|"Open to Export" ICC WTO International business award||ICC WTO||London|
During the meeting, the delegates will meet with Christine Lagarde Managing Director of IMF, Jim Yong Kim President of the World Bank Group and Heenam Choi, IMF Executive Director for Asia and Pacific constituencies responsible for Mongolia to introduce the current socioeconomic situation of Mongolia and to put forward a request of Mongolia to implement Extended Facility Program.
President Trump has set the wheels in motion for H-1B visa reform.
On Tuesday, Trump signed an executive order that directed federal agencies to implement a "Buy American, Hire American" strategy. The order included a section geared at immigration reform.
The order tasked four department heads (including the Secretary of Labor, who has yet to be confirmed) to suggest reforms to ensure H-1B visas are given to the "most-skilled or highest paid" petitioners. Additionally, it asked them to propose new rules and guidance for preventing fraud and abuse of work visas.
Trump made it clear that he doesn't agree with fact that H-1Bs are currently doled out under a lottery system.
"Right now, H-1B visas are awarded in a totally random lottery -- and that's wrong," he said on Tuesday in Wisconsin, where he signed the order.
There's an annual quota of 85,000 new H-1B visas (with 20,000 reserved for master's degree holders). Applications opened on April 3 and closed five days later. It was the fifth consecutive year that the cap was met within five days. This year, 199,000 applications were received.
It's unclear what exactly the four agencies department heads (State, Justice, Labor and Homeland Security) will be able to accomplish administratively and what will be need to done through congressional legislation.
"Although released with ceremonial flair, the order will have no immediate impact on H-1Bs," Betsy Lawrence, the director of government relations for the American Immigration Lawyers Association, told CNNTech. "Many of the changes to the H-1B program contemplated by the administration would require legislative action or rulemaking and would take time to go through the necessary processes."
There have been several bills introduced in recent months to reform the H-1B visa system, including a bipartisan bill from Senators Chuck Grassley and Dick Durbin who have been pushing to revamp the program for years. Their bill proposed eliminating the lottery in favor of a "preference system" so that foreign students educated in the U.S. would get priority. It would give a "leg up" to advanced degree holders, those being paid a high wage and those with valuable skills.
This proposal aligns with Trump's H-1B rhetoric.
"I'm grateful that President Trump has taken my suggestions to heart by taking steps today to protect American workers and preserve limited H-1B visas for truly qualified, high-skilled foreign workers," said Grassley in a statement.
H-1B visas are used to fill the U.S. skills gap, but critics, including the Trump administration have voiced concern about abuse of the program. In some cases, outsourcing firms flood the system with applicants, obtaining visas for foreign workers and then contracting them out to tech companies. American jobs are sometimes replaced in the process.
Attorney Sara Blackwell, who advocates for American workers replaced by foreigner visa holders, said she's "hopeful."
"I'm glad President Trump is acknowledging the serious problem."
Unlike the draft executive order leaked in January, the order signed Tuesday did not set out deadlines, although it did ask for proposals "as soon as practicable."
"I'm not worried immediately about my clients -- but I am worried about what's to come," Tahmina Watson, of Watson Immigration Law, said.
Prime Minister Dmitry Medvedev signed a decree on Monday, allowing citizens of 18 countries visa-free travel to the Russian Far East starting August 2017.
The list includes Algeria, Bahrain, Brunei, India, Iran, Qatar, China, North Korea, Kuwait, Morocco, Mexico, UAE, Oman, Saudi Arabia, Singapore, Tunisia, Turkey, and Japan.
The new rule could dramatically increase the number of tourists to the region, according to the Ministry of Far East Development.
“We’d like to see an increase in tourism to the region by at least 30 percent. Given the fact that every wealthy tourist spends at least $1,000 in the territory, we assume this will significantly increase the opportunities for the development of the region, trade turnover, and currency flows,” Deputy Minister for the Development of the Far East Pavel Volkov told TASS.
People from the countries will have simplified entry procedures into Russia through the free port of Vladivostok.
According to Volkov, tourists and entrepreneurs will only be required to fill a form on the website of Russia’s Ministry of Foreign Affairs. Applications will be approved within four days. Electronic single entry visas will be issued directly at the Russian border and will be valid for 30 days.
"We are proactively forming the modern infrastructure and creating special regimes in the Far East; the law on visits to the free port of Vladivostok was approved in March," said Prime Minister Medvedev.
He added that the ending of visa procedures for tourists and businessmen "will promote the growth of investment and tourist attractiveness of the Far East."
The robust growth of the Chinese economy in the first quarter is a positive sign for the global economy, the head of a US business lobbying group said on Tuesday, calling for further progress in bilateral trade and investment relations.
