Ministers meet to promote RCEP signing by year’s end
The 8th Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting was held online on August 27 under the chair of Vietnamese Minister of Industry and Trade Tran Tuan Anh.
The Vietnamese side at the teleconferenced 8th RCEP Ministerial Meeting on August 27 (Photo: VNA)
Hanoi (VNA) – The 8th Regional ComprehensiveEconomic Partnership (RCEP) Ministerial Meeting was held online on August 27under the chair of Vietnamese Minister of Industry and Trade Tran Tuan Anh.
The event, attended by economic ministers of 15member countries, aimed to promote talks on the RCEP towards the signing ofthis agreement in late 2020 as ordered by RCEP leaders.
In his opening remarks, Minister Anh highlyvalued efforts by negotiators since the year’s beginning, noting that in-depthmeetings and discussions have still taken place on schedule despite theprolonged COVID-19 outbreak.
Participating officials acknowledged that thepandemic’s negative impact has generated many considerable challenges to tradeand investment flows in the region, including the countries participating inthe RCEP talks.
They highlighted the need for the members toensure that their markets remain open, especially to essential goods and services,and to continue enhancing cooperation to effectively respond to COVID-19.
The ministers emphasised the specialsignificance of the RCEP agreement amid economic uncertainties caused by thepandemic, believing that the deal signing will provide a basis forstrengthening the business community’s confidence, making the regional economicarchitecture more sustainable, and showing the region’s support for an open,comprehensive and rules-based multilateral trading system.
At the meeting, they also stressed the RCEP’srole in post-pandemic economic recovery, which will greatly help with stablegrowth of the global and regional economies.
Participants also recognised efforts and stridesin the RCEP negotiations to date so that the deal can be inked at the RCEPSummit this November.
In particular, they re-affirmed that the RCEPnegotiations remain open to India, saying this country engaged in negotiationssince the launch in 2012, and it holds potential for contributing to commonprosperity of the region.
The RCEP is a free trade agreement among the 10member states of ASEAN and its five partners, namely Australia, China, Japan, NewZealand, and the Republic of Korea. India withdrew from the talks inNovember 2019./.
The Regional Comprehensive Economic Partnership (RCEP) agreement, if signed, could contribute to the post-pandemic recovery in the region, with China's economic growth in the recent quarter being a "convincing reassurance" for ASEAN, said a Malaysian expert.
Professor Ryo Ikebe from the Senshu University of Japan has noted that Vietnam plays an important role in gathering voices of 10 ASEAN members in Regional Comprehensive Economic Partnership (RCEP) talks.
The negotiation process on the Regional Comprehensive Economic Partnership (RCEP) has entered its final round and the agreement is expected to be signed in the near future, Indonesian Deputy Minister of Trade Jerry Sambuaga said.
The Thai Ministry of Commerce will push the country’s Cabinet in October to consider signing the Regional Comprehensive Economic Partnership (RCEP) agreement.
The Regional Comprehensive Economic Partnership (RCEP) has entered the legal scrubbing phase and is expected to be signed soon without India, according to the Indonesian Trade Ministry.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
Singapore led with a total of 8.8 billion USD in realised investment, followed by Hong Kong and mainland China, Malaysia, and Japan with 8 billion USD, 1.7 billion USD and 1.6 billion USD, respectively.
Thai Acting Prime Minister Phumtham Wechayachai on August 7 outlined his strategy for tackling drug problems in Thailand, aiming for a "Zero Drugs Thailand" within three months.
The US has described Malaysia's role as Chair of the Association of Southeast Asian Nations (ASEAN) as vital in helping ease tension between Thailand and Cambodia.
Indonesia ranks as the world's sixth-largest gold reserve holder, producing an estimated 160 to 200 tonnes annually, mainly through major state-owned enterprises. Despite this, much of the mined gold is held or traded abroad. In 2024 alone, Indonesia exported gold worth 5.4 billion USD while reimporting 2.6 billion USD worth of the metal.
Cambodia and Thailand vowed not to undertake provocative actions that may escalate tensions, including entering the other side’s air space and territory, and refrain from constructing or enhancing military infrastructure.
Trenggono emphasised that the Indonesian government aims to increase the total coverage of MPAs to 97.5 million hectares by 2045. This initiative forms a key component of the “Golden Indonesia 2045” vision, which prioritises sustainable maritime development and environmental protection.
The Vietnamese side at the teleconferenced 8th RCEP Ministerial Meeting on August 27 (Photo: VNA) 
