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Economy

German Companies and China’s Marketplace Nightmare

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American values versus German

Americans have faith in that people have the right to individual freedom, which asserts people are free to think, speak and act as long as they do not affront the freedom and rights of others. This is what John Locke said in 16 century, one’s freedom ends when the other’s freedom begins. He moved on and said the government is responsible to protect freedom and property of the individuals if not the government should be ousted.

Self-government, which addresses the right of individuals to evaluate the conduct of the government and how it treats the citizens. As Abraham Lincoln said “Government“ of the people, by the people and for the people, which definitely refers to a democratically elected body to reflect the wish of the people and their wellbeing.

Equality brings up equity, fairness and dignity to all people, although this value is a little bit controversial in the eyes of John Locke. He believed that equal people are not free and free people are not equal. He opposed the notion that all people earn and spend equally, which is not possible in a liberal society. His belief is if we claim the urgency that all people earn equally then freedom is disregarded. If we let the people grasp the essence of freedom, at that point they are no longer equal. Socio-economic philosophers say if we take the dogma of Karl Marx for granted that all people receive equally in order to uphold social justice. Nevertheless, we cannot make people spend equally, because the wishes, needs, requirements and prerequisites of the people are different.

In modern day, equality should state the equal opportunities for education, economic achievement, political contribution and a satisfying life. Last but least, individualism a commitment to advocate and sustain independence, private initiative, and personal economic growth. It proclaims that each individual must be on the driving seat of his/her own life and be in a position to make decision of his/her own irrespective to the guidance of the government or other individual or group of individuals. Come hell or high water in the aftermath of dictatorial and Kleptocratic regime led by Adolf Hitler, Americans in Germany also promoted American values. Germany adopted a new constitution; beginning with Human dignity is inviolable. It is the duty of all state authorities to respect it. The German people are therefore, committed to inviolable and inalienable rights as the basis of every human community, of peace and justice in the world. Admittedly, it in turn let German citizens prosper, be creative and joyful, and attain the crux of free and fair life. Nonetheless, these values require sustainable self-assurance, a readiness to strive and hard work.

American economic classification as opposed to German

Unlike Germany, America have been ignoring the American values both in economic and political arenas, since American economic system is based on free enterprises, which refers to an economic system, where private individuals, who own the factors of production, make the economic decisions. Therefore, such decisions could be sometimes harmful to interests of other fellow individuals living in the country. Reminding John Locke theory, he clearly stated the boundaries of others freedom must not snubbed.

Contrasting John Locke philosophy the American economic system is centered on Adam Smith theory, Smith wrote in his book titled An inquiry into the cause of the wealth of Nations. He explains in it how vast fortunes were being made by entrepreneurs, how the market economy operated, and what the benefits of economies of scale in production were. He also stressed the importance of factors of production. Moreover, he formulated theories about how the state should behave. Like the physiocrats, he believed in laissez-faire. Smith saw the market system acting as invisible hand, which leads people to pursue their own self-interests, and which also unintentionally produces the greatest benefit for the society as a whole in contrast to state intervention as best regulator.

On the contrary, German economic system is grounded on the theory of John Stuart Mill, Mill wrote Principle of Political Economy. He believed in a moderate amount of state intervention to redistribute wealth and a mild version of socialism but he was opposed to Karl Marx’s ideal of a communist state because of the danger to rights and freedom of individuals. To be frank German economic system is derived from Mill’s theory, which is called social market economy. A state ownership coupled with free enterprises, or a mixed economic system including a variety of private freedom combined with centralized economic planning and government regulation, which evolves a tendency towards a free enterprise economy.

In the political arena, the American values are largely disregarded by American themselves                   (politicians, policy drivers and the deep state) their values narrate America First and purely describe the interest of wealthy individuals, who like no limits and only beget money by hock or crock. Hence, the principle of liberty, self-government, equality and individualism are put on hold for decades.

Thus, an Occupy movement came in to being in 2012 with a political slogan we are the 99%.  They spoke of 1% wealthiest American, who hijacked the wealth of the rest 99%, getting richer, and paying zero taxes, which largely reflects the income and wealth inequality in America.