William Zarit, chairman of the American Chamber of Commerce in China, said that the members of his organization are upbeat about the prospects for the Chinese economy.
Zarit called for progress in trade and investment, hoping that the recent meeting between President Xi Jinping and his US counterpart Donald Trump "will mark the start of tangible progress toward a healthier and more balanced relationship".
In its annual American Business in China White Paper, the US business group acknowledged China's efforts to accelerate reforms and improve trade and investment facilitation through top-level policy designs and basic enforcement.
AmCham China also warned about rising uncertainty in China-US relations as both countries are experiencing an economic transition.
"We are experiencing a clear increase in uncertainty as the US-China relationship enters a new era," Zarit said.
AmCham China called for further reform in China to promote greater trade facilitation through adjusting policies and optimizing procedures designed to assist customs clearance, as well as enabling firms to play an active role in reform.
China so far has set up 11 free trade zones, which serve as platforms for opening investment and trade and boosting industrial upgrading.
The US business group also called for greater transparency in China's regulatory environment and greater openness to foreign companies while applauding China's commitment to pro-competitive and non-discriminatory policies.
China is the largest exporter of goods to the United States. Trade in goods between the US and China increased from $147 billion in 2002 to $579 billion in 2016, according to AmCham China.
Thomas Luedi, a partner of AT Kearney Greater China, a global management consulting firm, said that China remains a major market for US investment despite its economic deceleration.
"Despite its GDP growth deceleration, China has provided continuous high growth rates. To that end, American firms can benefit from the growth opportunity in China," he said.
Luedi added that many US companies will be well positioned to capture investment opportunities in China in sectors related to sustainability such as technology, environmental protection and energy efficiency.
The world economy seems to be gaining momentum, according the chief economist of the International Monetary Fund.
Writing in the IMF's new World Economic Outlook, Maurice Obstfeldt said "we could be at a turning point".
The report forecasts global growth this year of 3.5%, up from 3.1% predicted in 2016.
The UK's economy is forecast to expand by 2% this year, stronger growth than any of the major developed economies apart from the US.
The prediction for Britain this year is now only marginally below what the IMF predicted a year ago, its last full forecast before the Brexit referendum.
The figure then was 2.2%. The revised forecast reinforces the picture of the British economy's performance being little affected by the aftermath of the referendum, contrary to the expectations of the IMF and many independent economists. The IMF does, however, expect the longer term impact on Britain to be adverse.
The IMF also warns of headwinds that could weaken its global projections. The organisation highlights the possibility of protectionism and what the report calls "trade warfare".
However, the dominant tone of the report is rather sunnier than it has been for some time. For much of the period since the financial crisis of 2008 the IMF has worried that the recovery was failing to generate momentum.
This time the IMF sees buoyant financial markets and "a long awaited cyclical recovery in manufacturing and trade".
The rebound in the prices of commodities has also helped dispel fears of deflation, or falling prices, which has been seen as a danger, especially in the developed world. Deflation can, in some circumstances, aggravate economic weakness.
The forecast for this year would be a marked improvement on last year's 3.1%.
It's striking that in the forecast for the larger economies, there are none predicted to suffer a decline in economic activity this year or next.
Even Brazil and Russia, two countries that have suffered from the fallout of international and domestic political difficulties, are forecast to see growth this year, although it's not particularly strong.
China first quarter growth hits 6.9%
Eurozone growth 'nears six-year high'
Inevitably, the IMF identifies possible risks that could weaken its main forecasts. In particular, the report refers to increasing "pressures for inward looking policies in the advanced economies".
The report notes the loss of what it calls middle-skilled jobs in advanced economies as a result of technological change since the early 1990s. There is controversy about to what extent increased global trade might have contributed to those losses.
Combined with the slow recovery from recent economic crises, this has affected people on lower incomes and led to growing disillusionment with globalisation the, IMF says.
The report warns that this could trigger more protectionist policy actions on trade and immigration.
UK growth strengthens
Mr Obstfeldt writes: "Capitulating to those pressures would result in a self-inflicted wound, leading to higher prices for consumers and businesses, lower productivity, and therefore, lower overall real income for households."
The report also says that the increased fragmentation of production processes across countries aggravates the potential economic damage.
The forecast for Britain has been revised up markedly for this year - to growth of 2%, from 1.6% predicted in 2016. That is a stronger than any of the leading developed economies apart from the US, whose growth is forecast to be 2.3%.
The revision for the UK reflects what the report calls the "stronger-than-expected performance of the UK economy since the June Brexit vote".
