RCEP to bring significant benefits to members: experts
The Regional Comprehensive Economic Partnership (RCEP), signed by 15 Asia-Pacific countries on November 15, would bring economic benefits to these countries and help strengthen regional integration, experts have said.
Prime Minister Nguyen Xuan Phuc (left) and Minister of Industry and Trade Tran Tuan Anh at the signing ceremony on November 15. (Photo: VNA)
Hanoi (VNA) - The Regional Comprehensive Economic Partnership (RCEP), signedby 15 Asia-Pacific countries on November 15, would bring economic benefits tothese countries and help strengthen regional integration, experts have said.
"The RCEP will connect about 30 percent of the world's people and outputand, in the right political context, will generate significant gains,"said a report jointly issued on November 16 by Peter A. Petri, a nonresidentsenior fellow of the Brookings Institution and Michael Plummer, a professor ofinternational economics at Johns Hopkins University.
The RCEP could add 209 billion USD annually to world incomes, and 500 billiondollars to world trade by 2030, according to computer simulations published byPetri and Plummer.
The report estimated that the RCEP, together with the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP) signed in 2018,will make the economies of North and Southeast Asia more efficient by linkingtheir strengths.
North Asia's economies may benefit most, with other nations already covered bya patchwork of existing free trade agreements, said Mark Haefele, chiefinvestment officer of UBS Global Wealth Management, on November 16.
Raj Bhala, a distinguished professor at the University of Kansas Law School,told Xinhua that the RCEP partners now have the opportunity to "write andrevise international trade rules on 21st century issues," including IP protection,technical standards, sanitary and phytosanitary measures, and servicesliberalisation.
Jeffrey Sachs, an economics professor at Columbia University and a seniorUnited Nations advisor, told Xinhua via email on November 16 that as the nextstep, the RCEP should strengthen cooperation on restoring tourism and trade,investing in renewable energy, and achieving sustainable development./.
Thailand’s government is speeding up the process to get parliament’s approval of the signing of the Regional Comprehensive Economic Partnership (RCEP) by February 2021 to pave the way for full ratification within 2021, according to Thai Commerce Minister Jurin Laksanawisit.
Minister for Economic Affairs and Energy of Germany Peter Altmaier has welcomed the signing of the Regional Comprehensive Economic Partnership (RCEP) agreement between 15 signatories in Asia-Pacific.
Japanese Ambassador to ASEAN Chiba Akira has spoken highly of the role of Vietnam as ASEAN Chair in 2020 with the successful organisation of the 37th ASEAN Summit and Related Meetings despite of COVID-19.
Foreign media outlets have run various headlines on the signing of the world’s largest trade deal – the Regional Comprehensive Economic Partnership (RCEP), with ASEAN at the centre during the grouping’s summit virtually hosted by Vietnam as ASEAN 2020 Chair last week.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
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.
Prime Minister Nguyen Xuan Phuc (left) and Minister of Industry and Trade Tran Tuan Anh at the signing ceremony on November 15. (Photo: VNA) 
