Thai Deputy Prime Minister Somkid Jatusripitak (Photo: AFP/VNA) Bangkok (VNA)– The US withdrawal from the Trans-Pacific Partnership (TPP) is likelyto help the Regional Comprehensive Economic Partnership (RCEP) wrap up fasterthan expected, said Thai Deputy Prime Minister Somkid Jatusripitak, adding that the Southeast Asian country supports faster conclusion of theregional deal.
Somkid said the US's exist offers good prospectsfor the RCEP, which involves Thailand and 15 other countries, to boost trade and investment, making it a potential alternative multilateral trade pact in theabsence of the TPP.
He added that although the US withdrew from the TPP, Thailand still can pursue tradeand investment talks with the US through the Trade and Investment FrameworkAgreement (Tifa) and the Thailand-US Amity Treaty.
The US is Thailand's third largest trading partner worldwide,after China and Japan. Two-way trade between Thailand and US amounted to 37.9billion USD in 2015.
Twelve TPP signatories make up 40 percent ofglobal trade as well as 40 percent of Thailand's trade and 45 percent of thecountry’s foreign direct investment.
Launched in November 2012, the RCEP aims to establish deepereconomic cooperation between the ten ASEAN member states and six dialoguepartners: China, India, Japan, the Republic of Korea, Australia and New Zealand. The blocmembers represent 29 percent of global trade, or 9.5 trillion USD.
The 16 countries missed the deadline of concluding negotiationstwice in 2015 and 2016, with16 rounds of negotiations held to date.
They are expected to meet again in Japan next month.-VNA
VNA
