

On Tuesday, Obama will tour the Philippine Navy's flagship vessel, the US-made Gregorio del Pilar, which is providing APEC security in Manila Bay.

Obama's aides had previously said Obama would tour the boat to showcase American commitment to providing maritime security in the region.

China's building of artificial islands in parts of the South China Sea close to the Philippines had already prompted the US military to deploy a missile destroyer and B-52 bomber planes to the area.

The Philippines, which has one of the weakest militaries in Asia, has in recent years sought to draw longtime ally the United States into the dispute as a protector against China.

Aquino and Vietnamese President Truong Tan Sang are also set to oversee the signing on Tuesday of a bilateral strategic partnership that will deepen defence ties.

The Philippines and Vietnam have been brought closer in recent years by their shared concerns over China, with the imminent strategic partnership the most significant development.

Any focus on the South China Sea in the Philippines will irk China, which has insisted the APEC forum should stick solely to trade issues.

It has also repeatedly said the United States has no role to play in the dispute.US President Barack Obama and other Asia-Pacific leaders will arrive in the Philippines Tuesday for a summit meant to foster trade unity but with terrorism and territorial rows in focus.

The two-day Asia-Pacific Economic Cooperation (APEC) summit will begin Wednesday under the global shadow cast by last week's murderous rampage in Paris that killed at least 129 people.

While the 21-member APEC group's mission is to promote trade, the leaders will undoubtedly discuss the tragic events in the French capital and efforts to counter the Islamic State group, which has claimed responsibility for the carnage.

Obama and Chinese President Xi Jinping will travel to Manila from Turkey, where they attended a summit of the Group of 20 top economies that also focused heavily on IS and bringing peace to Syria, where IS controls a vast swathe of territory.

Philippine authorities, which had already deployed more than 20,000 security forces for the summit, said security had been ratcheted up even higher because of the Paris attacks.

Another sensitive issue this week will be China's recent efforts to assert control over the South China Sea, which is home to some of the world's most important shipping lanes.

The other claimants are APEC members Vietnam, the Philippines, Malaysia, Brunei and Taiwan.

The Philippines, one of China's most vocal critics in the row, had promised to be a "perfect host" to Xi, who is also due to arrive in Manila on Tuesday.

But, while keeping the dispute off the official agenda, Philippine President Benigno Aquino appears to be taking the opportunity of the APEC summit to firm up alliances aimed at countering China.

On Tuesday, Obama will tour the Philippine Navy's flagship vessel, the US-made Gregorio del Pilar, which is providing APEC security in Manila Bay.

Obama's aides had previously said Obama would tour the boat to showcase American commitment to providing maritime security in the region.

China's building of artificial islands in parts of the South China Sea close to the Philippines had already prompted the US military to deploy a missile destroyer and B-52 bomber planes to the area.

The Philippines, which has one of the weakest militaries in Asia, has in recent years sought to draw longtime ally the United States into the dispute as a protector against China.

Aquino and Vietnamese President Truong Tan Sang are also set to oversee the signing on Tuesday of a bilateral strategic partnership that will deepen defence ties.

The Philippines and Vietnam have been brought closer in recent years by their shared concerns over China, with the imminent strategic partnership the most significant development.

Any focus on the South China Sea in the Philippines will irk China, which has insisted the APEC forum should stick solely to trade issues.

It has also repeatedly said the United States has no role to play in the dispute.

source: www.abs-cbnnews.com

Boracay Water starts building P86M transmission line

MANILA, Philippines - Boracay Water said it has started building the Nabaoy Transmission Line, which is aimed at increasing water supply capacity in the island.

The P86-million project includes the construction of a 5.5 kilometer pipe connecting Nabaoy River water source to the Caticlan Water Treatment Plant.

The project will increase water supply capacity from 14.5 million liters per day (MLD) to 20 MLD.

The transmission line is expected to be completed by mid-year.

It is expected to meet the increasing water demand of Boracay, due to the growing number of tourists.

The Department of Tourism estimates that tourist arrivals to Boracay will jump 22 percent to 1.8 million this year. Boracay is one of the places that will host the Asia-Pacific Economic Cooperation (APEC) Summit this year.

Boracay Water, a company formed through the partnership of Manila Water and the Tourism Infrastructure and Enterprise Zone Authority in 2009, provides water and used water services in Boracay, Malay, Aklan, particularly in its three barangays – Manocmanoc, Balabag, and Yapak.

source: www.abs-cbnnews.com

BMW to deploy 200 vehicles for APEC 2015 in PH

MANILA – German luxury carmaker BMW will be deploying over 200 vehicles to service leaders and officials attending the Asia-Pacific Economic Cooperation (APEC) meetings in the Philippines next year.

BMW will provide BMW 7 Series Long-Wheelbase Sedans and BMW 5 Series models in Sedan and Gran Turismo forms for heads of states, dignitaries, government officials, and private sector leaders attending the meetings.

BMW, which serves as the official premium mobility partner of APEC, also sponsored a fleet of BMW 7 Series Long-Wheelbase Sedans for the Informal Senior Officials’ Meeting (ISOM) held on December 8 and 9, 2014 at the Makati Shangri-La Hotel.

The vehicles served over 350 foreign and Filipino experts from multilateral organizations and national agencies, members of the academe, and various industry practitioners.

The two-day symposium streamlined priorities for next year’s conference, which carries the theme “Building Inclusive Economies, Building A Better World.”

Asian Carmakers Corporation (ACC), the official importer and distributor of BMW in the Philippines, expressed its support to the government’s efforts in setting the agenda for its host year amid the inclement weather last week.

“BMW congratulates the Philippine government for taking point in this year’s APEC ISOM. We will continue to support the endeavors of our leaders in the coming year as they tackle economic strategies in major business sectors including the automotive industry, which is poised to help spur growth in the region,” said ACC president Maricar Parco.

