Asean countries agree to conclude RCEP negotiations

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Singapore Minister Says RCEP Trade Deal on Track for Year-End Signing
6 HOURS AGO

The Regional Comprehensive Economic Partnership (RCEP) trade agreement remains on track to be signed by the year end, Trade and Industry Minister Chan Chun Sing said in an interview yesterday, during which he stressed the importance of international cooperation amid the Covid-19 pandemic.

"Everyone agrees that it's really important for us to sign the RCEP this year to bolster the confidence of the global economy and the regional economy, especially in such a difficult moment," Mr Chan told reporters during the virtual interview.

"At this point in time, we are still on track for the signing by the RCEP countries at the end of the year," he said.

The RCEP is set to be the world's largest trade pact, and involves 15 countries: all 10 Asean nations, as well as Australia, China, Japan, New Zealand and South Korea. India withdrew from the deal last year.

Providing an update, Mr Chan said that an offer has been made to India to rejoin discussions in the coming month.

"If India is unable to rejoin the discussions in the coming month, then the plans will continue to proceed with the legal scrubbing for the preparation for the signing at the end of the year," said Mr Chan.

Intensive virtual meetings have been ongoing, he said, adding that no significant delays were foreseen in the signing of the agreement.

He also said developments would have to be taken into account to see if the signing could proceed in a meeting or in a different way.

Mr Chan said that he and his counterparts from other nations agree that recovery from the current crisis will require long-term cooperation.

"We need to not just manage the current situation, which is the fallout from the Covid-19 pandemic, but we also need to give confidence for the longer-term economic prospects for our regional countries," he said.

This will require doing "new things to allow our economies to recover and to grow", such as by participating in more regional agreements, said Mr Chan.

Many countries have now volunteered to sign the joint ministerial statement initiated by Singapore and New Zealand on maintaining the connectivity of the global supply chain, he said.

"As we see more and more countries coming on board, we stay encouraged that we have many like-minded countries that are not just playing defensive about managing the fallout from the Covid-19 situation, but they are also looking forward to plans to allow our economies to reach new heights going forward."

 

[Song Hong]

Good work China.

India wont join and please dont ask them to join.

 

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Thailand: COVID-19 presents no hurdle for RCEP negotiations
Thailand is expecting the signing of the Regional Comprehensive Economic Partnership (RCEP) to go forward this year as the COVID-19 is presenting no hurdles for the trade deal, the negotiations of which can be sped up through video conferencing.

May 25, 2020

Bangkok (VNA) – Thailand is expecting the signing of the Regional Comprehensive Economic Partnership (RCEP) to go forward this year as the COVID-19 is presenting no hurdles for the trade deal, the negotiations of which can be sped up through video conferencing.

Local media quoted Ronnarong Phoolpipat, Commerce Ministry Chief Inspector-General and chief negotiator of RCEP for Thailand, as saying the pandemic is expected to hamper already-delayed RCEP negotiations because scheduled meetings were cancelled to follow travel ban lockdown measures in member state countries.

However, recent trade negotiations and meetings via video conference were surprisingly efficient and helpful, he said.

Trade negotiators have completed many negotiation issues during the past two months, the official said, adding that it is faster and saves time and costs.

The pandemic brings a new normal situation to trade negotiations, he noted.

He said RCEP dialogue partners are reviewing legal texts and expect the process to finish in July so the pact can be signed later in the year during the ASEAN Summit.

 

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India looks like a waste of time for any FTA deal.

 

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Premier Li: China expects to sign RCEP this year
Updated 19:03, 28-May-2020

Chinese Premier Li Keqiang Thursday said that China will sign the Regional Comprehensive Economic Partnership (RCEP) agreement with member countries this year as scheduled, adding that "China is actively pushing the establishment of the China-Japan-ROK Free Trade Greement (FTA)."

