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Recent signing of RCEP suggests need for US reentry into TPP: CRS report (nationthailand.com)

Recent signing of RCEP suggests need for US reentry into TPP: CRS report

Nov 26. 2020The captured image from the website of US cable news network C-Span shows US President-elect Joe Biden speaking at a press conference in Wilmington, Delaware, on Nov. 16. (C-Span) 

By The Korea Herald/ANN

WASHINGTON — The recent signing of the Regional Comprehensive Economic Partnership (RCEP) by South Korea and 14 other countries in Asia reinforces the need for the United States to sign a similar deal in the region, a report suggested Wednesday.

The report from the Congressional Research Service also suggested the US may have to consider reentering the Trans-Pacific Partnership (TPP) agreement to protect its interests in the region.

“Some Members of Congress and analysts saw TPP as an opportunity for the United States to shape regional and global trade rules, and potentially influence China’s economic practices,” said the report, dated Nov. 19.

The report came three days after US President-elect Joe Biden noted a need for his country to work with its allies in the region to counter China’s growing competition.

“We make up 25 percent of the world’s trading capacity, of the economy of the world. We need to be aligned with the other democracies, another 25 percent or more, so that we can set the rules of the road, instead of having China and others dictate outcomes because they are the only game in town,” Biden said at a press conference.

The RCEP, signed Nov. 15, has all 10 member countries of the Association of Southeast Asian Nations as its members, along with South Korea, China, Japan, Australia and New Zealand. Together the 15 countries represent more than 30 percent of global trade and gross domestic product.

The US, on the other hand, withdrew from the TPP in January 2017, only a few days after President Donald Trump came into office.

The report said the RCEP, once implemented, could shift regional trade in ways that “impact US commercial activity and broader strategic interests.”

“Early analyses generally conclude that RCEP could reduce US commercial activity in the region if (1) members shift trade to US competitors, and (2) supply chains reorient to capitalize on RCEP’s tariff reductions and rules of origin,” it said.

“Further, formation of trade rules in Asia that may not reflect US negotiating priorities, such as approaches to e-commerce or IPR (intellectual property rights), could disadvantage US competitiveness abroad,” added the report.

It insisted such implications reinforce a need for the US to reengage and possibly reenter the TPP.

“Some experts view these developments as reducing US geopolitical influence and reinforcing a need to reenvision US engagement in the region, potentially through negotiating its reentry into the revised TPP-11,” it said. (Yonhap)

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Hong Kong to shut bars and pubs, order more to go for Covid-19 testing (nationthailand.com)

Hong Kong to shut bars and pubs, order more to go for Covid-19 testing

Nov 25. 2020

By Claire Huang
The Straits Times/ANN

HONG KONG – Hong Kong will close entertainment outlets including bars and nightclubs, for the third time since the Covid-19 pandemic began, to contain a ballooning dance studio cluster.

The outlets will be closed from Thursday (Nov 26) to Dec 2. They were first closed in April and again from July to September. 

Other new measures include the stipulation that all banquets will have no more than 10 tables, although each table can still have up to four patrons, which is what is now allowed in eateries. 

Health officials said group gatherings in hotels and guest houses will be restricted. For instance, the number of guests in a room will be capped and there must be proper segregation of quarantine and non-quarantine rooms.

Appealing to the public to reduce dining out and avoid gatherings, Secretary for Food and Health Sophia Chan said the “situation is dire”, with the source of infections unknown for many cases in recent days, and a third of the new patients asymptomatic.

The updated measures come on top of existing restrictions such as no more than four people allowed at any public gathering. Masks must be worn in public settings and restaurants are to cap operating capacity at 50 per cent.

The tightening of measures comes as the dance studio cluster expanded to 187 patients, which worried officials have said is the largest outbreak since the pandemic swept the city.

On Tuesday, Hong Kong recorded 80 new confirmed cases, of which 69 were local and 54 linked to the cluster that started at a dance studio in Wan Chai. This brings the total tally to more than 5,780 cases, including 108 deaths.

The government on Tuesday also issued a notice to say that seven more venues across the city – in Mei Foo, Aberdeen, Sha Tin and Tsim Sha Tsui – had been added to an initial list of 14 dance studios at the heart of the latest outbreak.

