ASEAN leader: RCEP to offer boost to post-pandemic economic recovery
ASEAN Secretary General Dato Lim Jock Hoi has hailed regional member states for approving the Regional Comprehensive Economic Partnership (RCEP), saying that the implementation of the agreement will provide a tremendous boost to post-COVID-19 economic recovery efforts.
The deal was signed at fourth RCEP Summit (Photo: ASEAN Secretariat)
Jakarta (VNA) – ASEAN Secretary General Dato Lim Jock Hoi hashailed regional member states for approving the Regional Comprehensive EconomicPartnership (RCEP), saying that the implementationof the agreement will provide a tremendous boost to post-COVID-19 economicrecovery efforts.
Asof November 2, the ASEAN Secretariat had received instruments ofratification/acceptance (IOR/A) from six ASEAN member states, including Brunei,Cambodia, Laos, Singapore, Thailand, and Vietnam, as well as from fournon-ASEAN signatory states, namely China, Japan, New Zealand and Australia.
Asprovided by the agreement, the RCEP will enter into force 60 days after thedate at which the minimum number of IOR/A is achieved. This means that the dealshall enter into force on January 1, 2022.
“Theexpeditious ratification process by signatory states is a true reflection ofour strong commitment to a fair and open multilateral trading system for thebenefit of the people in the region and the world”, said Lim Jock Hoion November 2.
The ASEAN Secretariat said preparatorywork for the entry into force of RCEP will continue, thus laying a solid groundfor the full and effective implementation of the deal through finalisation of itstechnical and institutional aspects.
Signedon November 15, 2020, the RCEP comprises 10 ASEAN member states together withAustralia, China, Japan, the Republic of Korea and New Zealand. It is theworld's largest free trade agreement covering about 30 percent of the world'spopulation and 30 percent of the world’s gross domestic product.
Withthe removal of tariff on 91 percent of goods and standardisation of regulationson investment, intellectual property and e-commerce, the deal is expected toimprove th🦂e efficiency of supply chains in the region./.
The Republic of Korea (RoK) said on October 1 that it has submitted a bill to the National Assembly to ratify the Regional Comprehensive Economic Partnership (RCEP).
Singaporean Prime Minister Lee Hsien Loong called on relevant parties to soon ratify the Regional Comprehensive Economic Partnership (RCEP) to contribute to the region’s post-pandemic economic recovery while addressing the 38th ASEAN Summit on October 26.
Malaysian Prime Minister Ismail Sabri Yaakob said on his Twitter account on October 26 that at the 38th and 39th ASEAN Summits and Related Summits, Malaysia affirmed its strong commitment to ratify the Agreement. Regional Comprehensive Partnership (RCEP) in 2021.
Thailand has submitted to the ASEAN Secretariat its ratification for the Regional Comprehensive Economic Partnership (RCEP) trade pact and reaffirmed that the world's biggest free trade deal will come into force on January 1 next year as scheduled, according to the Bangkok Post.
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Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
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The deal was signed at fourth RCEP Summit (Photo: ASEAN Secretariat) 
