BANGKOK – Southeast Asian nations have agreed to exercise “maximum flexibility” and step up efforts to complete a “high quality and mutually beneficial” free trade agreement with six Asia-Pacific countries before the end of the year.
The 10 leaders of the Association of Southeast Asian Nations have asserted that the China-backed Regional Comprehensive Economic Partnership must uphold a global trade environment that is “open, mutually beneficial, rules-based, and inclusive.”
The ambitious free trade pact was among the issues tackled by the regional leaders during a plenary summit in Bangkok last Saturday. A “Vision Statement on Partnership for Sustainability” that included hastening the RCEP negotiations was later issued by the ASEAN leaders.
In a statement, the leaders agreed to “exert strong political impetus to conclude a modern, comprehensive, high quality, and mutually beneficial Regional Comprehensive Economic Partnership that will generate benefits for the region.”
They also urged “the exercise of maximum flexibility by all RCEP Participating Countries, and intensify the ongoing efforts to conclude a modern, comprehensive, high quality, and mutually beneficial RCEP this year.”
The trade deal, which has been under negotiations for the past seven years, covers the 10 ASEAN member-states, China, India, Japan, South Korea, Australia, and New Zealand. Seven of the 20 chapters of the large trade pact have reportedly been completed so far.
The pact, which will cover trade in goods and services, investments, economic and technical cooperation, and intellectual property rights, among others, is expected to expand the ASEAN market from 600 million to 3.5 billion.
The regional leaders have agreed to promote “dynamic, sustainable, equitable, and inclusive economic growth in ASEAN.” They intend to maximize the opportunities of the Fourth Industrial Revolution, deepen trade facilitation measures for stronger economic cooperation, enhance digital integration, improve connectivity through sustainable infrastructures, achieve inclusivity through narrowing the development gaps among member-states, and promote a green economy. (Genalyn Kabiling)