The Philippines will host a series of APEC meetings to be held in held in Metro Manila, Boracay, Iloilo City, Tagaytay City, Cebu, Bagac, Bataan, Clark, Pampanga, and Legazpi City in November.

source: www.abs-cbnnews.com

PH 'understands' Obama's cancelled Asian trips

…but US shutdown fears perturb APEC summit

NUSA DUA - The US warned Sunday that business in America was suffering from the federal shutdown as concern about Washington's policy paralysis was voiced at an Asia-Pacific summit where President Barack Obama was a notable absentee.

The first government closure in 17 years has directly affected hundreds of thousands of federal employees, but Commerce Secretary Penny Pritzker said companies were also starting to hurt, not least from her department's inability to collate vital economic data.

"The shutdown is not good for business. It's not good for the economy," Pritzker told reporters at the Asia-Pacific Economic Cooperation (APEC) forum on the Indonesian island of Bali, which Obama has been forced to skip to deal with the political crisis gripping Washington.

"And we need to move on with the business of doing business in the United States. So, I am hopeful this gets resolved soon. It's obviously having an impact," Pritzker said.

Her remarks on the economic impact came after Secretary of State John Kerry warned at the APEC meetings on Saturday that the standoff was "reckless", and would weaken America's diplomatic standing abroad if it did not end soon.

Apart from APEC, Obama is also missing a separate East Asian summit this week and scheduled trips to Malaysia and the Philippines. His failure to come coincides with a diplomatic push by China in Southeast Asia featuring high-profile visits by President Xi Jinping, who is at APEC.

Speaking at a Bali meeting of APEC business leaders which Obama had also been scheduled to address, Singapore Prime Minister Lee Hsien Loong said the president's no-show was "a very big disappointment to us".

"Obviously we prefer a US government that is working to one that is not. And we prefer a US president who is able to travel and fulfill his international duties to one who is preoccupied with national domestic preoccupations," he said.

While expressing sympathy for Obama's domestic travails, Lee said "no other country can replace" US engagement in Asia.

"Not China, not Japan, not any other power. That is something which we continue and encourage at every opportunity."

At the same APEC business gathering, Chilean President Sebastian Pinera said the United States had to confront its fiscal problems "in a better way than they are doing it now with shutting down the government".

Philippine President Benigno Aquino, who will now play host in Manila to Secretary of State John Kerry instead of Obama, proffered understanding for the president's decision to stay home by underscoring the gravity of the situation.

"The US economy is the number one economy in the world, what happens there affects all of us," he said in Bali.

"The world economy obviously is not in a position to withstand too much shock at this time when we are just recovering as a global economy. We perfectly sympathize," Aquino added.

The US government closed all but its essential operations on Tuesday when Republican lawmakers refused to approve money for government operations without first delaying or defunding a new health care law commonly known as Obamacare.

Obama is refusing to negotiate with the Republicans over the budget issues until they pass a temporary bill to reopen the government.

He said they must also agree to raise the $16.7 trillion US statutory borrowing limit -- without which Washington could default on its debts for the first time ever starting on October 17. For many abroad, that is a far bigger cause for fear than the present shutdown.

Pritzker said one big problem arising from the shutdown was US businesses could no longer access vital data about the economy that is normally posted on the commerce department's website.

The website has been taken offline because staff who run it are not working, and some analysts fret that the Federal Reserve is effectively blind to ongoing developments at a vital time of debate about when to wind down its post-crisis stimulus policies.

"We're a huge source of data for American business and that is a problem... It's affecting businesses and it's affecting their ability to get data," the commerce secretary said.

source: www.abs-cbnnews.com

DFA invites Photographers to join APEC contest

Photographers from the Asia-Pacific region are invited to the Asia-Pacific Economic Cooperation (APEC) photo contest seeking to highlight the regional grouping’s key thrusts, the Department of Foreign Affairs (DFA) has announced.

The contest is open to amateur and professional photographers in all APEC economies.

The DFA said contestants may submit photos inspired by three categories: (1) strengthening regional economic integration and expanding trade; (2) promoting green growth, and (30 advancing regulatory convergence and cooperation.

"The contest's themes reflect the policy priorities that APEC set for 2011," the DFA said.

APEC Secretariat Executive Director Ambassador Muhamad Noor said the photographic inputs will help inform the decisions the APEC makes as it moves its agenda forward.

"We recognize the challenge that we have put before the contestants but we know that the region's innovative spirit will produce photographs that capture a compelling visual narrative," he added.

Mechanics

Winners will be selected based on the quality of photograph, composition, overall impact, and artistic merit, as well as how well it represents the three themes.

Submitted photos must be the photographer's original work. Those who wish to enter the competition should fill in a form and send their entries to contest@apec.org.

Contestants can submit up to three photos during the submission period, which closes on October 10.

Over SG $5,000 in prizes will be awarded to the winners.

The three winning entries will be chosen by a panel of international judges including including AFP Photo Editor-in-Chief (Worldwide) Eric Baradat, AFP Photo Editor-in-Chief (North America) Mladen Antonov, Reportage by Getty Images Photographer Palani Mohan, Ambassador Noor and US APEC Senior Official Ambassador Kurt Tong.

Winning entries will be announced in Honolulu in November during the lead-up to the APEC Economic Leaders' Meeting.

Voting on Facebook

APEC Facebook fans will also have a chance to vote for their favorite photo under the popular choice category.

Public voting is from October 17 to 31, when the finalists' photos will be displayed at www.facebook.com/APECnews.

The photo with the most votes on APEC Facebook stands to win 1,000 Singaporean dolla (roughly P34,850). — ELR/LBG, GMA News

source: gmanews.tv