Visitors to the seven studios have been given until Thursday to get tested, while those who visited the 14 dance studios had till the end of yesterday to submit samples for testing.

Any person who fails to comply with the testing notice can be fined HK$2,000 (S$347). The person would also be issued with a compulsory testing order and another failure to do so could mean a fine of HK$25,000 and six months’ jail.

Chief Executive Carrie Lam, who will deliver her fourth policy address on Wednesday, said the government is in a  tight financial situation.  

“We’ve had three rounds of anti-epidemic funds – we’ve already used HK$310 billion. That may be the deficit of the government this year. 

“We would like to make sure of reforms, to implement new initiatives without using additional monetary resources.” 

About 700 initiatives were proposed in the past three years, with 95 per cent completed or in progress, she said, and the remaining 5 per cent will be moved along as Parliament picks up speed.

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[Japan] U.S. vaccines look promising, but crucial questions remain (nationthailand.com)

[Japan] U.S. vaccines look promising, but crucial questions remain

Nov 25. 2020(The Yomiuri Shimbun) 

By Sho Funakoshi and Taizan Emura
Yomiuri Shimbun/The Japan News/ANN

Two major U.S. pharmaceutical companies have released promising results from large-scale clinical trials of novel coronavirus vaccines. These companies will soon submit applications to the U.S. government to receive emergency use authorization for these highly effective vaccines.

Vaccinations in Japan could start as soon as the first half of 2021, but question marks remain over whether the nation will be ready to roll out the shots and whether the vaccines could have side effects.

■ Over 90% effective

Anthony Fauci, director of the U.S. National Institute of Allergy and Infectious Diseases and a member of the U.S. government’s coronavirus task force, was bullish about the trial results. “We have two vaccines that are really quite effective, so I think this is a really strong step forward to where we want to be about getting control of this outbreak,” Fauci said during an interview with U.S. network NBC on Nov. 16.

On Nov. 18, U.S. pharmaceutical giant Pfizer Inc. announced the preliminary results of a clinical trial involving about 43,500 people. About half were given the newly developed vaccine, and the rest were given a placebo. All were observed for a month to check who developed coronavirus symptoms.

Only eight of the group who received the vaccine showed symptoms, but 162 in the placebo group did. This 95% effective vaccine could reduce the number of people who develop symptoms to just one-twentieth of what it is now. U.S. biotechnology company Moderna, Inc. also announced on Nov. 16 that its vaccine was 94.5% effective.

Influenza vaccines are said to be 30% to 50% effective in preventing people from catching the flu. The U.S. Food and Drug Administration issued guidance that stipulated a coronavirus vaccine would be considered effective if it prevented the disease or decreased its severity in 50% of people who got vaccinated. The development of two vaccines that are more than 90% effective stunned many experts.

“There is a strong likelihood this outbreak can be brought under control to some degree,” said Keio University Prof. Akihiko Yoshimura, an immunology expert.

■ No room for complacency

Both vaccines are so-called genetic vaccines that inject a modified part of the coronavirus’ genetic code. This technique has the advantage of developing vaccines more quickly than conventional methods; a process that would normally take several years has this time taken less than one year.

However, it remains unclear how long these vaccines will remain effective and if their impact will vary between individuals. It also is unknown if the vaccine will need to be given each year like a flu shot, or if one or two doses will offer a lifetime of protection, like the measles vaccination does.

■ Prevention still crucial

Potential side effects triggered by the vaccines also need to be closely checked.

Both companies’ vaccines involved two doses given about three or four weeks apart. After receiving the second jab, the proportion of people who felt lethargic or complained of muscle pain ranged from about 2% up to about 10%. Although no severe side effects were reported, University of Tokyo Prof. Ken Ishii warned about getting complacent.

“Generally speaking, vaccines that give stronger immunity also have stronger side effects,” said Ishii, a vaccine science expert. “We must carefully pay attention to any information about side effects and ensure that people who get vaccinated are aware of the risks.”

Furthermore, if a vaccine cannot completely prevent an infection and a vaccinated person stops taking precautions, they could catch the virus and spread it to people around them. Steps such as wearing a mask and avoiding the three Cs — closed spaces, crowded places and close-contact settings — likely will remain essential for the foreseeable future.

