The signing of the Regional Comprehensive Economic Partnership (RCEP) will be a testament to the world on ASEAN and its trading partners’ efforts in strengthening the multilateral trading system, a Malaysian minister has said.
Minister of International Trade and Industry Mohamed Azmin Ali (Photo: Reuters)
Kuala Lumpur (VNA) – The signing of the RegionalComprehensive Economic Partnership (RCEP) will be a testament to the world onASEAN and its trading partners’ efforts in strengthening the multilateraltrading system, a Malaysian minister has said.
Minister of International Trade and IndustryMohamed Azmin Ali told the Malaysian news agency Bernama that he and hiscounterparts from RCEP countries (10 ASEAN members and China, Japan, theRepublic of Korea, Australia, and New Zealand) had a virtual meeting onNovember 11.
After an eight-year journey, the countriesfinally completed their negotiations, paving the way for the signing of theagreement on November 15, he said.
The official noted Malaysia is ready for thesigning, having received the mandate from the Cabinet for the implementation ofthe trade deal, adding that its Government has carried out engagements on theRCEP with domestic stakeholders, state governments, and the Cabinet.
Commenting on RCEP, Minister Azmin said theagreement will enhance regional economic integration with a vast array ofmultiplier effects. Malaysia is also confident that RCEP can be used as one ofthe economic recovery tools against COVID-19.
The implementation of this deal will help ensurethe opening of markets as well as an uninterrupted supply chain. Besides, RCEPwill be able to attract even greater investments that will benefit the regionas a whole, according to him.
The minister went on to say that the agreementwill also demonstrate to the world that ASEAN together with its FTA partnerssay “no” to protectionism, and “yes” to free trade. It will further demonstrateASEAN’s centrality in shaping the global trade agenda, he added./.
The Regional Comprehensive Economic Partnership (RCEP) agreement is set to be signed next month at the 4th RCEP Summit during the 37th ASEAN Summit in Vietnam in mid-November, Cambodian Minister of Commerce Pan Sorasak has said.
The signing of the Regional Comprehensive Economic Partnership (RCEP) Agreement will be the central outcome of the 37th ASEAN Summit and Related Meetings, held virtually by host Vietnam on November 9-15, Malaysia’s International Trade and Industry Ministry (MITI) said in a recent statement.
Although the COVID-19 pandemic has interrupted the global supply chain and hurt regional economies, it may become a driving force for the signing of the Regional Comprehensive Economic Partnership (RCEP), said Chheang Vannarith, President of the Cambodian-based Asian Vision Institute (AVI).
The Regional Comprehensive Economic Partnership (RCEP) agreement, expected to be signed on November 15 within the framework of the 37th ASEAN Summit in Hanoi, will be the world’s largest free trade agreement (FTA) and is a significant boost for ASEAN businesses, including those in Vietnam, according to insiders.
The Regional Comprehensive Economic Partnership (RCEP) should be signed early as it is good for all signatories, including the Republic of Korea (RoK), Director of the RoK’s Asan Institute for Policy Studies’ Center for ASEAN and Oceania Studies Lee Jae-hyon told the Vietnam News Agency.
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Minister of International Trade and Industry Mohamed Azmin Ali (Photo: Reuters) 
