He made the statement while attending the second Regional Comprehensive Economic Partnership (RCEP) leaders’ meeting in Singapore on November 14, which took place as part of the framework of the 33rd ASEAN Summit. Apart from the 10 member countries of the Association of Southeast Asian Nations (ASEAN), other RCEP signatories include China, Japan, the Republic of Korea, India, Australia, and New Zealand. When inked, the RCEP will form the world’s largest trading bloc, making up a third of the world’s gross domestic product. Leaders of RCEP countries pose for a photo on November 14 Addressing the meeting, the Vietnamese PM said that the efforts and results of the RCEP negotiations in 2018 are incredibly important as the current global trends towards protectionism and anti-trade liberalization are emerging, adding that this is an appropriate moment to hold the negotiations. He pledged that Vietnam is willing to work with other countries to seek … [Read more...] about PM attends second RCEP leaders’ meeting
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PM attends 2nd RCEP leaders’ meeting
Leaders of RCEP countries pose for a photo on November 14 (Photo: VNA) Singapore (VNA) – Prime Minister Nguyen Xuan Phuc said the Regional Comprehensive Economic Partnership (RCEP) needs to be in the form of a cooperation framework that fosters trade and investment, rendering common prosperity for the region. He made the statement while attending the second Regional Comprehensive Economic Partnership (RCEP) leaders’ meeting in Singapore on November 14, which took place as part of the framework of the 33rd ASEAN Summit. Apart from the 10 member countries of the Association of Southeast Asian Nations (ASEAN), other RCEP signatories include China, Japan, the Republic of Korea, India, Australia, and New Zealand. When inked, the RCEP will form the world’s largest trading bloc, making up a third of the world’s gross domestic product. Addressing the meeting, the Vietnamese PM said that the efforts and results of the RCEP negotiations in 2018 are … [Read more...] about PM attends 2nd RCEP leaders’ meeting
Singaporean PM warns of RCEP credibility loss due to prolonged negotiation
Singaporean Prime Minister Lee Hsien Loong (Photo: VNA) Hanoi (VNA) – The prolonging of negotiations on the Regional Comprehensive Economic Partnership (RCEP) may lead to a risk of losing the deal’s credibility, warned Singaporean Prime Minister Lee Hsien Loong at a meeting of leaders of 16 countries engaging in the RCEP in Singapore on November 14. He noted that negotiations on the deal have made substantial progress this year and are poised for conclusion in 2019, he said, adding that the talks are on the final period. However, he held that further prolonging negotiations puts the RCEP at risk of losing credibility and support from stakeholders and will mean missing a major opportunity to bring in tangible benefits to businesses and citizens of RCEP participating countries. A total of 24 rounds of negotiations have been held on the RCEP since they were launched at the end of 2012. Earlier, in a meeting in Singapore on November 12, the countries failed to reach … [Read more...] about Singaporean PM warns of RCEP credibility loss due to prolonged negotiation
RCEP negotiations expected to be concluded this year
Delegates to the meeting (Source: VNA) Singapore (VNA) – Ministers from 16 countries of the Regional Comprehensive Economic Partner (RCEP) adopted a joint statement in Singapore on August 31. In the joint statement, the ministers assessed the developments since the 5th RCEP Intersessional Ministerial Meeting on 1 July 2018 in Tokyo, Japan, including the outcomes of the 23rd round of negotiations held on 17-27 July 2018 in Bangkok, Thailand. They also provided guidance on specific issues elevated by the Trade Negotiating Committee and exchanged views on the next steps toward the conclusion of negotiations. They welcomed the conclusion of two additional chapters at the 23rd round of negotiations, namely the Chapters on Customs Procedures and Trade Facilitation and Government Procurement, bringing the total concluded chapters to date to four. The ministers adopted a Package of Year-End Deliverables developed by the Trade Negotiating Committee, and welcomed the plans to … [Read more...] about RCEP negotiations expected to be concluded this year
Singapore PM: RCEP negotiations likely to be concluded this year
Singaporean Prime Minister Lee Hsien Loong. (Source: AFP/VNA) Singapore (VNA) - Negotiations for the Regional Comprehensive Economic Partnership (RCEP) have reached a “critical stage” and a conclusion is “finally in sight”, said Prime Minister Lee Hsien Loong on August 29. In his opening speech at the 50th ASEAN Economic Ministers’ Meeting (AEM) and related meetings on August 29, strengthening regional economic cooperation and integration is key for ASEAN to fully realise its potential. This includes pressing on with the implementation of the ASEAN Economic Community (AEC) Blueprint 2025, as well as supporting an open and inclusive multilateral system amid growing trade conflict, he said. The Singaporean PM noted that escalating trade tensions between the US and its key trading partners have put the rules-based multilateral trading system, which has underpinned ASEAN’s growth and prosperity, under pressure. Each ASEAN member state is … [Read more...] about Singapore PM: RCEP negotiations likely to be concluded this year