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Myanmar mulls over domestic flight resumption (nationthailand.com)

Myanmar mulls over domestic flight resumption

Nov 25. 2020Photo shows the domestic arrival and departure lounge of Yangon International Airport 

By SHOON LE WIN
Eleven Media/ANN

The government is reviewing in various aspects to be able to resume domestic flight schedules that have been suspended due to the Covid-19 outbreak in Myanmar, said Nay Win, director of the Civil Aviation Department.

He also said the resumption of domestic flights relied on the virus infection situation.

“How we will resume flights depends on the outbreak situation. Currently, the suspension of both local and international flights has been extended till the end of November. We are now reviewing how we will be able to take preventive measures including plans to overcome the outbreak and pandemic. If flights resume, we will make sure passengers follow the health guidelines,” he said.

At the meeting of the National Level Committee for Covid-19 Prevention, Control and Treatment on November 17, discussion included plans to resume domestic flights. Moreover, air passengers going to Nay Pyi Taw, regions and states, if the need arises to go there, will no longer need to be in quarantine if they have Covid-free certificates issued by the Ministry of Health and Sports.

Domestic flights were conducted to 27 airports in Yangon, Mandalay, Nay Pyi Taw and other cities. But, they have been suspended until November 30 to curb infections.

Despite the suspension of arrivals of international passenger flights, Yangon International Airport accepted the entry of 443 foreigners by special flight in October this year.  

However, the airport still handles air freight transport. The international passenger flight suspension has also been extended until November 30, according to the Ministry of Transport and Communications.

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Chinese FM Wang to arrive in S. Korea as Biden envisions stronger alliances (nationthailand.com)

Chinese FM Wang to arrive in S. Korea as Biden envisions stronger alliances

Nov 25. 2020Foreign Minister Kang Kyung-wha (R) shaking hands with her Chinese counterpart Wang Yi before their talks at the foreign ministry in Seoul on Dec. 4, 2019. (Yonhap) 

By The Korea Herald/ANN

Chinese Foreign Minister Wang Yi is set to arrive in Seoul on Wednesday for talks with Foreign Minister Kang Kyung-wha and others, as US President-elect Joe Biden envisions solidifying America’s democratic alliances to reassert its global leadership.

After his two-day trip to Japan, Wang is scheduled to fly in amid expectations that he could use the trip to try to bring South Korea closer to its side as a strategic rivalry between Washington and Beijing is expected to continue under the Biden administration.

Wang’s trip has taken on geopolitical overtones, as Biden has vowed to rally America’s allies and other partners for a global “Summit for Democracy” to shore up multilateralism and confront international challenges, possibly including China’s growing assertiveness.

Kang and Wang plan to hold talks on Thursday to discuss bilateral high-level exchanges, the situations on the Korean Peninsula and in the region, pending global issues and other matters of mutual concern, the foreign ministry said.

The agenda for their talks is likely to include the countries’ efforts to arrange a visit to South Korea by Chinese President Xi Jinping and Seoul’s push to host a trilateral summit among the leaders of South Korea, China and Japan.

Chinese Ambassador to Seoul Xing Haiming has said that Xi’s trip to Seoul will come when the COVID-19 pandemic levels off, but a third wave of the virus outbreak has darkened the prospects of Xi making an early trip here.

Kang and Wang could also exchange views on North Korea-related issues, economic cooperation and joint efforts to combat the COVID-19 pandemic.

Wang is also expected to meet other government and ruling party officials, including former Democratic Party chief Lee Hae-chan, presidential security adviser Moon Chung-in and Rep. Song Young-gil, chairman of the National Assembly’s foreign affairs committee.

Wang was initially expected to visit Seoul last month, but he apparently delayed his trip, presumably due to a key Communist Party meeting late last month and the US presidential election.

Wang last visited Seoul in December last year. (Yonhap)

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Beijing, Tokyo plan ‘fast lane’ travel corridor (nationthailand.com)

Beijing, Tokyo plan ‘fast lane’ travel corridor

Nov 25. 2020

By ZHOU JIN
China Daily/ANN

Foreign ministers agree on bolstering bilateral cooperation in multiple fields

China and Japan have agreed to establish a fast lane travel corridor for essential personnel exchanges by the end of November to facilitate bilateral cooperation on the resumption of business activities, State Councilor and Foreign Minister Wang Yi said on Tuesday.

