The Regional Comprehensive Economic Partnership (RCEP) will be in the spotlight at the 37th ASEAN Summit which is virtually hosted by Vietnam from November 12 – 15. (Photo: VNA)Singapore (VNA) – The Regional Comprehensive Economic Partnership (RCEP) willbe in the spotlight at the 37th ASEAN Summit which is virtually hosted byVietnam from November 12 – 15, according to Singapore’s The Strait Times.
The conclusion ofthe region-wide trade deal has been a key goal of the grouping this year, thenewspaper said. If everything falls into place, the RCEP will be the world'slargest trade pact, even without the inclusion of India which pulled out lastyear.
The deal involves15 countries, including ASEAN's 10 member states, China, Japan, the Republic ofKorea (RoK), Australia, andNew Zealand. Together, they contribute about one-third of the world's gross domesticproduct (GDP).
ASEAN alone has apopulation of nearly 640 million people and a combined GDP of 2.57 trillionUSD. The bloc is forecast to become the fourth-largest economy in the world by2030.
Senior Indonesiantrade official Iman Pambagyo, who chairs the RCEP Trade Negotiating Committee,told The Straits Times that participating countries hope the agreement willdrive economic recovery in the next two years in the region, where a regionalsupply chain has been built, thanks to existing free trade deals between ASEANand its trading partners.
Against thebackdrop of low confidence in the multilateral trading system, ongoing tradetensions amongst a number of countries, rising protectionism and the impact ofCOVID-19, the signing of the RCEP is a signal to the world and businesses thatcountries in this region remain optimistic and have a forward-lookingorientation in terms of deepening and expanding regional economic integrationto play a bolder role in the global value chain, Iman said.
On November 12, ASEANleaders will have their annual summits with China, India, Japan and the RoK.The ASEAN-Japan Summit will see the launch of the new ASEAN Centre for PublicHealth Emergencies and Emerging Diseases (ACPHEED). The inaugural ASEAN WomenLeaders' Summit will also take place later the same day.
On November 14, ASEANleaders will have summits with the United States, Australia, and New Zealand, as well as the ASEANPlus Three Summit with China, Japan and the RoK. The East Asia Summit (EAS)will cap that day's meetings./.
VNA
