RCEP signing expected by year end

This is the second RCEP Ministerial Meeting over the past two months. 

Economic ministers from 15 participating countries discussed ways to speed up the negotiations towards the signing of the pack by the end of 2020 in accordance with the agreement reached by RCEP leaders. 

Minister Tuan Anh praised negotiators for their great endeavors as they engaged in various in-depth online workshops in order to keep the negotiating process progressing on schedule despite the prolonged COVID-19 pandemic. 

The ministers acknowledged the negative impacts of the pandemic which have posed many challenges on trade and investment flows. However, RCEP countries have kept opening their markets especially for essential goods and services and conducting joint actions to effectively respond to the pandemic. 

They also underlined the importance of the RCEP Agreement amidst economic uncertainties due to the pandemic. 

The ministers were convinced that the signing of the trade pact would create a foundation to consolidate business confidence and regional economic structure; and represent regional support for the multilateral trading system which is sharped from open and synchronized principles. 

In addition, they underscored the significance of the RCEP Agreement in economic recovery in the post COVID-19 pandemic period, serving regional and global economic stability. 

They recognized the negotiating process and a possibility that the pack would be signed this November on the occasion of the 14th RCEP Summit. 

Especially, the ministers reiterated that they would keep door ajar for India as the country joined the negotiation process kicked off in 2012 and its potentials would be helpful for regional prosperity./.  

By Khanh Phuong