At a joint news conference with Japanese Foreign Minister Toshimitsu Motegi, Wang said that the fast lane will be launched under strict pandemic prevention and control measures.

Wang’s visit to Japan marks the first face-to-face meeting between foreign ministers of the two countries since the outbreak of the COVID-19 pandemic.

He said that China and Japan agreed to continue jointly fighting the coronavirus and share information in a timely manner, and they will also carry out cooperation on medical treatment and drugs.

Wang said that China and Japan are determined to establish a consultation mechanism on food and agricultural and aquatic products among multiple departments, and will speed up coordination to promote bilateral cooperation in these areas.

The two countries also agreed to cooperate to boost economic recovery and will host a new round of high-level economic dialogue next year, Wang said. He added that they will continue to strengthen cooperation in key areas such as technological innovation, energy conservation and environmental protection, medical care, e-commerce and third-party markets.

China and Japan are among 15 nations that signed the Regional Comprehensive Economic Partnership agreement earlier this month. Wang said the two sides will work together to ensure the agreement takes effect as soon as possible, promote the negotiation of the China-Japan-Republic of Korea free trade agreement, and boost regional cooperation to maintain and strengthen the rules-based multilateral trade system.

Wang said that China and Japan will hold a new round of high-level consultations on maritime affairs next month to deepen communication between their departments of foreign affairs and maritime law enforcement.

He added that Beijing and Tokyo will strive to open a direct telephone line under the air and maritime contact mechanism within this year to manage risks and enhance mutual trust.

The two countries also decided to establish a consultation mechanism on climate change policies, he said.

The year 2022 marks the 50th anniversary of the normalization of diplomatic relations between China and Japan, Wang said, adding that the two countries will make preparations for commemorative events.

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Export spike from China sees sharp increase in shipping fees (nationthailand.com)

Export spike from China sees sharp increase in shipping fees

Nov 24. 2020Many containers are left at ports around the world while China faces strong demands for its exports and an acute shortage of containers. SIN CHEW DAILY 

By Sin Chew Daily/ANN

KLANG, Nov 21 (Sin Chew Daily) — As exports from China spike due to increasing orders, shipping rates for sea freight have compounded.

The COVID-19 pandemic is no longer a threat in China today but the pandemic has affected import and export trade throughout the world.

Some countries are going through a fresh wave of COVID-19 infections leading to sharp decline in their production and prompting a sharp

increase in China’s global exports.

China, which has since resumed its normal production, begins its exports to other countries while export-oriented countries such as India and the United Sates are still battling the pandemic.

Many containers have been stranded in various countries due to the preventive measures taken against COVID-19, and this has led to China having to cope with an acute shortage of containers and hence delay in shipping schedules.

The Association of Shipping and Logistics Fraternity Selangor president Datuk Kevin Lim said sea freight forwarders have been facing acute shortage of containers during the last two months. Freight rates have since spiked to levels unseen in the past ten years.

“Many containers are piled up at major ports in the United States, United Kingdom, France and Australia due to lack of manpower and

disruption of supply chain because of COVID-19 pandemic,” he said.

China, which has successfully contained the virus and has resumed normal operation, receives numerous orders from various countries but is encountering a shortage of containers.

“Citing an example, a 20-feet container (25 tonnes) is normally about US$200 to US$300 but the rate now has soared to US$1,000,” he said.

Sea freight forwarders have since revised the rates to cope with rising demands as the shipping rates from China kept increasing.

Malaysia Wholesalers Association vice president Hu Yi Qun said the sharp increase in shipping charges is expected to last till Chinese New Year in 2021, especially for containers from northern China.

He said members of the association had voiced the sharp increases in shipping rates between 30% and 50% in just two months.

“For containers from southern China, the shipping rates are much cheaper,” said Hu.

Hu did not rule out that Chinese New Year goodies would be more expensive next year, adding that goods sold in the market did not reflect sharp rise in price so far.

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Japan faces sizable challenges steering trade relations with China, U.S. (nationthailand.com)

Japan faces sizable challenges steering trade relations with China, U.S.

