HANOI – The Regional Comprehensive Economic Partnership (RCEP) was today signed by its 15 participating countries, launching the world’s biggest free-trade bloc, reported the Xinhua news agency.
The nations are the 10 Asean members, along with China, Japan, South Korea, Australia and New Zealand.
Prime Minister Tan Sri Muhyiddin Yassin said RCEP is critical for the region’s Covid-19 response.
The pandemic has not only cost lives, but also battered economies, he said.
“Coupled with the challenges to the global trading system due to regional tensions, it is imperative for Asean to continue to sustain our competitiveness as a region.”
He said free trade agreements (FTAs) are the way forward to sustain competitiveness through the promotion of international trade, encouraging investments and ensuring the supply of talent.
“It is indeed significant that this partnership has been negotiated based on the different levels of economic development of the 15 participating countries, to ensure a mutually beneficial FTA for all.
“I believe that this is the touchstone for the future growth and vibrancy of our regional economic collaboration.”
He added that Malaysia recognises the difficulties facing India, and will welcome the country should it decide to sign RCEP in the future.
India opted out of talks on the deal in November last year.
Vietnamese Prime Minister Nguyen Xuan Phuc, meanwhile, said RCEP will accelerate the fortification of the Asean economic community.
The 15 participating nations account for 30% of the globe’s gross domestic product.
The signing comes after more than 30 rounds of negotiations that started in November 2012. – Bernama, November 15, 2020
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