Ministers of RCEP member countries begin videoconference
Ministers from Asia-Pacific countries negotiating the Regional Comprehensive Economic Partnership (RCEP) began a videoconference on June 23, with how to bring India back to the talks among the focuses.
The Vietnamese side at the videoconference on the RCEP on June 23 (Photo: VNA)
Hanoi (VNA) – Ministers from Asia-Pacific countriesnegotiating the Regional Comprehensive Economic Partnership (RCEP) began avideoconference on June 23, with how to bring India back to the talks among thefocuses.
Negotiations on the RCEP, which would lowertariffs and set rules on investment and intellectual property for an areacovering a third of the global economy and half the world population, began in2013, but members have continually failed to meet deadlines for the dealsigning.
At a summit last November, 15 of theparticipating countries – the 10 ASEAN members, China, Japan, the Republic ofKorea, Australia and New Zealand – agreed to work toward signing the agreementby the end of 2020.
However, India, which is reluctant to open upits market due to concern that its trade deficit with China would grow, hasskipped subsequent working-level talks.
The other countries, including ASEAN nations(Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines,Singapore, Thailand and Vietnam), are trying to convince India to return thoughsome are willing to conclude a 15-country deal.
Once implemented, the RCEP is set to raise the15 member countries’ GDP to 137 billion USD, about 80 percent of the figurewhen the bloc has enough 16 members – initially at 171 billion USD./.
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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.
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The virtual 10th Regional Comprehensive Economic Partnership Intersessional Ministerial Meeting took place on June 23 under the chair of Vietnamese Minister of Industry and Trade Tran Tuan Anh.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
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Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
The Vietnamese side at the videoconference on the RCEP on June 23 (Photo: VNA) 