Nov 24. 2020Prime Minister Yoshihide Suga participates in an APEC videoconference from the Prime Minister’s Office on Friday. (Courtesy of the Cabinet Public Relations Office) 

By The Japan News/ANN

A total of 21 countries and regions, including China, Japan and United States, took part in this year’s Asia-Pacific Economic Cooperation (APEC) leaders’ meeting on Friday, and one key takeaway is that Tokyo must strengthen trade relations with the world’s two largest economies.

China has expressed interest in joining the Trans-Pacific Partnership (TPP), the 11-member trade agreement that went into force in 2018, while the United States has increasingly focused inward over the past few years.

Japan faces the difficult task of navigating the choppy waters between these two superpowers.

■ China takes the lead

Chinese President Xi Jinping captured the spotlight during his videoconference speech when he said that China is considering asking to join the TPP.

In his speech, Xi referred to the Free Trade Area of the Asia-Pacific (FTAAP) concept, an expansive single trade zone that APEC has discussed intermittently, saying the group “must continue to promote regional economic integration and establish an Asia-Pacific free trade zone at an early date.”

Prime Minister Yoshihide Suga also expressed interest in realizing the FTAAP, meaning that Japan and China are now aligned on this issue.

Earlier this month, 15 countries signed the Regional Comprehensive Economic Partnership (RCEP) agreement, including China, Japan, South Korea and member states of the Association of Southeast Asian Nations.

In light of Xi’s comments made at the APEC meeting, a Japanese government official said, “He’s aiming to increase China’s presence in the Asia-Pacific region.”

China’s stance has added significance because one of U.S. President Donald Trump’s first geopolitical moves was to withdraw the United States from the TPP framework discussions.

■ Question of feasibility

The hurdle is high for China to join the TPP.

Yasutoshi Nishimura, minister in charge of economic revitalization, who leads Japan’s TPP team, said at a press conference on Saturday that certain conditions must be met in order for China to join the TPP.

“We have to find out if China is ready to meet high levels of market access and rules,” Nishimura said in response to China’s announcement of its possible intention to join the TPP.

China’s domestic system needs to be more in line with international rules, such as eliminating preferential treatment for state-owned enterprises and prohibiting requirements that foreign companies must disclose confidential information.

The RCEP does not include a ban on demanding the disclosure of confidential information, such as that gleaned by internet service companies, and the agreement is considered less strict than the TPP.

Admitting a new member to the TPP also requires agreement from all current members. However, the TPP allows Vietnam to treat state-owned enterprises as exceptions.

“There are many items in the TPP that have been frozen due to the U.S. withdrawal, so there’s no problem,” a Chinese government official said regarding Beijing’s viewpoint.

■ Many forks in the road

Japan plans to step up efforts to persuade the United States to return to the TPP. Former U.S. Vice President Joe Biden, who won the U.S. presidential election, has taken a cooperative stance on trade rules. But Biden has stopped short of mentioning the TPP after commenting on the possibility of renegotiation more than a year ago.

On the other hand, one major reason why Japan joined the TPP discussions was because it would serve as a check on China’s growing influence. However, the importance of the Chinese market — with its 1.4 billion consumers and where Japanese companies have embedded supply chains — is increasing. Japan would benefit from bringing China into the fold of a high-level free trade agreement, one that abolishes tariffs and sets rules on investment.

At the APEC meeting, leaders adopted a declaration for the first time in three years. Trade friction between China and the United States derailed declarations in prior years.

The leaders confirmed a policy to aim for an “open, dynamic, resilient and peaceful Asia-Pacific community” by 2040. Japan’s navigation skills will be tested.

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Korean industries eye impact of Biden’s carbon plans (nationthailand.com)

Korean industries eye impact of Biden’s carbon plans

Nov 24. 2020President Moon Jae-in and US President-elect Joe Biden. (Yonhap) 

By Kim Byung-wook
The Korea Herald/ANN

From battery to petrochemical industries, Korea braces for changes

US President-elect Joe Biden’s ambitions to curb carbon emissions are set to bring significant changes to the economic landscape for South Korea’s exporters.