During the press meeting after the third session of the 13th National people's Congress concluded, Li confirmed that China is actively promoting regional cooperation with Japan, South Korea and other neighboring countries amid the challenges posed by the coronavirus pandemic.

This month, China and South Korea established a "fast-track" entry system due to both countries having successfully contained the coronavirus at home. This system can help promote business and technology exchanges, and in turn facilitate the recovery of the economy in both countries as well as the whole region.

Li stressed the importance of establishing a "mini-circle" of China-Japan-South Korea within the "large-circle," adding that the geopolitical proximity of the countries is a huge advantage.

Additionally, Li acknowledged that China is open to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

 

[Mista]

Additionally, Li acknowledged that China is open to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

 

[Paul2]

As someone living in SE Asia, I believe that India shouldn't join RCEP. The biggest challenge would come from not only China but also many emerging SE Asian countries like Vietnam, Indonesia, Thailand etc.

Your market will be flooded with foreign product, whomever makes them being irrelevant, with RCEP, or without, if you have no industrial base.

And the decision to cut yourself from the biggest trade block around will score you negative points in eyes of people who decide where to put labour intensive factories.

It makes no sense to manufacture in India, while having your exports disadvantaged, and having no incentives to sell domestically. These guys who come to setup factories in India need to make money somehow after all too, just like your own companies. The reason why India has so little domestic industry, is very much the same to why so few foreign manufacturers decide to venture to India.

See, India had god knows how many decades to do industrialisation even in the time when it was super isolationist.

The result of India not being a competitive manufacturer has nothing to do with cheap imports.

Think again, negotiating with foreign business is a way more easy than negotiating with nation power. Chinese factory owners will not give a s**t if their factories in India would've been competing with Chinese own companies, or their own factories there. The only thing that will contribute to the industry growing in India will be India becoming a more attractive place to make business in, not the other way around.

 

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10th Meeting on RCEP expected to bring new change to regional, global trade
The 10th Meeting on the Regional Comprehensive Economic Partnership (RCEP), scheduled for June 23 in Hanoi, is expected to bring a new change to regional and global trade.

Sunday, June 21, 2020 18:18

Hanoi (VNA) – The 10th Meeting on the Regional Comprehensive Economic Partnership (RCEP), scheduled for June 23 in Hanoi, is expected to bring a new change to regional and global trade.

The meeting will be chaired by the Vietnamese Ministry of Industry and Trade.

Via rounds of negotiations since 2012 between ASEAN’s 10 member states and six dialogue partners, the RCEP is considered the world’s largest free trade agreement.

Minister of Industry and Trade Tran Tuan Anh said once the RCEP comes into force, it will create a market with about 3.5 billion consumers and a gross domestic product (GDP) of 49 trillion USD, accounting for 39 percent of the world’s.

The deal, scheduled to be signed this year, will also create the world’s largest free trade area with commitments regarding the opening of markets in goods, services and investment, simplification of customs procedures and rules of origin of products.

It is also expected to step up the development of regional and global value chains, propelling economies of ASEAN member states, including Vietnam and partner nations.

Experts highlighted the need to deal with issues related to non-tariff trade barriers, intellectual property rights, and e-commerce to improve the competitiveness of ASEAN businesses, including those from Vietnam so as to expand markets and boost exports.

 

[Song Hong]

RCEP is yet another Zollverein and EEC common market, that will eventually bring most member states to economic unity and political alignment, forming a Asian EU.

Basically ASEAN is signing off her sovereignty, surrendering it to China.

 

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Azmin Ali to lead Malaysian delegation at RCEP talks

June 22, 2020

KUALA LUMPUR (June 22): The Regional Comprehensive Economic Partnership (RCEP) will continue its negotiations at the virtual 10th Intersessional Ministerial Meeting tomorrow.

Senior Minister and International Trade and Industry (MITI) Minister Datuk Seri Mohamed Azmin Ali will lead the Malaysian delegation at the RCEP negotiations with 14 other participating countries comprising ASEAN and the five ASEAN FTA Partners namely Japan, Korea, China, Australia and New Zealand.

