110/ RCEP talks to solve trade barriers and find mutual ground
25 September 2019
The final round of negotiations for the Regional Comprehensive Economic Partnership (RCEP) – a trade agreement between ten ASEAN member states and their six partners: Australia, China, India, Japan, New Zealand and the Republic of Korea – will focus on resolving issues and reaching mutual ground on market openness, trade freedom for goods and services as well as investment.
More than ever, the closer the deal gets to the finish line the greater political will required from RCEP’s sides to find solutions to remaining obstacles, said Vietnamese Minister of Industry and Trade Tran Tuan Anh at the opening ceremony of the last round of talks for the partnership in the central city of Da Nang on September 23.
As the host of this round of talks and the Chair of ASEAN in 2020, Vietnam will strive to support a deal which ensures a harmonious balance between RCEP countries, as well as the region, he said.
RCEP’s final round of talk, also its 28th round since the trade deal’s initiation in 2012, will conclude on September 27.
Once in effect, RCEP is expected to become the world’s largest regional trade agreement as it covers a market the size of almost half of the world’s population, 30 percent of global gross domestic product, 29 percent of global trade and 32.5 percent of global investment flow.
Countries have pledged to open their doors to goods and services, investments and to simplify custom protocols as well as to demolish barriers and facilitate trade in the interest of developing value chains that spur the growth of the global economy and RCEP’s members.
Source: VNA
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