During his campaign, the 77-year-old Democrat said he wanted to introduce a border carbon adjustment mechanism. The scheme would impose a tax on carbon-intensive imports from heavy polluters such as China, leveling the playing field for producers in advanced countries that pursue rigorous environmental standards.

Simultaneously, to allow the US to achieve a 100 percent clean energy economy and reach net-zero emissions by 2050, Biden proposed a carbon pricing policy at home, saying that he wants legislation to enact an “enforcement mechanism.” This mechanism “will be based on principles that polluters must bear the full cost of the carbon pollution” and must achieve “clear, legally binding emissions reductions.”

Though some experts predict that Biden’s plan will require years of political efforts to receive approval and take effect, the initiative is being closely watched by Korea, which stood as the sixth-largest goods trading partner of the US as of last year.

Batteries

Over Biden’s extensive carbon pricing, Korean battery makers are mostly optimistic, albeit with caution.

According to a survey conducted by the Korea Chamber of Commerce and Industry on 300 Korean manufacturing companies over the impact of Biden administration Sunday, the Korean battery industry scored 3.67, the most positive response of all industries.

The survey measured the responses of the companies over how their business environments will be impacted by Biden on a scale of 1 to 5, 1 being the most negative and 5 being the most positive.

Korean battery makers have been making forays into the US market, riding on the popularity of electric vehicles.

While companies such as SK Innovation have their battery factories powered 100 percent by electricity, the raw materials inside the batteries are full of chemical products and minerals that may be subject to the border carbon tax when they are imported for production.

LG Chem currently runs a lithium-ion battery plant in Michigan with another one currently under construction in Ohio. SK Innovation is building a battery plant in Georgia.

Samsung SDI runs a battery pack plant in Detroit.

On a different aspect, the industry here is also hopeful that Biden’s potential carbon pricing policy will turn out favorable to Korean battery makers.

“When Biden implements carbon regulations, factories in the US will be forced to source electricity generated by renewable energy sources, not from coal-fired power plants. To do so, for example, those factories will have to install solar panels on the rooftop and link them to energy storage systems. Demand for ESS will naturally boost demand for batteries,” an industry source said.

Solar and wind power

Biden plans to roll out 500 million solar panels within five years and the elimination of carbon pollution from power plants by 2035.

The pledge has subsequently raised speculation that it might create a window for Chinese competitors to enter the US market.

But Korean makers are in a wait-and-see mode.

“Biden hasn’t announced specific plans on tariffs on Chinese solar panels because he doesn’t have to. Enough regulatory measures are already in place to prevent cheap Chinese solar products from invading the US market,” said an official from one of Korean solar power companies.

In 2018, the US slapped imported solar modules with a 30 percent tariff and a 25 percent tariff in 2019. This year, the tariff stands at 20 percent, and it is scheduled to go down to 15 percent next year.

However, the US applies a customized tariff as high as 300 percent on solar panels manufactured by Chinese companies. The customized tariff is calculated based on how much each of those Chinese solar power companies can hurt the US economy.

The customized tariff on Chinese solar products benefited Korean companies in turn. Hanwha Q Cells and LG Electronics rank No. 1 and No. 2 in the US residential solar market, respectively, with a combined market share of 34.8 percent in the first half of this year, according to global energy consulting firm Wood Mackenzie. In the commercial solar market, Hanwha and LG ranked No. 1 and No. 5, each controlling 21.5 percent and 5.1 percent.

Meanwhile, the Korean wind power industry, which mostly exports parts for wind turbines, estimated that Biden’s border carbon tax would not affect the industry significantly.

“The parts for the wind turbines are made by welding steel plates. As wind power companies neither melt iron in furnaces or manufacture steel plates directly, it’s actually steel companies that would face the impact regarding carbon emissions,” a wind power industry official said.

Steel

Concerning Biden’s carbon regulations, Korean steel industry said though the change is inevitable, it was likely to be a soft landing.

“The discussion on border carbon adjustment mechanism began in the European Union last year, but the EU hasn’t reached a consensus yet on how to actually carry out the mechanism. The European Steel Association has asked for the EU to maintain the current system and seek a gradual change to avoid confusion in the industry,” an industry official from a steel company said.