The so-called 1% promote waging war strategies, produce deadliest weaponries, and sell those to the most brutal and barbaric regimes across the world, so that the 99% are paying the price for the blunder of a diminutive minority within the upper class of the American society.

In contrast to America luckily, there is no 1%, who could take over the 99% in Germany, however, many corporates disdain social responsibility and moral accountability.  As far as German economic system converges, free market economy with the notion of social responsibility. According to the German constitution, the underlying principle of German economic policy refers to social market economy, which lays the basis for economic, social security, and a good quality of life in Germany.

Daimler-Benz moves its partial business to China

The changing demands of global market place and the migration of economic center of power and future growth to the Asia-pacific region require involvement of German companies and investment, to be competitive, tangible and viable and meet the demands of buyers’ market.

 Therefore, Daimler-Benz has recently decided to move part of its industry to China, which nevertheless has had backlashes both at home and abroad. The company sacked thousands of its employees, stating their occupations no longer exist, while Daimler wants to invest heavily in E-mobility in order to encounter the requirements of global market place.

The former workforces criticize Daimler for such course of actions, who claim the readiness to be re-trained (umshculung), with the aim of becoming competitive. The experts blame the company for handing over share of its business to China to produce batteries for E-vehicles. The experts compare Daimler with Tesla, who produces batteries themselves. They call it a historic failure committed by Daimler to create jobs oversee (China)and neglect home labor market.

China’s market and work place could be lucrative in term of low labor costs, less bureaucracy and paperwork but it has some implications, while China does not bound to any western values respected in western world. Beijing extensively suppresses the Uygur minorities, massively imprisoning and ghettoing, and stationing them at the arbitrary camps and even sterilize them.

Chinese leadership also tyrannizes the Tibetans, their spiritual leader lives in exile since decades, furthermore, the country’s leadership enormously bottled-up pro-democracy movement in Hong Cong and sentencing a five years imprisonment for the journalist unmasking covid-19 outbreak in China. In accordance with western intelligence, China is getting prepared to invade Taiwan some time in upcoming future. Additionally, at mega events like the 2008 Olympics or the 70th anniversary of People’s Republic last year, Beijing took the clouds from the sky. Now the leadership is announcing a massive expansion of the artificial weather modification program, which will definitely affect the regional countries and will cause drought, famine, displacement of the people due to lack of source of life and even it will cause mass migration to storm Europe. 

Besides, Beijing has been conducting human testing on members of the PLA to develop soldiers with biologically enhanced capabilities reported top US intelligence officials. China has culminated all ethical boundaries, to multiply its political, economic and military power in the world. 

The question raised just before the German companies why China and why now? Since Germans and German corporates are constitutionally required to obey human dignity, peace and freedom worldwide and they are socially responsible and morally accountable and politically adhered to the western values, which have no place in China.

Ajmal Sohail is Co-founder and Co-president of Counter Narco-terrorism Alliance Germany and he is National Security and counter terrorism analyst. He is active member of Christian Democratic Union (CDU)as well.

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Economy

The US-China Trade War

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USA China Trade War

Trade deficit with China became a major issue in 2016 American election. Touching the sensibilities of American working class, Donald Trump accused China of protectionist trade policies such as export duties and quotas, state subsidies, restrictions on market access and intellectual properties rights theft.  After assuming presidential office, Donald Trump imposed tariffs on Chinese goods. It intended to encourage consumers to buy American goods. By estimation, the US has imposed tariffs on more than $ 360 billion of Chinese goods and China has retaliated with tariffs on more than $ 110 billion of US products.

President Trump exploited the growing domestic concerns by making Sino-US trade a key part of his foreign policy. In Dec 2017, US released the new US national security strategy. It says that China is a revisionist power with goals “antithetical to the interests and values of US”.

President Trump also ordered to specially investigate China’s policies on intellectual property, technology transfer and innovation. Shortly thereafter, United States Trade Representative (USTR) investigation concluded that the abundance of cheap steel and aluminum import compromises the domestic production of US.

