RCEP members account for nearly half the world population and contribute about 30 percent to the global gross domestic product (GDP) and more than one fourth of total export value worldwide. The leaders of RCEP member countries gathered for their second summit within the framework of the ASEAN Summit, and adopted a joint statement expressing determination to conclude negotiations next year. The RCEP has been under negotiation for six years, and its completion was widely expected in November 2018 after 24 official negotiating sessions and various mid-term ones. In 2018, negotiations were accelerated. Market access negotiations in the fields of goods, services and investment have yielded significant results but are still short of an agreement. At the ASEAN Summit, Singaporean PM Lee Hsien Loong set out a list of major tasks on which the bloc should focus: building a firm foundation for ASEAN to function as a peaceful, stable and rules-based region; maintaining steady and dynamic economic … [Read more...] about Vietnam urges fair deal on RCEP
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Difficulties expected as RCEP negotiation deadline missed again
At the meeting, leaders of RCEP countries, including ten ASEAN nations and six partners (Australia, China, India, Japan, New Zealand and the Republic of Korea), passed a joint statement on RCEP negotiations. Despite lauding the substantial progress made this year to advance the talks and affirming negotiations are in their final stages, the joint statement also announced the delay of the pact finalisation to 2019. The postponement came after the parties concerned had failed to attain a common voice as expected during the 7th RCEP Inter-Sessional Ministerial Meeting, held previously in Singapore with aims to finalise the RCEP talks in late 2018. At the meeting, the ministers discussed important orientations to reach consensus on key issues, such as opening markets for goods, investment, services, and intellectual property. In a move to encourage India to join the deal, several RCEP members accepted the reduction of India’s market access level to about 83% instead of 92% as … [Read more...] about Difficulties expected as RCEP negotiation deadline missed again
PM attends second RCEP leaders’ meeting
He made the statement while attending the second Regional Comprehensive Economic Partnership (RCEP) leaders’ meeting in Singapore on November 14, which took place as part of the framework of the 33rd ASEAN Summit. Apart from the 10 member countries of the Association of Southeast Asian Nations (ASEAN), other RCEP signatories include China, Japan, the Republic of Korea, India, Australia, and New Zealand. When inked, the RCEP will form the world’s largest trading bloc, making up a third of the world’s gross domestic product. Leaders of RCEP countries pose for a photo on November 14 Addressing the meeting, the Vietnamese PM said that the efforts and results of the RCEP negotiations in 2018 are incredibly important as the current global trends towards protectionism and anti-trade liberalization are emerging, adding that this is an appropriate moment to hold the negotiations. He pledged that Vietnam is willing to work with other countries to seek … [Read more...] about PM attends second RCEP leaders’ meeting
Singaporean PM warns of RCEP credibility loss due to prolonged negotiation
Singaporean Prime Minister Lee Hsien Loong (Photo: VNA) Hanoi (VNA) – The prolonging of negotiations on the Regional Comprehensive Economic Partnership (RCEP) may lead to a risk of losing the deal’s credibility, warned Singaporean Prime Minister Lee Hsien Loong at a meeting of leaders of 16 countries engaging in the RCEP in Singapore on November 14. He noted that negotiations on the deal have made substantial progress this year and are poised for conclusion in 2019, he said, adding that the talks are on the final period. However, he held that further prolonging negotiations puts the RCEP at risk of losing credibility and support from stakeholders and will mean missing a major opportunity to bring in tangible benefits to businesses and citizens of RCEP participating countries. A total of 24 rounds of negotiations have been held on the RCEP since they were launched at the end of 2012. Earlier, in a meeting in Singapore on November 12, the countries failed to reach … [Read more...] about Singaporean PM warns of RCEP credibility loss due to prolonged negotiation
PM attends 2nd RCEP leaders’ meeting
Leaders of RCEP countries pose for a photo on November 14 (Photo: VNA) Singapore (VNA) – Prime Minister Nguyen Xuan Phuc said the Regional Comprehensive Economic Partnership (RCEP) needs to be in the form of a cooperation framework that fosters trade and investment, rendering common prosperity for the region. He made the statement while attending the second Regional Comprehensive Economic Partnership (RCEP) leaders’ meeting in Singapore on November 14, which took place as part of the framework of the 33rd ASEAN Summit. Apart from the 10 member countries of the Association of Southeast Asian Nations (ASEAN), other RCEP signatories include China, Japan, the Republic of Korea, India, Australia, and New Zealand. When inked, the RCEP will form the world’s largest trading bloc, making up a third of the world’s gross domestic product. Addressing the meeting, the Vietnamese PM said that the efforts and results of the RCEP negotiations in 2018 are … [Read more...] about PM attends 2nd RCEP leaders’ meeting