Regional Comprehensive Economic Partnership Agreement signed after years of talks

Ministers from 15 countries spanning the Asia-Pacific region on November 15 signed the Regional Comprehensive Economic Partnership (RCEP) Agreement after eight years of talks.
Regional Comprehensive Economic Partnership Agreement signed after years of talks ảnh 1At the signing ceremony in Hanoi (Photo: VNA)

Hanoi (VNA) –
Ministers from 15 countries spanning the Asia-Pacific region onNovember 15 signed the Regional Comprehensive Economic Partnership (RCEP) Agreementafter eight years of talks.

The trade pactinvolves 10 ASEAN member nations - Brunei, Cambodia, Indonesia, Laos,Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam,and the bloc’s partners - Australia, China, Japan, the Republic of Korea (RoK)and New Zealand. Together, they accountfor around 30 percent of the globe's gross domestic product (GDP) and 30 percent of the world's population.

Theagreement is expected to create the world’s largest free trade area andnumerous new supply chains, and make significant contributions to regional economicrecovery post COVID-19.

Speakingat the signing ceremony which was held virtually, Vietnamese Prime Minister Nguyen Xuan Phuc said thenew cooperation framework of the RCEP will contribute to accelerating thebuilding of the ASEAN Economic Community 2025, helping ASEAN become a dynamic,strong partner that works for common prosperity.

Thesigning of the deal is the pride and great achievement of the ASEAN countries andpartners in laying a foundation for a new, comprehensive, long-term cooperationperiod, bringing benefits to all countries in the region.

ThePM expressed his hope that the agreement will soon be ratified by the countries andput into place in the time ahead, contributing to post-pandemic economicrecovery and bringing prosperity to people and businesses of all the membercountries.

Inan interview with the Vietnam News Agency (VNA) on the sidelines of the signingceremony, Minister of Industry and Trade Tran Tuan Anh, who inked the pact on behalf of Vietnam, described the signing of the deal asa milestone in economic integration of Vietnam and other participatingcountries.

Withcommitments to opening markets for goods, services and investment, and the harmonisationof the rules of product origin between the countries, as well as tradefacilitation measures, the agreement will create opportunities to develop new supplychains in the region.

Thepact will help to establish stable, long-term export markets for Vietnam andother ASEAN countries, the minister said.

Notably,with new cooperation frameworks in the RCEP and other free trade agreements, theASEAN countries will become trust-worthy destinations for internationalinvestors, he stressed.

Theconclusion of the RCEP talks and the signing also play a role in promotingASEAN’s centrality in shaping the regional architecture, theminister added./.
VNA

See more

Singaporean Minister for National Development Desmond Lee (Photo: straitstimes.com)

Singapore makes efforts to upgrade social housing

Singaporean Minister of National Development Desmond Lee said on February 17 that 29,000 flats built in 1997 or earlier have been chosen for the Housing Board’s Home Improvement Programme (HIP) and will get structural improvements and upgrades to bathrooms and entrances, among other things.

Indonesia's Ministry of Marine Affairs and Fisheries is encouraging the utilization of marine biopharmaceuticals. (Photo: Antara)

Indonesia promotes Marine Biopharma in healthcare

The ministry's Director General of Marine and Ocean Space Management Victor Gustaaf Manoppo stated that this initiative aims to enhance national pharmaceutical resilience while empowering coastal communities involved in the supply chain of natural medicinal ingredients.

Myanmar cracks down on online scam centres

Myanmar cracks down on online scam centres

An estimated 220,000 people were estimated to have been tricked into working for romance-investment schemes, crypto fraud, money laundering and illegal gambling in Myanmar and Cambodia in 2023.

People get vaccinated against influenza in Thailand. (Photo: Xinhua/VNA)

Thailand sees surge in influenza cases

Thai Public Health Minister Somsak Thepsutin said there has been a big jump in infections in February, calling on people showing symptoms that could be flu to stay home, to prevent spreading the virus.

Thai PM Paetongtarn says AI technology needs to be adopted and regulated to help drive the Thai economy. (Photo: bangkokpost.com)

Thailand touts draft AI regulation

AI is expected to become a key tool in driving businesses and developing industries in Thailand, said Prime Minister Paetongtarn Shinawatra.

At the Korea-Malaysia Trade Ministers' Meeting in 2023 (Photo: Koreaherald.com)

Malaysia, RoK resume FTA talks

The latest round of talks will take place in Kuala Lumpur from February 17 to 20, with discussions covering 11 key sectors, including goods, services, investment, and economic cooperation.

Secretary-General of the Association of Southeast Asian Nations (ASEAN) Dr Kao Kim Hourn (R) (Photo: asean.org)

ASEAN chief confident in Malaysia’s chairmanship

Malaysia's priorities for its 2025 chairmanship include strengthening ASEAN centrality, fostering trust through dialogue, diplomacy, and goodwill, and expanding economic partnerships beyond ASEAN borders.

Malaysia’s foreign direct investment is expected to remain robust in the long term. (Photo: thestar.com.my)

Malaysia expected to remain magnet for FDI

A confluence of factors, including its significance in the global tech supply chain, friendly FDI policies, existing industry clusters, a skilled labour force and extensive free trade agreements (FTAs), makes Malaysia an outperformer in the region