Notwithstanding the strained relations, president Trump and Xi took steps towards rapprochement in the first month of 2017, agreeing to establish a 100 days plan to resolve disagreement over trade. However, the underlying trade issue remained. Trump instructed the USTR to investigate whether cheap steel imports posed a threat to US national security.

As of Jan 2020, tensions have finally eased as the two sides have signed a partial ‘Phase One Deal’. The document agreed to roll back tariffs and trade purchase. China agreed to buy additional $ 200 billion of American goods over the following the two years. The rapid spread of the coronavirus outbreak starting in January 2020 effectively postponed negotiations indefinitely. Trump deal halted the trade war but it did not put an end to economic hostilities. US tariffs on Chinese exports jumped sixfold between 2018 to 2020, but tariffs failed to decouple the two economies. The Trump policy has failed to change Chinese trade practices.

Contrary to the growing demands of US business community, the new US president Joe Biden so far has amplified his predecessor’s policies and implementing additional sanctions. Biden’s words describe his policy, “a battle between the utility of democracies in the 21th century and autocracies”. Yale University’s Stephen Roach questioned President Joe Biden’s China policy, “why has he singled out China trump policy as one that is worth sustaining, when he has literally tried to wipe the slate clean of every other potential Trump policy that he inherited”.

To relieve trade war tension with new American administration, China has pushed the US to cancel tariffs in a virtual meeting between vice premier Lin He and US-trade representative Katherine Tai. Tai said in a speech that the White House would restart a process to exempt certain goods from Trump era tariffs.

The Biden administration said it would not immediately remove the Trump administrations’ tariffs and would require that Beijing upholds its trade commitments. It gives a clear look at how the Biden administration plans to deal with a rising economic and security threat for China.

President Biden campaigned against Trump tariffs on Chinese imports as hurting US consumers, farmers and manufacturers. But more than eight months into his presidency, Mr. Biden has announced few policies that differentiate his approach, beyond warmer appeals to American allies. In addition to the tariffs on Chinese goods, the president has maintained restrictions on Chinese companies, access to US technology and expand the list of Chinese officials under sanctions by the US for their role in undermining Hong Kong’s democratic institutions.

President Biden’s era also accelerates the geopolitical rivalry between China and US. Nuclear powered submarine to Australia and the Quad meeting it shows harmony on how to deal with China’s influence. On 14 June, 2021, at their annual summit in Brussels, NATO leaders declared that China presents a global security risk, The traditionally Russia focused military alliance for the first time shifted its focus to China. Craig Allen, president of US-China Business Council, said, “Joe Biden has done what he said he would do—he has collected the allies and got them aligned in a similar manner on similar issue in a way that greatly strengthen America’s position vis a vis China”.

The Biden administration desires to work with China on climate change. “China has made it very clearer if you want cooperation on climate change, we want you to lift the tariffs or we want more cooperation on tariffs”. During the G 7 summit, Biden pushed his European counterparts to adopt a tougher stance with China and singled out Beijing for its “non-market economic practices”.

Fewer than three months after it was agreed upon, progress on the EU-China comprehensive agreement on investments has come to a halt as a result of tit for tat sanctions due to alleged human rights and forced labor issue in Xinjiang. EU is moving closer to a hardline US stance. On March 22, EU sanctioned four Chinese individuals, including a top security director, for alleged human rights abuses in Xinjiang. While symbolic in nature, this is the first time in three decades that the EU has imposed sanctions against China. Similar steps were followed by US, UK and Canada by the same day.

Pew Research Center finds that more than three quarters of America have an unfavorable view of China. The US senate in a rare moment of bipartisanship passed a bill ‘the US innovation and Competition Act 2021’, that would invest $ 250 billion in science and technology aimed at boosting US competition with China. “I do not think that politically it will be very difficult for the Biden administration to remove tariffs without meaningful concessions from China. The CIA announced it is establishing a new China mission center, in yet another sign of the Biden heavy focus on countering Beijing and its expanding influence across the globe.

