The virtual 4th RCEP Summit (Photo: Reuters) Bangkok (VNA) – Thailand’s government is speeding up the process to get parliament’s approval of the signing of the Regional Comprehensive Economic Partnership (RCEP) by February2021 to pave the way for full ratification within 2021, according to Thai CommerceMinister Jurin Laksanawisit.
Seeing the pact as avital tool for economic recovery and growth, the Thai Ministry of Commerceexpects free trade among RCEP members to start by the middle of next year,following almost eight years of talks.
Jurin said the pact mayimpact some businesses, and they ought to receive assistance to cope with anyadjustments, local media reported.
The government willpropose the RCEP pact be endorsed as soon as possible during this parliamentarysession which takes place from November 2020 to February 2021, he said.
RCEP is a free-trade pact initially proposed for the10 ASEAN member states, namely Brunei, Vietnam, Laos, Cambodia, Thailand,Myanmar, Malaysia, Singapore, Indonesia and the Philippines; and the bloc's sixdialogue partners - China, Japan, the Republic of Korea, India, Australia andNew Zealand. Last year India decided against joining RCEP over unresolvedissues, especially those concerning agricultural tariffs.
The newly-signedagreement formed the world’s largest trade bloc which has combined Gross DomesticProducts (GDP) of 26.2 trillion VND, or about 30 percent of the global GDP, andaccounts for 28 percent of the world’s trade. Its members cover a third of theglobal population, or 2.2 billion people.
For the pact to take effect, it must be ratifiedby at least six ASEAN members and three non-ASEAN countries among the 15signatories.
Once the pact is approvedby lawmakers, the ASEAN Secretariat will be notified to complete the ratification process.
Jurin expressed hisconfidence that Thailand will benefit from RCEP. Thailand can export tapioca,rubber, fish and food to the other 14 countries, and there are benefits in terms ofinvestment and service sectors, he said, adding he believes the country will be ableto improve upon its current ranking (11th) among the world's leading foodexporters.
The commerce ministersaid the private sector would have 6-12 months to adjust to the pact, whichwill introduce a range of new issues ranging from trade promotion andinvestment protection to intellectual property and e-commerce.
The Trade NegotiationsDepartment is considering remedy measures if industries are harmed./.
Seeing the pact as avital tool for economic recovery and growth, the Thai Ministry of Commerceexpects free trade among RCEP members to start by the middle of next year,following almost eight years of talks.
Jurin said the pact mayimpact some businesses, and they ought to receive assistance to cope with anyadjustments, local media reported.
The government willpropose the RCEP pact be endorsed as soon as possible during this parliamentarysession which takes place from November 2020 to February 2021, he said.
RCEP is a free-trade pact initially proposed for the10 ASEAN member states, namely Brunei, Vietnam, Laos, Cambodia, Thailand,Myanmar, Malaysia, Singapore, Indonesia and the Philippines; and the bloc's sixdialogue partners - China, Japan, the Republic of Korea, India, Australia andNew Zealand. Last year India decided against joining RCEP over unresolvedissues, especially those concerning agricultural tariffs.
The newly-signedagreement formed the world’s largest trade bloc which has combined Gross DomesticProducts (GDP) of 26.2 trillion VND, or about 30 percent of the global GDP, andaccounts for 28 percent of the world’s trade. Its members cover a third of theglobal population, or 2.2 billion people.
For the pact to take effect, it must be ratifiedby at least six ASEAN members and three non-ASEAN countries among the 15signatories.
Once the pact is approvedby lawmakers, the ASEAN Secretariat will be notified to complete the ratification process.
Jurin expressed hisconfidence that Thailand will benefit from RCEP. Thailand can export tapioca,rubber, fish and food to the other 14 countries, and there are benefits in terms ofinvestment and service sectors, he said, adding he believes the country will be ableto improve upon its current ranking (11th) among the world's leading foodexporters.
The commerce ministersaid the private sector would have 6-12 months to adjust to the pact, whichwill introduce a range of new issues ranging from trade promotion andinvestment protection to intellectual property and e-commerce.
The Trade NegotiationsDepartment is considering remedy measures if industries are harmed./.
VNA
