Connect with us

ASEAN

ASEAN agrees on common ground for world’s largest trade bloc, RCEP

Published

 on 

ASEAN members reached common ground on the mega economic trade bloc, the Regional Comprehensive Economic Partnership (RCEP) during their meeting in Bangkok yesterday. RCEP will cover nearly half of the global economy.

The Regional Comprehensive Economic Partnership is a free trade agreement (FTA) between the ten member states of ASEAN – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam – and the six Asia-Pacific states with which ASEAN has existing free trade agreements Australia, China, India, Japan, South Korea and New Zealand.

The next step is to negotiate the remaining 13 chapters of the trade deal together as a bloc at the upcoming senior economic officials’ meeting to be held in Melbourne, Australia between June 25 and July 3.

The mega-trade deal, which has been stuck in negotiations for the past seven years, has a total of 20 chapters, seven of which have now been completed.

In 2018, trade between the RCEP countries represented up to a third of global trade. Thailand’s trade value with the RCEP countries was worth some US$70 billion in 2018. Thailand’s exports to the RCEP countries currently accounts for nearly 60% of its total exports.

Thailand, as this year’s ASEAN chair, has set a bold target of completing the negotiations for this mega-trade pact by the end of 2019.

Negotiating with the remaining six members as a 10 country bloc will allow ASEAN to facilitate more progress in the negotiations process when the 16 RCEP countries meet.

Vietnam’s PM Nguyen Xuan Phuc, speaking to The Nation said, “In the context of increasing trade tensions and protectionism, promoting RCEP negotiations bear an important meaning as it strengthens rule-based multilateral economic connectivity and free trade throughout the Asia Pacific region.

The Vietnamese prime minister revealed that the 28th round of RCEP negotiations will be hosted by Vietnam in October, which will be the last round of negotiations this year ahead of the third RCEP Summit in Bangkok, which will be held in November.

“Vietnam hopes that for the spirit of broadening cooperation, ensuring equality and mutual interests, all sides will reach an agreement to finalise the RCEP negotiations as promised.”

The current challenge is that India and China, members of the trade bloc, have no free trade agreement to build upon, and have been holding up completion of some chapters to gain leverage in negotiations on other chapters. Hence, the remaining 13 chapters will be concluded together as they are interlinked with one another, according to a source familiar with the matter who asked to remain anonymous.

SOURCE: The Nation

 

Get more from The Thaiger

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

The Thaiger is Thailand's largest online portal for news, videos and information.

Follow Thaiger by email:

Video4 hours ago

Siam Paragon Bangkok International Fashion Week 2022

Thailand6 hours ago

Thailand News Today | Flash flooding to hit every region of Thailand

Thailand7 hours ago

Off-duty officer fires shots & fights with Bangkok cabbie

Sponsored15 hours ago

Starting a business and obtaining SMART Visa in Thailand is easy with Startup Booster

Thailand7 hours ago

Venomous snake emerges from parcel at sorting office in Thailand

Technology7 hours ago

Line Man Wongnai now Thailand’s largest tech startup

Thailand8 hours ago

Customer buys brand new Honda PCX motorbike with coins in eastern Thailand

Join the conversation on the Thaiger Talk forums today!
Drugs8 hours ago

Drug chase ends in flipped car, 6 million spilled Yaba pills

Thailand9 hours ago

169 Thai police officers dismissed for serious violations

World9 hours ago

Edward Snowden received Russian citizenship

Thailand10 hours ago

American told to stop riding go-kart in Chiang Mai

Thailand10 hours ago

Thailand legalises abortion up to 20 weeks

Coronavirus (Covid-19)11 hours ago

Nasal spray to prevent Covid hits stores October 1

Crime11 hours ago

China backs Philippines online gambling crackdown

Crime11 hours ago

Foreign gang allegedly extorts Russian couple of crypto worth US$50k in Thailand

Events13 hours ago

Meatfest will host meat cooking and eating contests in Pattaya

Thailand1 year ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand2 years ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism2 years ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket2 years ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism2 years ago

Phuket Thai food treats you need to try | VIDEO

Thailand2 years ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism2 years ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand2 years ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand2 years ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand2 years ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand2 years ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand2 years ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand2 years ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand2 years ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand2 years ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending