Rejecting protectionism, ASEAN and Australia commit to free trade

Australian Prime Minister Malcolm Turnbull shakes hands with Cambodia's Prime Minister Hun Sen before their bilateral meeting during the one-off summit of 10-member Association of Southeast Asian Nations (ASEAN) in Sydney, Australia, March 16, 2018. (Reuters)
Updated 16 March 2018
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Rejecting protectionism, ASEAN and Australia commit to free trade

SYDNEY: The Association of Southeast Asian Nations (ASEAN) and Australia reject protectionism and embrace free trade, Australian Prime Minister Malcolm Turnbull and his Singapore counterpart Lee Hsien Loong said on Friday.
“You don’t grow stronger by closing the door to other markets. Protectionism is a dead end. It is not a ladder to get you out of the low growth trap, it is a shovel to dig it much deeper,” Turnbull told a special meeting of ASEAN in Sydney.
“We must face the world, not turn from it. Embrace free trade, not retreat from it,” Turnbull said on day one of the three-day summit.
The anti-protectionism comments come as market sentiment sours with signs of a looming trade war between the United States, China and Europe over US President Donald Trump’s plans to raise tariffs on steel and aluminum imports, and possibly up to $60 billion worth of Chinese imports, targeting technology and telecommunications sectors.
“I know the global mood may be heading in the opposite direction but within ASEAN we are working to deepen and deepen interdependence to work together to open up markets,” said Singapore’s Lee.
Australia is hosting the special ASEAN meeting, despite not being a member of the 10-nation bloc, as it seeks to deepen political and trade ties in the face of China’s rising influence in the region.
Trade is a central topic of the meeting, though human rights and Chinese assertiveness in the region are set to dominate bilateral talks among Australia and ASEAN countries.
Australian Foreign Minister Julie Bishop said she will raise human rights concerns with Myanmar and Cambodian leaders.

CHINA’S RISE DIVIDES ASEAN

Asked whether the ASEAN meeting was a direct counter to China’s growing interest in the region, Bishop said Australia believed the bloc brought it “peace, stability and security.”
“We don’t see it as having a role to balance the powers in the Indo-Pacific but rather be at the heart of the engagement collaboration with other countries,” she told Australian Broadcasting Corp. radio ahead of the opening of the summit.
China claims most of the South China Sea, an important trade route which is believed to contain large quantities of oil and natural gas, and has been building artificial islands on reefs, some with ports and air strips.
Brunei, Malaysia, Vietnam, the Philippines, all of which are members of ASEAN, and Taiwan also have claims in the sea.
Lee acknowledged China’s rise has stoked divisions within ASEAN.
“There is a shift in the global strategic balance, Chinese influence is growing with its economy and strength, and its interest in the region and beyond,” he said.
“There is a range of different perspectives and responses to this shift in the balance among different ASEAN countries.”
Indonesian Defense Minister Ryamizard Ryacudu on Friday said he had lobbied other ASEAN defense ministers to carry out maritime patrols in the South China Sea among efforts to improve regional security.
Other ASEAN countries oppose such operations.

HUMAN RIGHTS

The inclusion of Myanmar leader Aung San Suu Kyi and Cambodia Prime Minister Hun Sen in the meeting has drawn criticism, and large protests are planned against both.
Crimes verging on genocide were being committed against the Rohingya minority in Myanmar, and those crimes bore “the fingerprints of the Myanmar government and of the international community,” the United Nations special adviser on the prevention of genocide said on Tuesday.
Nearly 700,000 Rohingya fled Myanmar after militant attacks on Aug. 25 sparked a crackdown led by security forces in the western Rakhine state that the United Nations and United States have said constituted ethnic cleansing.
“It is in our interest to engage all ASEAN members including Aung San Suu Kyi at this summit because it gives us the best chance of influencing outcomes and making our concerns known, so these are matters that we would be discussing with the Myanmar delegation,” Bishop said.
The United Nations, Western nations and rights groups have decried a crackdown by Hun Sen against his critics ahead of a July general election.
Hun Sen has warned potential protesters against burning effigies of him in Sydney, saying: “I will follow you all the way to your doorstep and beat you right there ... I can use violence against you.”
Asked about the threat, Bishop said Australia was “certainly going to raise our concerns with the Cambodian delegation.”


Closing Bell: Saudi main market closes the week in red at 10,526 

Updated 25 December 2025
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Closing Bell: Saudi main market closes the week in red at 10,526 

RIYADH: Saudi equities ended Thursday’s session modestly lower, with the Tadawul All Share Index slipping 14.63 points, or 0.14 percent, to close at 10,526.09.    

The MSCI Tadawul 30 Index also declined 3.66 points, or 0.26 percent, to 1,389.66. In contrast, the parallel market outperformed, as Nomu jumped 237.72 points, or 1.02 percent, to close at 23,430.93.  

Market breadth on the main market remained tilted to the downside, with 156 stocks ending lower against 99 gainers.    

Trading activity eased further, with volumes reaching 80.46 million shares and total traded value amounting to SR1.66 billion ($442 million).    

On the movers’ board, Saudi Industrial Export Co. led the gainers, rising 6.6 percent to SR2.10, followed by Consolidated Grunenfelder Saady Holding Co., which advanced 6.43 percent to SR9.60.    

Raoom Trading Co. climbed 4.36 percent to SR61.05, while Astra Industrial Group gained 4.35 percent to close at SR139. Riyadh Cables Group Co. added 3.77 percent to end the session at SR135.00.    

On the downside, Methanol Chemicals Co. topped the losers’ list, falling 5.96 percent to SR7.41.  

Flynas Co. retreated 5.43 percent to SR61.00, while Leejam Sports Co. dropped 5 percent to close at SR100.80.    

Alramz Real Estate Co. slipped 4.64 percent to SR55.50, and Almasane Alkobra Mining Co. declined 4.55 percent to SR84.00.  

On the announcement front, ACWA Power said it has completed the financial close for the Ras Mohaisen First Water Desalination Co., a reverse osmosis desalination project with a capacity of up to 300,000 cubic meters per day, alongside associated potable water storage facilities totaling 600,000 cubic meters in Saudi Arabia’s Western Province.    

The project was financed through a consortium of local and international banks, with total funding of SR2.07 billion and a tenor of up to 29.5 years, while ACWA Power holds an effective 45 percent equity stake.  

Shares of ACWA Power ended the session at SR185.90, up SR0.2, or 0.11 percent.     

Meanwhile, Consolidated Grunenfelder Saady Holding Co. announced the sign-off of a customized solutions project with Saudi Aramco Nabors Drilling Co., valued at SR166.0 million excluding VAT.    

The 24-month contract covers the sale and maintenance of field camp facilities, with the financial impact expected to begin from the first quarter of 2026.