Singaporean Prime Minister Lee Hsien Loong. (Source: AFP/VNA) Singapore (VNA) - Negotiations for the Regional ComprehensiveEconomic Partnership (RCEP) have reached a “critical stage” and a conclusion is“finally in sight”, said Prime Minister Lee Hsien Loong on August 29.
In his opening speech at the 50th ASEAN Economic Ministers’ Meeting(AEM) and related meetings on August 29, strengthening regional economiccooperation and integration is key for ASEAN to fully realise its potential.
This includes pressingon with the implementation of the ASEAN Economic Community (AEC) Blueprint2025, as well as supporting an open and inclusive multilateral system amidgrowing trade conflict, he said.
The Singaporean PM noted that escalating trade tensionsbetween the US and its key trading partners have put the rules-basedmultilateral trading system, which has underpinned ASEAN’s growth andprosperity, under pressure.
Each ASEAN member state is also subject to different pulls and pressures frombigger powers, he said.
“In these circumstances, all the members must stay united andstrive to maintain our cohesion and effectiveness,” according to Lee.
On RCEP, ASEAN has “exerted significant effort” to makeprogress.
Lee said: “Given the diversity of RCEP’s members, we all haveto make trade-offs and compromises. But we should weigh these against thesignificant strategic and economic value of the RCEP.”
RCEP comprises the 10 ASEAN countries, plus Japan, China, the Republic of Korea,India, Australia and New Zealand. Together they account for aboutone-third of global gross domestic product and half the world'spopulation.-VNA
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