China, Singapore in RCEP pledge
Print Edition
CHINA and Singapore will do their best to expedite talks on the Regional Comprehensive Economic Partnership, Singapore’s foreign minister said yesterday, calling the potential pact a statement on the importance of free trade.
The China-backed RCEP has been given new impetus by US President Donald Trump’s withdrawal from the Trans-Pacific Partnership trade agreement, to which China is not party.
The two trade deals are not mutually exclusive, and some countries would be members of both.
“If we can successfully conclude these negotiations quickly, it will be an important statement in favor of free trade and economic integration,” Vivian Balakrishnan told reporters in Beijing after meeting Chinese Foreign Minister Wang Yi.
“At this point in time, it is more necessary than ever before,” he said.
Wang repeated China’s position that it would work to conclude RCEP negotiations as soon as possible. The Association of Southeast Asian Nations is joined in RCEP talks by China, India, Australia, New Zealand, Japan and South Korea, but not the United States.
Nations party to the talks, launched in 2012 and expected to create a free trade area of several billion people, have expressed the hope of a deal by the end of the year, though previous targets have been missed. RCEP is less comprehensive than TPP and the main focus is on reducing tariffs. Coverage of services is more modest than in the TPP.
This year marks the 15th anniversary of the establishment of a strategic partnership between China and ASEAN.
Wang said China believes Singapore will add wisdom and strength to the healthy and stable development of China-ASEAN ties. He said both sides need to think about how to upgrade the partnership to a higher level with greater influence in order to contribute more to regional development.
Balakrishnan said Singapore is willing to take on the opportunity to be a coordinator country between the ASEAN and China and, when it becomes rotating president of the ASEAN in 2018, to advance cooperation in politics, economy, trade and culture to add new impetus to China-ASEAN ties.
Wang said China and Singapore can increase cooperation under the Belt and Road initiative via platforms for connectivity, finance and a third-party market.
Hailing the development of bilateral ties with Singapore since the beginning of the year, Wang said the two countries need to continue to implement the consensus reached by both leaders and promote the “partnership of all-round cooperation in keeping with the times.”
China welcomes Singapore’s participation in Belt and Road construction and is ready to work with the country to carry out the Belt and Road memorandum of understanding, Wang said.
Balakrishnan said the Belt and Road initiative is of historic importance and Singapore has supported it from the very beginning as it connects Asia, Europe and Oceania and brings prosperity to all.
Singapore is an important point along the Belt and Road and could provide support for the financing of the initiative as it is a regional financial hub, Balakrishnan said.
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