According to Chad P Bown, a senior fellow at the Peterson institute for international economics, who tracks the purchases. He said, “so far, China is on a pace to fall short of its 2021 purchasing commitments by more than 30% after falling short by more than 40% last year”. According to Mr. Brown, China still maintains tariffs on 58.3% of its import from the US. The US imposes tariffs on 66.4% of the products it brings in from China. The US economy has mainly been hit on the consumer side by the trade dispute where as in China, the export has suffered the biggest losses.

President Xi says that the dependence of the international industrial chain on our country has formed a power countermeasure and deterred capability for foreign parties to artificially cut off supply.

Hillary Hoffower writes, “America’s automakers do not have enough semiconductor chips to make as many cars as people want to buy. Every other product from toys to computers that heads a chip will be in short supply too”. It is estimated that the US accounts for just 12% of global chips production and Asia accounts for a whopping 75%.

How to protect American workers and businesses from predatory trade practices without hurting the parts of US economy that rely on Chinese goods. Kelly Ann Shaw, the former deputy director of the National Economic Council said it is easy to criticize tariffs but difficult to come up with a better option. Tariffs hurt US consumer and manufacturers. More than 30 business associations sent a letter to the administration complaining the tariffs are “costly and burdensome”.

The irony is that three years after Trump tariffs were initiated to fix the US trade deficit, bilateral trade between the US and China has now rebounded to all-time highs, China’s trade surplus has increase, and the US deficit has gotten worse. US-China trade war tensions and their effects on global value chain will impact industry structures, investment, innovation and consumer welfare across the world.

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Economy

Regulatory Noose Tightens Around the Federal Reserve: Powell Reaffirmed a Second Term

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Image source: flickr/ Federalreserve

The Federal Reserve has been under a sharp gaze since the twilight years of former president Donald J. Trump. Whether it was tinkering with the Dodd-Frank Act or the Volcker Rule specifics, controversies turned up more frequently than ever. If it was not for Powell’s centrist play, the partisan clash was all but inevitable. However, the fed chair managed to persuade either side to survive at the helm of the Federal Reserve. Now, as the critics are relentlessly scouring to inhibit his path to reappointment, scandals are bound to exacerbate. The recent controversy around the suspicious trades by the fed officials during the periods of ‘heightened market stress’ has spurred a debate around the reliability of the officials at the precipice: officials responsible for sketching the national economic policy. Thus, while Mr. Powell has deftly guided the US economy through the chaotic period of covid uncertainty, it appears as if the savior has a tough road ahead towards renomination: a path embellished with censure rather than approbation.

The current term of Mr. Jerome Powell ends in February 2022. While he vies for renomination as per the fed’s tradition (besides his predecessor: Ms. Janet Yellen), a group of vocal critics is determined to block his path. However, Powell’s term, despite being one of the most tumultuous incumbencies, has impressively very little to admonish. Coupled with his timely decisions throughout the covid crisis, he definitely stands an assured chance of renomination, given the President is inclined to overlook the partisan divide in favor of an inured chairman to steer the economy completely across rather than risk a shift in an already incendiary economic environment. That being the case, a barrage of ethics scandals disclosed by the New York Times has raised enough eyebrows to disrupt a smooth sail for Mr. Powell.

Recently, regional fed presidents: Mr. Eric S. Rosengren of Boston and Mr. Robert S. Kaplan of Dallas featured in reports alleging their suspicious engagement in trading securities in 2020. The timeline of the trades ties up with the early days of the pandemic when the fed had purchased more than $4 trillion worth of Treasury and Corporate bonds to bolster the economy through surfeit liquidity and near-zero yields. The disclosures further revealed that even Mr. Powell was involved in a trade on 1st October 2020 – selling between $1 million and $5 million in a broad-based stock fund through his vanguard fund.

