15 countries, including Singapore, sign RCEP, the world's largest trade pact

[The_King]

SINGAPORE - The world's largest trade pact was inked on Sunday (Nov 15) by the leaders of 15 countries after eight years of talks, a move seen as a boost for the region as it battles its worst crisis in decades.

The Regional Comprehensive Economic Partnership (RCEP) will open up trade in goods and services, and includes protections in areas like e-commerce and intellectual property.

The participating countries account for 30 per cent of the global economy and one-third of the world's population.

They comprise all 10 Asean members - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam - and key partners Australia, China, Japan, South Korea and New Zealand.

Speaking at the RCEP leaders summit before the signing, Singapore's Prime Minister, Mr Lee Hsien Loong, said the agreement is a "major step forward for the world, at a time when multilateralism is losing ground, and global growth is slowing".

"It signals our collective commitment to maintaining open and connected supply chains, and to promoting freer trade and closer interdependence especially in the face of Covid-19 when countries are turning inwards and are under protectionist pressures," he added.

 

 

PM Lee also noted that the diversity of the participating RCEP countries shows how economies at different stages of development can come together and contribute to each other's development, as well as to the multilateral trading system.

"This diversity, and the strong links that the participating countries have with the US, Europe and the rest of the world, also reflects the inclusiveness and openness of the agreement," he added.

PM Lee also expressed hope that India will be able to join the RCEP in the future so that the agreement will "fully reflect the emerging patterns of integration and regional cooperation in Asia".

 

Last November, India announced that it would pull out of RCEP negotiations following concerns over trade imbalances. Several Asean leaders have said since that the door will remain open for India to join the trade deal.

 

The RCEP builds on existing free trade agreements among Asean countries and the five partner countries. It will enter into force once six Asean countries and three partners have ratified the agreement.

Among the key benefits of the agreement include tariff elimination of at least 92 per cent of goods traded among the participating countries, with additional preferential market access for Singapore's exports, said the Ministry of Trade and Industry (MTI) on Sunday.

The flow of goods will also be faster between countries, with simplified customs procedures and enhanced trade facilitation provisions.

More companies in the services sector will be able to provide their services in participating countries as a foreign supplier, with the increase in foreign shareholding limits for at least 50 sub-sectors including professional services, telecommunications and financial services.

Businesses will also find it easier to navigate and integrate into the regional value chains, as the RCEP establishes a common set of trade rules, said MTI.

 

 

 

 

https://www.straitstimes.com/singapore/politics/15-countries-including-singapore-sign-rcep-the-worlds-largest-trade-pact

[The_King]

Who want to guest why india never join?

 

 

Guess no CECA 2.0

 

 

sauce: 

 

https://www.straitstimes.com/asia/south-asia/india-china-spat-delays-deal-covering-a-third-of-global-trade

 

 

NEW DELHI (BLOOMBERG) - A spat between the world's most populous countries is holding up a pan-Asian trade agreement encompassing nearly a third of all global trade.

Trade ministers from 16 Asia-Pacific countries this week hailed a "critical milestone" after seven years of talks and vowed to wind them up before a regional summit in November.

But officials involved in the process say major sticking points remain around market access and the ability of workers to find employment in other countries.

The main source of tension is between India and China over the amount of goods with preferential tariffs, according to a person familiar with the negotiations, who asked not to be identified.

The person said India was also unhappy with the position of South-east Asian countries on the free movement of professionals, particularly in the IT sector, and is weighing whether to be part of the deal at all.

Covering nearly half of the globe's population, the Regional Comprehensive Economic Partnership (RCEP) was proclaimed "the world's biggest regional free trade deal" when talks started in 2012.

 

 

Edited November 15, 2020 by The_King

[aaur4man]

no loss. talk only. 

[socrates469bc]

those with substantial agricultural sectors like indon/mal/thai/viet sure get whack by oz and kiwi.

 

thats why nippon is still keeping tariffs on key agri products while sk is only gradually reducing tariffs on agri products over 15 yrs.

 

https://www.japantimes.co.jp/news/2020/11/11/business/japan-tariffs-farm-imports-rcep/

 

wahahahhahahaha

[Satki]

So what shiat we giving away this time?

[XianGe]

White panties doggies now celebrating n asking for tpp wif biden onboard