In February 2019, Saudi Arabia’s Crown Prince Mohammed bin Salman traveled to three Asian capitals: Islamabad, New Delhi, and Beijing. In each of the three capitals that he visited, the Crown Prince signed deals worth billions of dollars.
After the EU threatened to remove its preferential trade deal in response to Phnom Penh’s perceived lack of commitment to improve its democracy and human rights situation, the country now faces a dilemma.
China and the EU differ on political and human rights issues, while trade and investment comprise the main components of the China-EU tie. Burdened by a decade of declining economic investment, the EU and its member-states have welcomed China’s investments.
Taiwan’s economy strongly relies on exporting intermediate goods to China for final assembly. In the milieu of the escalating China-US trade war, if the US extends its tariff retaliation to ICT products, this could weigh down Taiwan’s export performance.
The revised KORUS FTA was implemented on January 1, 2019. While South Korea made concessions on automobiles, steel and aluminum, the US only promised to ease Korean textile exports to America. The FTA can be a model for US trade deals with other Asian countries.
The Kartarpur Corridor would not just provide opportunity to Sikh pilgrims to pay obeisance at one of their holiest shrines, but could also give a fillip to economic linkages between both Punjabs. China was supportive of the initiative.
In October 2018 during the China-Japan Forum on Third Country Business Cooperation, over 50 Memorandums of Understanding were signed. The most important one was on financial support for Chinese and Japanese companies in their business cooperation in third countries.
The APEC meeting turned out to be frosty and cold between the world’s two largest economies, as it did not produce a joint communique at the end. The G20 meeting was more fruitful as China and the US agreed to a temporary trade truce.