The latest news on what's happening in the region on Friday, December 16, 2022

ANN news highlights:
Bringing Asia Closer

EU-Asean Summit 
FTA
Bongbong Marcos pushes free trade deal with EU | Inquirer

President Ferdinand “Bongbong” Marcos Jr. wants the proposed free trade agreement between the Philippines and the European Union (EU) to materialize soon to bolster mutual economic development.

Diplomacy 
Editorial: End of EU’s dictation - Jakarta Post

The joint statement issued after the first summit between Asean and European Union leaders in Brussels on Wednesday shows a much more level playing field in the relationship between the countries in the two regions. In their declaration, the issue of human rights, one of the EU’s favourite subjects, was barely touched, not because Asean members have improved their record on that front, but more because the EU knows it is dealing with a partner with much-stronger bargaining power.

Myanmar 
EU backing ASEAN’s Myanmar 5PC plans | Phnom Penh Post

The EU has pledged to continue its support for ASEAN efforts to find peace in Myanmar, as the leaders of the two regional blocs met to celebrate 45 years of dialogue partnership.

Military India 
India successfully carries out night trials of over 5,000 Km range Agni-5 ballistic missile  - The Statesman

India successfully carried out the night trials of the nuclear-capable Agni-5 ballistic missile, which can hit targets beyond 5,000 km on Thursday.

Defence Japan
4％-4.5％ corporate surtax approved at LDP commission meeting - The Japan News

A proposal to raise taxes to fund significant improvements in Japan’s defense capabilities was approved Thursday at an executive meeting of the Liberal Democratic Party’s Research Commission on the Tax Systems, including a surtax of 4% to 4.5% for corporate tax.

Inter’l Mountain Day
Opinion: Moving mountains together | The Daily Star

On December 11, we marked International Mountain Day, a day to reflect on mountains, their ecosystems, and the environment. We have the Chittagong Hills, which are the only significant hill system in the country, containing at least 75 mountain peaks, which range in altitude approximately from 600-1,000 m (2,000-3,300 ft) above sea level. Thus, the day has deep relevance to the country.

Inter’l Mountain Day
Editorial: Protecting our mountains | Kuensel 

Monday, December 11, was an important day. It was the International Mountain Day (IMD). However, besides some dignitaries joining a group of students to observe the day at the convention centre in Thimphu, the day passed by as silently as the mountain issues that are untold, under-reported or hijacked by other important issues like the economy, reform or moving to Australia.

Climate Vietnam
Analysis: Why G7 aims to crack Vietnam’s coal fix with RM68bil deal - Reuters for The Star

THE Group of Seven (G7) industrialised nations have pledged US$15.5bil (RM68.2bil) to help Vietnam transition away from coal, as part of a Just Transition Energy Partnership (Jtep) effort aimed at luring influential economies onto greener energy road maps.

Jobs 
Labour market mismatch post-Covid could weaken economic growth: Moody's - The Statesman

The mismatches in labour supply after the reverse migration during the Covid-19 pandemic in India and other countries in the Asia Pacific (Apac) region could weaken economic growth, said Moody’s Investors Service.

Energy Myanmar
Myanmar plans to generate over 8,100 megawatts of electricity from six sites of Myanmar and Russia's joint wind power project | Eleven Media 

Six sites of the wind power project that will be jointly conducted by Myanmar and Russia, will be able to produce more than 8,100 megawatts of electricity, sources said.

Crypto HK
Amid crypto turmoil, HK debuts first crypto futures ETFs | China Daily

Two exchange-traded funds that track US-listed cryptocurrency futures have raised a combined $73.6 million ahead of their debut on the Hong Kong stock exchange on Friday in defiance of the sector's meltdown.

Space Japan
MUFG Bank to invest in space business - The Japan News

MUFG Bank Ltd. plans to invest in Space One Co., which is engaged in launching small rockets, it has been learned. An announcement will be made as early as this week.

Rail China
New high-speed railway in Yunnan set to open to tourists - China Daily

China's first high-speed railway in ethnic group autonomous prefecture, the Mile-Mengzi high-speed railway, will open to tourists soon, China Railway Kunming Group shared.

Crisis Sri Lanka
Sri Lanka's economy shrinks in second-worst quarterly performance | Reuters for China Daily

Sri Lanka's economy shrank 11.8 percent in the July-September quarter from a year ago, government data showed on Thursday, the second-worst quarterly contraction ever for the country going through a severe financial crisis.