The global recession has hit Malaysia as the country experienced a 14.2% drop in exports in October. The sharp decline was due mainly to lower exports of electrical and electronic products and commodities, particularly petroleum and palm oil. Economists expect this trend to continue into 2009.

Despite the global financial crisis, foreign donors have promised Cambodia about $1billion in aid for 2009. This is a significant rise since last year's $690 million foreign aid. Better governing, as well as private sector growth, have encouraged higher foreign investments. Cambodian officials expect investments to further expand after passing an anti-corruption law in near future.

Singapore and Costa Rica have started negotiations for the implementation of a Free Trade Agreement. Singapore and Costa Rica have enjoyed strong economic relations in the past with bilateral trade reaching a total of $372.9 million in 2007. The FTA is expected to liberalize trade in goods and services,open up government procurement, as well as simplify customs procedures.

Iran signed deals worth $14 billion with Malaysia aimed at the production of liquefied natural gas and the development of two gas fields. The deals also includes exports of Iranian crude and 120,000 barrels of gas condensates.

Bilateral trade between Cambodia and Indonesia has risen 20% annually since 2006, reaching a total of $120 million this year. Trade between the two countries is booming in several areas, particularly in construction materials, food, medicines and cosmetics. Cambodian officials hope that the expansion in bilateral trade with Indonesia will help offset trade losses with Thailand in light of the country's current political crisis.

Thailand's government has announced a 10 billion baht fund aimed at helping small and medium-sized tourism enterprises survive the current industry's downturn. Thai tourism took a steep downturn as protests and political instability took a toll on the industry. The loan is expected to help the tourism sector maintain a workforce of 2.4 million.

In order to help protect the country from a global recession, Malaysia's central bank cut interest rates for the first time since 2003. Bank Negara cut interest rate by a quarter to 3.25%. Malaysia has been experiencing a slowdown in export performance which has affected the country's overall growth.

Thailand's economic growth has slowed in the third quarter to a year-on-year rate of 4% due to the country's current political instability and the adverse impacts of the global financial crisis. The political instability has sprung from several protests held by the public during the last few months, in an effort to force the resignation of the current prime minister. The protests have paralyzed government activities and have resulted in a decrease in activities in the tourism sector, exports and foreign investments in the country.

In early 2009, a free trade agreement between Singapore and Peru will come into force. Under the agreement, more than 87% of Singapore's exports to Peru will be duty-free. All Peruvian exports to Singapore will enjoy a tariff-free status. Last year trade between Singapore and Peru amounted to $37.2 million. Singapore hopes that this deal will encourage Singaporeans to increase economic relations with Latin American countries.

Cambodia is holding talks with several Asian and Middle Eastern countries to receive as much as $3bn in agricultural investment in return for leasing arable land for crop plantation. Countries such as Kuwait, Qatar and South Korea seek to lease lands overseas in order to compensate for their lack of arable land and to secure food. Cambodia has 6m hectors of arable land of which only 2.5m are under cultivation. Kuwait has already agreed to give Cambodia $546m worth of loans for the development of agriculture.