Illustrative image (Photo: VNA) Seoul (VNA) – An expert of the Republic of Korea (RoK) has highlightedthe role of the Regional Comprehensive Economic Partnership (RCEP) in dealingwith protectionism, especially in his country.
In a recent interview granted to Vietnam News Agency correspondents in Seoul, Dr. Lee Jaehyon, director of the Centerfor ASEAN and Oceania Studies at the AsanInstitute for Policy Studies, said that as the Koreaneconomy is so much dependent on trade, a regional multilateral free tradeagreement is in principle good for Korea and its economy.
“On top of that RCEP has long been on agenda of regional economic cooperation.It is better for Korea to conclude it sooner than later. A further delay mighthave reduced the momentum for the free trade agreement,” he said.
According to the expert, as for the RoK, RCEP is supposed to be one of theachievements of the New Southern Policy since it could further remove the tradebarrier between ASEAN countries and the RoK.
As COVID-19 puts serious restraints on people and good movement and incursprotectionist tendencies by countries, the agreement is helpful to fightagainst the negative symptoms brought by the Covid-19.
Regarding Vietnam’s efforts towards the conclusion of the RCEP negotiation, Leesaid as ASEAN Chair in 2020, Vietnam has a heavy burden of getting all thesigning done this year (hopefully with India’s joining).
“It will not be an easy task since regional countries are so much pre-occupiedwith Covid-19. But, if Vietnam persuades regional countries strongly with anargument that RCEP is an effective instrument to fight against theprotectionist movements by some countries which put further constraints onregional economies on top of the negative impacts of the pandemic,” he stated.
He went on to say that nobody can tell if countries will finish signing theagreement this year or not. Obviously, things do not bode well due to COVID-19– the protectionist impulses of the regional countries.
Emphasising that the utility of RCEP is clearer than ever, he said he wishes theratification is all done by countries./.
In a recent interview granted to Vietnam News Agency correspondents in Seoul, Dr. Lee Jaehyon, director of the Centerfor ASEAN and Oceania Studies at the AsanInstitute for Policy Studies, said that as the Koreaneconomy is so much dependent on trade, a regional multilateral free tradeagreement is in principle good for Korea and its economy.
“On top of that RCEP has long been on agenda of regional economic cooperation.It is better for Korea to conclude it sooner than later. A further delay mighthave reduced the momentum for the free trade agreement,” he said.
According to the expert, as for the RoK, RCEP is supposed to be one of theachievements of the New Southern Policy since it could further remove the tradebarrier between ASEAN countries and the RoK.
As COVID-19 puts serious restraints on people and good movement and incursprotectionist tendencies by countries, the agreement is helpful to fightagainst the negative symptoms brought by the Covid-19.
Regarding Vietnam’s efforts towards the conclusion of the RCEP negotiation, Leesaid as ASEAN Chair in 2020, Vietnam has a heavy burden of getting all thesigning done this year (hopefully with India’s joining).
“It will not be an easy task since regional countries are so much pre-occupiedwith Covid-19. But, if Vietnam persuades regional countries strongly with anargument that RCEP is an effective instrument to fight against theprotectionist movements by some countries which put further constraints onregional economies on top of the negative impacts of the pandemic,” he stated.
He went on to say that nobody can tell if countries will finish signing theagreement this year or not. Obviously, things do not bode well due to COVID-19– the protectionist impulses of the regional countries.
Emphasising that the utility of RCEP is clearer than ever, he said he wishes theratification is all done by countries./.
VNA