But the IMF still expects negative effects from leaving the EU including "reduced consumer purchasing power following the pound's depreciation and its gradual pass-through to prices and the impact of uncertainty on private investment".
It also says that longer term prospects have been diminished because of the expected increase in barriers to trade and migration and the potential impact on the UK's financial services.
One decidedly weak area is Africa, for which the IMF describes the outlook as subdued. For sub-Saharan Africa, economic growth is likely to only moderately exceed population growth. That means correspondingly only moderate progress in raising average living standards in the region.
Although commodity prices such as oil have rebounded from recent troughs, they are still relatively low. The Fund says that is holding back growth in oil-producing nations in Africa such as Nigeria and Angola.
Australia will introduce stricter visa requirements for skilled workers from overseas, the government said.
PM Malcolm Turnbull said the current 457 visa programme will be abolished to prioritise Australian nationals.
In its place, two new temporary visas will carry additional requirements and draw from a smaller list of eligible professions.
The 457 scheme had attracted criticism that Australian workers were losing out to foreign counterparts.
"The new system will be manifestly, rigorously, resolutely conducted in the national interest," Mr Turnbull said on Tuesday.
According to government statistics, 95,758 people were living in Australia on 457 visas last year, with the highest proportion coming from India (24.6%), the UK (19.5%) and China (5.8%).
What was the 457 visa?
A four-year business visa which allowed people to live in Australia with their immediate family.
It was designed to fill gaps in skilled labour but it had been criticised as being too accessible.
In 2016, the most 457s were granted to cooks, developers, programmers and medical workers
What are the changes?
Mr Turnbull said the current four-year 457 system will be replaced by visas lasting two or four years.
For the shorter visa, more than 200 jobs will be removed from an existing list of about 650 eligible professions.
The list for the longer visa will be even more strict, said Immigration Minister Peter Dutton.
The changes will also require applicants to be more proficient in English, undergo a criminal check, and be subject to labour market testing.
Current 457 visa holders will not be affected by the changes, Mr Turnbull said.
Will it affect migration?
Yes, according to Mr Dutton. He described the possibility of eventual citizenship as a "significant part of the attraction" of the 457 visa.
"The existing 457 visa program is conducted for a period of four years, but essentially it is open-ended, and it results, in many cases, in a migration outcome," he said.
"What we propose is that under the temporary skills shortage visa short-term stream there will be a two-year visa... but there won't be permanent residency outcomes at the end of that."
The new four-year visa will also result in fewer permanent residents because of the eligibility changes, he said.
It comes after Australian said last month that it would largely end granting visas to foreign workers in the fast food industry.
Ulaanbaatar /MONTSAME/ Deputy Prime Minister U.Khurelsukh received Mona Haddad, Practice Manager for East Asia and the Pacific in the World Bank Group’s Trade and Competitiveness Global Practice on April 17, Monday to discuss the Group's new project in Mongolia.
At the beginning of the meeting, the Deputy Prime Minister expressed his gratitude for the World Bank Group's continued support to Mongolia through numerous projects and programs. 2016 marked the 25th anniversary of Mongolia’s membership in the World Bank Group.
In addition to Livestock and Agricultural Marketing project and Third Sustainable Livelihood projects which are currently active, the World Bank Group is to realize an Export Development Project in Mongolia which was approved in July, 2016.
The Export Development Project will support Mongolian small and medium sized firms (SMEs) in the non-mining sectors to strengthen their export capabilities and expand access to export markets.
Deputy Prime Minister highlighted the project’s role in contributing to development of export-oriented industry and promotion of Mongolian-made products on foreign markets.
Launched by Mongolian Ministry of Finance and the World Bank Group last month, the project will be implemented by the Government of Mongolia in the next 4.5 years, with a USD 20 million credit fund from the International Development Association.
Ulaanbaatar /MONTSAME/ The Bank of Mongolia issued 1 week bills worth MNT 467.3 billion at a weighted interest rate of 14.0 percent per annum.
1 - week CBBs, a main monetary policy instrument of BoM, plays an important role on managing the reserves of the banks. This CBB rate represents BoM’s policy rate guides interbank money market. In July 2007, the CBB with stable rate and unlimited bidding was introduced with auctions to be held on every Wednesday. This really had attracted the banks’ interests providing the possibility for the banks to place their excess reserve in short term asset. There has been a substantial change in the way banks manage their reserves since then. For the favorable adjustment of CBB rate and loan principle along with the well balance of togrog and foreign exchange, 1 - week CBB has been held in a type of competing by rate since May 2005. The auction average rate is the targeted rate variables in +/-2 percent from the policy rate and it frames to make the interbank rate as the operational target in midterm.