|
||||
|
||||
“He appears to be a protectionist,” Chea Mony, president of the Free Trade Union of Workers in Cambodia, which has an export-driven textile industry told the AFP. “I am quite concerned about that because most of our clothing products are exported to America.”
“The immediate concern with Obama will be economic relations,” Wu Xinbo, deputy director of the Center for American Studies at Fudan University in Shanghai told Bloomberg. “The U.S. will be less forthcoming in pursuing economic liberalization in the Asia region” because of concerns about jobs lost to trade.
Obama has said he is in favor of free trade agreements if they benefit the United States. He has criticized a deal with South Korea that has yet to be ratified, saying it does not adequately address an imbalance in auto trade. South Korean automakers sold 772,482 vehicles in the United States in 2007, while the U.S. sold 6,235 in South Korea, according to industry statistics, AFP added.
In addition to Cambodian textile traders and South Korean automakers, Indian Outsourcing companies which are accused of stealing American jobs are also wondering about the Obama effect.
Asia however is expected to play its cards wisely. The financial crisis having brought the U.S. economy on it knees, behemoths China, India and their neighbors are expected not to tolerate trade restrictions. According to Bloomberg, the Chinese Foreign Ministry last week called on the United States to lower trade and investment barriers and stop blaming China’s currency policies for the trade gap between the two countries. Earlier in the year, India and China brought the WTO to a standstill over farm tariff 's.
Dezan Shira provides foreign direct investment legal, tax, accounting and due diligence serives for multinational clients in Asia.
Article Source: http://www.articlemotron.com
Asian markets rebounded optimistically on Wednesday as news of Obama’s victory resounded across the continent. The Nikkei climbed nearly 4.5 percent by the closing bell, while the Hang Seng shot 5.7 per cent, or 812.53 points, higher. The Shanghai exchange jumped more than 4 per cent, and the Korean Kospi finished 2.4 percent higher. Singapore’s Straits Times index progressed by 2.1 percent. The only two markets to fall yesterday were Taiwan’s Taiex index the Bombay Stock Exchange’s Sensex index
For more information on Dezen Shira , visit www.dezshira.com
Tags: Articles Business China business foreign investment in Asia ObamaPlease Rate this Article
Not yet Rated
Click the XML Icon Above to Receive Business Articles Via RSS!
- Highest Quality Equipment Packaging Services At The Lowest Price - By : Edward Smith
- Facts About Internet Make Money - By : 3kavita
- Choose The Perfect Venue For Your Group - By : Cecylia
- How You Can Benefit From Waste Management Services - By : Michiel Van Kets
- 'Look To Loans To Replace Stolen And Damaged Goods' - By : Ravinder9
- How Much Should You Spend for a Good Start in Affiliate Marketing ? - By : Ravinder9
- Happy Internet Marketing Novice Discovers Easy - Show Me How - Marketing System - By : Kim Osbourne
- Managing Your Company's Wireless Assets - By : Gen Wright
- The Business Consultant - By : rupender
- Venture Capital Business Funding Secrets - By : Pat Gage
Login - New Account
Article Menu
Site Menu
