Substantive conclusion to RCEP negotiations in sight
SINGAPORE: After a great deal of work, the possibility of substantively concluding the Regional Comprehensive Economic Partnership ( RCEP) negotiations, is finally in sight, says Singapore Prime Minister Lee Hsien Loong.
RCEP is a proposed free trade agreement ( FTA) between the 10 member states of the Association of Southeast Asian Nations (Asean) and the six Asia-Pacific states - Australia, China, India, Japan, South Korea and New Zealand.
Singapore is the Asean Chair for this year.
“I encourage RCEP countries to take a long-term view, keep up the momentum, engage constructively with maximum flexibility, so that we can deliver a high quality RCEP Agreement this year,” Lee said at the opening of the 50th Asean Economic Ministers’ Meeting and Related Meetings yesterday.
Lee added that RCEP negotiations have continued for some time, and have now reached a critical stage.
The Asean chairman highlighted that RCEP will be the world’s largest trading bloc, covering a third of the world’s gross domestic product ( GDP), bringing tangible benefits to the Asean people and its partners.
“Of course, given the diversity of RCEP’s members, we all have to make trade-offs and compromises. But we should weigh these against the significant strategic and economic value of the RCEP.
“It will be an important signal to the world that Asean members, and our partners, place high value of free trade, regional integration and international cooperation,” said Lee.
It is the hope of RCEP countries that the agreement will be signed in November 2018 during the Asean Summit and Related Summits in Singapore after two missed deadlines.
It was officially launched at the 2012 Asean Summit in Cambodia and it stands out after President Donald Trump announced that the United States was withdrawing from the TransPacific Partnership.
RCEP has a population of 3.4 billion, with a total GDP of US$ 49.5 trillion ( US$ 1= RM4.10), or about 39 per cent of the world’s GDP. — Bernama