The current stage of negotiations is an important milestone towards the expected signing of the RCEP Agreement by year-end, MITI said in a statement today.

“Economic and Trade Ministers of the 15 member countries would be expected to discuss outstanding issues to enable finalisation of the Agreement.

“The RCEP, once concluded, is expected to be the world’s largest regional free trade agreement in terms of gross domestic product contribution to the world economy and population coverage,” the ministry said.

In view of the volatility of the global economy against the backdrop of trade friction and the Covid-19 pandemic, it is imperative for Malaysia, as one of the top global trading nations, to support and work together with other RCEP participating countries towards the conclusion of negotiations and eventual signing of the RCEP Agreement.

MITI has consistently engaged with stakeholders including the industry, civil society organisations and members of Parliament in advancing Malaysia’s position in the negotiations.

“Mohamed Azmin will share and express Malaysia’s view on the way forward for RCEP. Towards this end, the government strives to promote free and fair trade while balancing the interests of the domestic stakeholders,” it added.

 

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Indonesia looks to sign RCEP this year to support economic recovery

Jakarta / Wed, June 24, 2020 / 07:03 pm

Indonesia and 14 other negotiating countries agreed Tuesday to sign the Regional Comprehensive Economic Partnership (RCEP) this year to help their economies recover from the pandemic-induced downturn.

Iman Pambagyo, who has led the RCEP trade negotiating committee since 2013, said he expected the deal to be signed in November. Countries have so far agreed on the text of the agreement and almost completed the legal review of the text, called legal scrubbing.

If signed, the trade deal, introduced at the ASEAN Summit in Cambodia in 2012, will create one of the world’s largest economic blocs, as the negotiating countries account for 30 percent of global GDP.

“With respect to the COVID-19 pandemic, the finalization of the RCEP this year gives hope that economies in the region and around the world will recover, the regional supply chain will be strengthened and confidence in the open and rules-based international trade system will be restored,” Trade Minister Agus Suparmanto said in a statement on Tuesday after a virtual meeting with his regional counterparts.

Participating countries commit to signing RCEP in 2020
Source: Xinhua| 2020-06-23 20:21:14|

HANOI, June 23 (Xinhua) -- Ministers of the 10 member states of the Association of Southeast Asian Nations (ASEAN), China, Japan, South Korea, Australia and New Zealand have reaffirmed their commitment to signing the Regional Comprehensive Economic Partnership (RCEP) this year in a joint media statement on Tuesday.

The signing of the agreement will serve as a clear sign of the members' unwavering support for the multilateral trading system, regional integration as well as economic development across the region, said the media statement from the virtual 10th RCEP Inter-sessional Ministerial Meeting chaired by the Vietnamese Ministry of Industry and Trade on Tuesday.

The ministers agreed in the statement that the importance of RCEP continues to grow in light of the ongoing COVID-19 pandemic, which constitutes an unprecedented challenge for trade, investment and global supply chains that requires a coordinated global response.

They also agreed to enhance cooperation and coordination to facilitate a strong and resilient economic recovery as well as sustainable, balanced, and inclusive growth following the crisis.

 

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Thai PM: Expedite signing of RCEP to support post Covid-19 recovery

• Saturday, 27 Jun 2020

BANGKOK, June 26 (Bernama) -- Thailand’s Prime Minister General Prayuth Chan O-Cha has urged Asean member states to expedite the signing of the Regional Comprehensive Economic Partnership (RCEP) within this year to support post-Covid-19 economic recovery.

He said the outbreak had transformed Thailand and the global community into the "new normal” way of life while the world was moving into a volatile geopolitical phase which had impacted international security and stability.

"Through advancing economic integration and expediting the signing of the RCEP within this year, Aseanwill recover economically,” he said during the 36th ASEAN Summit today, which was held virtually and hosted by Vietnam.

