Singaporean PM warns of RCEP credibility loss due to prolonged negotiation
The prolonging of negotiations on the Regional Comprehensive Economic Partnership (RCEP) may lead to a risk of losing the deal’s credibility, warned Singapore Prime Minister Lee Hsien Loong at a meeting of leaders of 16 countries engaging in the RCEP in Singapore on November 14.
Singaporean Prime Minister Lee Hsien Loong (Photo: VNA)
Hanoi (VNA) – The prolonging of negotiations on the Regional Comprehensive EconomicPartnership (RCEP) may lead to a risk of losing the deal’s credibility, warnedSingaporean Prime Minister Lee Hsien Loong at a meeting of leaders of 16countries engaging in the RCEP in Singapore on November 14.
He noted that negotiationson the deal have made substantial progress this year and are poised forconclusion in 2019, he said, adding that the talks are on the final period.
However, he heldthat further prolonging negotiations puts the RCEP at risk of losing credibilityand support from stakeholders and will mean missing a major opportunity tobring in tangible benefits to businesses and citizens of RCEP participatingcountries.
A total of 24 roundsof negotiations have been held on the RCEP since they were launched at the endof 2012.
Earlier, in ameeting in Singapore on November 12, the countries failed to reach consensus onmajor articles of the deal, and agreed to postpone the conclusion ofnegotiations in 2019.
The RCEP, a proposedfree trade agreement between the 10 ASEAN member states and six of their FTApartners - China, Japan, the Republic of Korea, Australia, New Zealand andIndia, is expected to be one of the world's largest trading blocs, accountingfor 45 percent of the world population, 40 percent of global trade and onethird of the world's GDP.-VNA
Vietnam will be able to access a huge market of 3.4 billion people when it joins the Regional Comprehensive Economic Partnership (RCEP).
Countries in RCEP will have a combined GDP of 21 trillion USD, accounting for 29 percent of the world's GDP, said Nguyen Anh Duong, Deputy Director of the Central Institute for Economic Management (CIEM).
Speaking during a workshop held in Hanoi on July 17 on the impact of RCEP on Vietnam's economy and the opportunities and challenges it would pose, Duong said regulations on origin in RCEP would be simpler and more liberal than in other economic pacts. In addition, the parties would make more commitments on freedom of trade in goods and services and investment.
Vo Tri Thanh, deputy director of the Central Institute for Economic Management (CIEM), spoke to the media about the Regional Comprehensive Economic Partnership's (RCEP) likely impacts.
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Singaporean Prime Minister Lee Hsien Loong (Photo: VNA) 
