15 nations to sign a regional trade deal
Print Edition
FIFTEEN Asia-Pacific nations are set to sign a free trade deal at an online summit that started yesterday, in what could become the world’s biggest trade agreement.
The Regional Comprehensive Economic Partnership, which was first proposed in 2012, loops in 10 Southeast Asian economies along with China, Japan, South Korea, New Zealand and Australia. India backed out of the plan last year.
The Association of Southeast Asian Nations will officially finalize the negotiations and sign the deal on Sunday, which would affirm strong determination on free trade and ASEAN’s ties with partners, Vietnamese Prime Minister Nguyen Xuan Phuc said in his opening remarks at the 37th ASEAN Summit in Hanoi.
The RCEP, whose members account for around 30 percent of global GDP, would be a “major positive step forward for trade and investment liberalization” in the region, said Rajiv Biswas, Asia Pacific chief economist at global business consultancy IHS Markit.
The pact’s expected signing comes as ASEAN members fight to mitigate the crippling cost of the coronavirus, which has ravaged their economies and left many battling a severe public health crisis.
The spread of the virus was apparent with Cambodia being represented by its deputy prime minister rather than long-serving Prime Minister Hun Sen, who is self-quarantining after being exposed to a visiting minister who had the virus.
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