Senator Elizabeth Warren, one of the core critics of Mr. Powell, immediately raised arguments around the plausibility of Insider Trading: exacting the President to launch an investigation into these trades. Both regional presidents resigned shortly after the disclosures while Powell assured an inquiry. Mr. Powell, however, was sheltered from broader criticism for apt reasons. Mainly because his transaction involved a market-based stock index fund; practically dispersed throughout the market. In simpler terms, assuming he had insider knowledge of particular stocks, it still would not have helped him profit since his transaction was diversified, that is, not limited to specific securities. Moreover, given that he had already made his speech at the Jackson Hole Symposium in August; and had already expressed his explicit ‘dovish’ intentions during the fed’s regular meeting in September, the policy was very much public weeks before his transaction. Summing up, not only was his portfolio in the most passive territory, but his trade lost him money: a contradiction to the very notion of insider trading.

Nonetheless, Mr. Powell turned the tables to solidify his spot for another term. On Thursday, the Federal Reserve further tightened the rules and guidelines apropos of investing practices of the Fed policymakers. The new framework disallows the fed officials, including the policymakers comprising the Federal Open Market Committee (FOMC), from owning individual stocks and bonds. Instead, the future investments would have to be restricted to diversified streams like Mutual funds. Moreover, the officials would have to divest certain assets, including individual bonds, corporate portfolios, agency securities, derivative contracts, before being appointed to the office. The officials would be required to provide a 45 days notice before buying or selling permitted securities. Additionally, they would also be required to hold their positions for at least a year: avoiding any activity during periods of economic distress. A tighter stipulation requires the 12 regional fed presidents to publicly disclose their financial transactions within 30 days rather than annually.

The action of the Federal Reserve is one of the most notable responses yet to widespread allegations. On Thursday, Mr. Powell reiterated: “These tough rules raise the bar high in order to assure the public we serve that all of our senior officials maintain a single-minded focus on the public mission of the Federal Reserve.” He further asked the fed general inspector to access the trading of certain senior officials. It is safe to aver that while the staunch fed critics are determined to hamper Powell’s path to renomination, in my opinion, there is not much of an impetus to deny him another term. While I admit that there are competent candidates for the job in the echelons of the Democrats, the job itself is not the same as before the pandemic. And while the allegations and scandals are nothing new for a prospective fed chairman, Powell’s prompt action to tighten the rules even before the launch of a federal investigation could actually prove to be a final nail in the coffin for his critics.

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United World of Job Seekers and Job Creators Will Boost Recovery

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painting by Byron Anway

Why is there so much disconnect between entrepreneurial thinking and bureaucratic thinking? Has the world of education, certification, occupation divided us, have the organizational structures slotted us so wrongly, have the populace fragmented us and now our combined talents and productive mindsets are all going astray.  Why is technology confronting us on mindset issues, forcing us to stand up together to face post-pandemic recovery to deliver real productivity results? Can we review factors and try to come together towards rapid progress, fix and advance?

As an overview, across the world, people always struggle hard to acquire special skills and qualifications to pursue their desired goals, some end up as job seekers and some as job creators, but both types equally work hard, build economies, and create prosperity. However, it is extremely important to face this fact; “Job-Seekers” help build an organization while “Job-Creators” develop the real cause to create that organization in the first place. Study what the last 100 earth shattering entrepreneurs across the world did or observe some 100 small and medium businesses right in your own backyards, on exactly what they are doing.

As the post-pandemic recovery world morphs towards entrepreneurialism, this critical difference of mindsets now demands deeper understanding amongst the economic development leadership of nations and their multi-layered complexities of their management teams. After all bureaucracies and economic growth agencies are primarily highly-qualified job seekers themselves, but now facing establishing a “job-creator” economic thinking, therefore facing a new national agenda as if a chess game, where moving pieces randomly is not the game, strategic command on movement of each piece is victory. The brutality of the message is now exposed as wide-open global debate because post pandemic recovery will take no prisoners.

To create an army of job-creators, academia is not the solution; academic mindset on tackling entrepreneurialism is like scratching and sniffing from old case studies on famous job-creators, telling those stories as if their own, throwing in their own analysis to claim some belonging and highlighting the entrepreneurial errors and mistakes as their own special victories.  Always, never admitting the facts that it took special temperaments, zeal for venture, out of box thinking and guts to make those crazy moves while everyone else laughed, however, universities always tabling their own new improved strategies as the real correct and right way. Therefore, how many armies of Steve Jobs alike if they ever created, you decide. Business education is unnecessarily far too expensive and too disconnected. Know the fine differences in order to reshape economic progress.