As steel companies don’t yet have the technology to replace fossil fuels, Biden’s carbon regulations are likely to be enforced to the level and extent steel companies can handle, the official added.

However, it’s undeniable that Biden’s plan to roll out 60,000 wind turbines is expected further boost Korean steelmakers such as Posco. According to Posco, 1 out of 10 wind turbines in the world are made of Posco steel.

Automobiles

Biden’s push for electric vehicles isn’t likely to benefit Hyundai Motor immediately, as Biden said he would prioritize the purchase of “American-made” electric vehicles.

Currently, Hyundai Motor manufactures 70 percent of its US volume in the US. However, all Hyundai Motor vehicles manufactured there are internal combustion engine vehicles, meaning they won’t benefit from Biden’s tax plans.

Biden’s federal procurement plan to swap government fleet vehicles with 100 percent “clean energy and zero-emissions vehicles” also only applies to domestically made vehicles.

So far, Hyundai Motor has said on Nov. 12 that it would bolster its EV lineup to 10 models from current seven by the end of 2022 in the US to compete in the local market against American-made EVs.

Asked whether Hyundai Motor plans to construct a new EV plant in the US, the company said nothing had been decided yet and an official announcement will be made if it decides to do so.

“Korean industries face a complex reality where they can’t necessarily let their guards down. Though there are expectations that Biden will stabilize the global commerce environment and roll back Trump’s unilateralism, they have to watch and see if America First policy will continue and favor American-made products,” a KCCI official said.

Petrochemical

Korean refineries and petrochemical companies are least likely to be influenced by Biden’s border carbon tax as the US is not their main market.

“Korean refineries and petrochemical companies export their products to countries in the region where shipping costs do not affect the price competitiveness of the products. For this reason, they don’t really export to the US, which is far away,” an industry official from one of the four major Korean refineries said.

The industry, however, anticipates an increase in the price of petrochemical products in the US following the levying of border carbon tax on imports and stringent carbon regulations.

“Biden administration’s multilateralism, greater government spending and green policy might seem like positive factors, but at closer look, Biden seeks to keep pressure on China, bolster environmental regulations and prioritize the purchase of American-made products, so there are a lot of challenges,” said Song Yoo-chul, a professor at Dongduk Women’s university and an adviser to the KCCI.

In the KCCI survey, 40 percent of them responded that they are unequipped to respond to Biden’s green policies.

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[Philippines] Gov’t eyes use of P73.2 billion in loans to buy COVID-19 vaccines for 60 million people (nationthailand.com)

[Philippines] Gov’t eyes use of P73.2 billion in loans to buy COVID-19 vaccines for 60 million people

Nov 24. 2020

By Gabriel Pabico Lalu
Inquirer.net/ANN

MANILA, Philippines — The Duterte administration is planning to use P73.2 billion worth of loans to buy COVID-19 vaccines for 60 million Filipinos.

That amount will come from several sources — P40 billion from the Asian Development Bank (ADB) and the World Bank, P20 billion from local banks and government corporations, and P13.2 billion from bilateral sources, Finance Secretary Carlos Dominguez III told the Cabinet during a pre-recorded briefing with President Rodrigo Duterte that aired late Monday night.

The P13.2 billion is the target amount that the Department of Finance hopes to raise from bilateral sources, while the P20 billion will come from Land Bank, DBP, and government-controlled corporations, according to Dominguez.

Much of the amount is “pretty much almost fixed,” with only the P13.2 billion “not completely negotiated,” he told the President.

According to Dominguez, the estimated cost of a vaccine dose is $25, or P1,200, per person. The loans mentioned, he said, would be enough to finance the vaccination of 60 million people.

Health Secretary Francisco Duque said immunizing 60 million people would be enough to achieve herd immunity, which would require 60 to 70 percent of the population to be immunized, as defined by the World Health Organization.

Duterte reiterated his desire to prioritize the vaccination of the military and the police to ensure security and the continuation of their efforts amid the pandemic.

Previously, he also vowed to place the poor people ahead of the pack for vaccination and then maybe leave the rich people to get the vaccines for themselves.

According to reports, pharma giants Pfizer and BioNTech have successfully developed COVID-19 vaccines, which may mean that United States citizens can get vaccines by the middle of December or before the year ends.