Australian Minister for Trade, Tourism and Investment Simon Birmingham (Source: The Guardian) Sydney (VNA) – Australian Minister for Trade, Tourism and Investment Simon Birmingham has recently emphasised theimportance of the Regional Comprehensive Economic Partnership (RCEP) agreement,which is expected to be signed on November 15 between 10 ASEAN countries andChina, Japan, the Republic of Korea (RoK), New Zealand and Australia.
“It's a hugely symbolically significant agreement, coming ata time of global trade uncertainty,” he told local media. “It says in areally powerful and tangible way that our region, which has been the driver ofglobal economic growth, is still committed to the principles of trade, opennessand ambition”.
Birmingham said the RCEP is the world's largest free-trade deal, representing30 percent of global GDP and 30 percent of the world's population. It is thefirst time major trading partners like China, the RoK, Japan and Australia havejoined together in one agreement, reducing the reliance on a patchwork ofbilateral deals.
He added that Australian businesses in the services sectorwill benefit most from the deal, which will recognise qualifications andlicensing practices, while allowing them to operate remotely and set up officesthroughout the RCEP region.
The sector includes education, healthcare, accountants,engineering and legal service providers, and employs four out of fiveAustralians while accounting for up to 70 percent of Australia's GDP.
“It will make it much easier for what is a huge part of Australia's economy, totrade overseas,” Birmingham said. “Given the rise of the middle-income groupsacross many RCEP countries, there is a rising demand for more of those safe,high-quality health, education and other services that Australia is well placedto deliver”.
The deal will also strengthen supply chains with commonrules of origin and establish new e-commerce rules across the region, he added./.
VNA
