‘A TER­RI­BLE MIS­TAKE’

New Straits Times - - Business -

has shifted to­ward the RCEP, or to seek­ing bi­lat­eral deals with the US.

Progress on the TPP without the US would re­quire sig­nif­i­cant re­vi­sion of terms that at least six states, which to­gether ac­count for 85 per cent of the com­bined gross do­mes­tic prod­uct of all orig­i­nal sig­na­to­ries, rat­ify it. The US made up about 60 per cent.

On the pos­si­bil­ity of a trade war with China, Fro­man said the worst-case sce­nario would be a “tit-for-tat” out­come where the US raised tar­iffs and other coun­tries re­sponded in kind.

The Chi­nese were “very tough ne­go­tia­tors and very well or­gan­ised”, and would want to find a way to work well with the US, he said. Talks on a bi­lat­eral in­vest­ment treaty be­tween the na­tions had made “a lot of progress”.

Mean­while, Canada’s trade fi­nance agency is launch­ing its first global branch in Sin­ga­pore as the coun­try steps up ef­forts to boost busi­ness ties with Asia fol­low­ing the with­drawal of the US com­mit­tee, made up of in­de­pen­dent out­side di­rec­tors, would still be set up by the end of next month, said Kwon.

But Sam­sung Elec­tron­ics had so far been un­able to re­cruit “for­eign di­rec­tors who have ex­pe­ri­ence as chief ex­ec­u­tive of­fi­cers of global com­pa­nies” to join it, he said, “due to un­cer­tain­ties in the in­ter­nal and ex­ter­nal en­vi­ron­ment sur­round­ing the com­pany”.

Vice-chair­man Lee has ef­fec­tively been at the helm of the from the TPP.

Ex­port De­vel­op­ment Canada’s branch would al­low the agency to fa­cil­i­tate struc­tured fi­nance and cor­po­rate fi­nance in lo­cal cur­ren­cies, rather than Cana­dian dol­lars, while avoid­ing de­lays caused by the time dif­fer­ence, said its re­gional vice-pres­i­dent Sam­sung group since his fa­ther suf­fered a heart at­tack in 2014.

His in­dict­ment sent shock­waves through the com­pany and trig­gered the an­nounce­ment of a ma­jor re­form of its top-down man­age­ment style.

“I’m sorry for the scan­dal,” Kwon said, main­tain­ing that the com­pany didn’t pay bribes. “I apol­o­gise once again for the mis­take with the Note 7 last year. It was a fail­ure that arose from try­ing new tech­nol­ogy.” Agen­cies Bill Brown.

“Canada’s largest trad­ing part­ner is the US but the fastest grow­ing economies are in this part of the word,” said Brown. “The base case for put­ting this branch here re­mains very strong re­gard­less of whether there’s a TPP or not.” Agen­cies

REUTERS PIC

Sam­sung Elec­tron­ics Co co-chief ex­ec­u­tive of­fi­cer Kwon Oh-Hyun says there are ‘some neg­a­tive ef­fects’ to car­ry­ing out the pro­posed divi­sion of the com­pany at the mo­ment.

BLOOMBERG PIC

For­mer United States trade rep­re­sen­ta­tive Michael Fro­man says the Chi­nese are ‘very tough ne­go­tia­tors’, and will want to find a way to work well with the United States.

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