Prayuth proposed three paths for action to advance Asean in the post-Covid19 era - more connected Asean, stronger Asean and better-immuned Asean.

"As the importance of the RCEP continues to grow in light of the ongoing Covid-19 pandemic, we shared the view that the signing of the agreement will serve as a clear signal of our unwavering support for the multilateral trading system, regional integration as well as economic development across the region,” said the joint statement.

 

[Song Hong]

After Indians ban China software and impose restriction on Sino-Indian trade, she does herself away of RCEP.

 

[艹艹艹]

https://twitter.com/x/status/1280839776921423873

S. Korea to push for conclusion of Asia-Pacific trade deal this year
By Yonhap
Published : Jul 8, 2020 - 11:03 Updated : Jul 8, 2020

South Korea said Wednesday it will push for the conclusion of a mega Asia-Pacific trade deal this year to help boost ailing exports and cope with the growing protectionism around the globe in the face of the new coronavirus pandemic.

The country plans to participate in another round of online talks with members of the Regional Comprehensive Economic Partnership (RCEP) on Thursday to address remaining agenda items, according to the Ministry of Trade, Industry and Energy.

ASEAN and its dialogue partners -- South Korea, China, Japan, Australia and New Zealand -- effectively reached an agreement on RCEP in November.

Last month, trade ministers from the member nations reaffirmed that the trade deal will be signed no later than this year.

The participating nations launched their official talks in 2013.

When concluded, RCEP will create a mega economic bloc that accounts for a third of the world's gross domestic product.

South Korea, whose economy depends heavily on exports, has been emphasizing the importance of free trade deals to cope with economic uncertainties stemming from the COVID-19 pandemic.

The country's outbound shipments fell 10.9 percent in June, marking the fourth consecutive month of decline amid the fallout from the new coronavirus pandemic. (Yonhap)

 

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RCEP signing to take place online on November 14
PUBLISHED : 10 OCT 2020 AT 04:00

Dialogue partners look set to clinch the Regional Comprehensive Economic Partnership (RCEP) on Nov 14 in Vietnam, according to the trade negotiators' chief.

Auramon Supthaweethum, director-general of the Trade Negotiations Department, said 15 RCEP members have insisted on signing the pact at the upcoming summit despite the prolonged pandemic.

"It is difficult for face-to-face meetings, so the signing will be via hologram with the economic ministers of RCEP countries on Nov 14," she said.

Mrs Auramon said Vietnam as host country organised the unconventional approach. There will be a referendum or official signing by each country after the hologram.

After signing the agreement, the department will disclose the details of the agreement to the public on its website in both Thai and English, she said.

The Commerce Ministry is expected to ask for parliament's ratification next year. Under the parliamentary ratification process, if half of the RCEP member states (at least six Asean countries and four non-Asean countries) ratify the pact, it will be enforced instantly.

"The RCEP will be implemented in 2021," Mrs Auramon said. "With every country's economy reeling from the Covid-19 crisis, they want to promote economic growth through the biggest free trade agreement in the world."

The RCEP is a proposed FTA between the 10 member states of Asean and six dialogue partners, namely China, Japan, South Korea, India, Australia and New Zealand. Negotiations on the RCEP started in late 2012 at the 21st Asean Summit in Phnom Penh.

In last-minute talks on Nov 4 last year, with Thailand as Asean chair, India pulled the plug on joining the RCEP over unresolved issues, especially those concerning agricultural tariffs.

India later announced that it would not be joining the pact this year during the Asean Summit scheduled for Vietnam.

India is concerned that the deal could affect the livelihood of its most vulnerable citizens and lead to rising trade deficits and a flood of imports, especially cheap products from China.

The RCEP's leader statement noted that 15 participating countries have concluded text-based negotiations for all 20 chapters and market access issues.

With or without India, the RCEP agreement has been scheduled for official signing this year, coming into force either in 2021 or January 2022.