Entrepreneurialism is neither academia born nor academic centric. However, observe how entrepreneurs always attract other mindsets and academia to join to carry out specials tasks, in comparisons where other mindsets will apply extreme reluctance to allow inviting entrepreneurial mindset in fear to exposure of their own business knowledge limits or facing any criticism by someone without any institutionalized certification center staging as a solo free thinker. Imagine how much laughter persisted what opposition created for entrepreneurs on their earth shattering ideas, from razor blade to treadmill or from bulb to mobile phone. 

This time around, on the line are the entire global business models of economic productivity, performance and profitability, juxtaposed with climate change and sustainability where ‘worklessness’ of the future and digitization will place the world upside down. Get ready for a war of mindsets. Critical thinking and lifelong learning will save occupationalism. The absence of the long awaited fourth industrial revolution is proof that unless mindsets are aligned we are going backwards.

Today, economies trapped, digitization stalled, small business crushed and middle class destroyed is the new post pandemic world. Unless such mindset differences are understood, the tug of war of creating powerful economies with entrepreneurial flavor will fail. Provided there is open mindedness, alliances with job-creator mindset will assist jobseeker centric bureaucracies currently surrounded by monstrous challenges allow immediate implementation of deployment ready solutions for national mobilization of entrepreneurialism to uplift midsize business economies.

Today, the majority of nations would like to save by shrinking their highly paid public service staff with hopes to transform them into an entrepreneurial mindset to become producers of goods and services and add to the local economic landscapes. However, despites funds available in some nations still no success as such narratives strangled by job seeker bureaucracies already closed the doors.

Just look around, nation-by-nation, why are their problems so similar, solutions so identical? Is this because the differences hidden between leadership styles committed as nation-builders or as nation-sellers?  Is it because jobseekers have already peaked on the pyramids of power, now at the top of the heap, their respective levels of incompetence make them unfunctional to grasp the new challenges and missing greatest market opportunities. The fact is with so many new and repeated elections, so many New Cabinet Changes and appointments, unless root cause issues brought into open, the local-global fiscal propositions keep sinking. 

Out there, somehow there is a global rise on mobilization of entrepreneurialism, the fact that world is starving at local grassroots prosperity levels, hungry at midsize economy level but gluttonized and partying in vomitoriums at the very untouchable top levels, nevertheless, the new awareness is cross-fertilizing at rapid speed. The whispers, murmurs, the trembling of the messages are still inaudible to the top leaders but a good positive change in the air. 

Recommendations: What will it take for the national economic development leadership along with all affiliated trade groups and agencies to open up to critical analysis of policies and development programs evaluated from new perspectives of entrepreneurial mindsets? What would it take such agencies to have some permanent authoritative and proven entrepreneurial representation of continuous dialogue to improve and adjust? What would it take to create high-level selective immersions of jobseekers’ mindsets to come closer to job-creator mindsets to combine talents and achieve extraordinary results in the marketplace? What will it take to have some closed, open, or national level debates to bring talents and ideas together as a national agenda? What will it take to apply the similar approach of Truth and Reconciliation, after all the damage to grassroots prosperity now visible from space. Time has come to bring our minds closer and not disperse them as conflicting enemies.

The day has arrived to face the change.  All mindsets are good but appreciating the difference and their respective strengths for special outcomes are critical. Working all like a team of various experts in a mutual goal is a huge victory. If during the last two years, such topics during pandemic recovery were never on your boardroom table, and mindset selection criteria never applied to determine the outcomes, you may be in a job-seekers centric enclave. Possibly, in deep silence already slotted in a wrong organization, should you now hastily leave the building? Should you help them? In any case, no further proof required. The future of pandemic economic recovery now demands a job-creator mindset. Select your mindset of your choice, acquire and add mastery as a prerequisite, and advance to newer heights.

The rest is easy  

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