November 11, 2020 | 21:14 (GMT+7)
RCEP should be signed soon: RoK analyst
The Regional Comprehensive Economic Partnership (RCEP) should be signed early as it is good for all signatories, including the Republic of Korea (RoK), Director of South Korea’s Asan Institute for Policy Studies’ Center for ASEAN and Oceania Studies Lee Jae-hyon told the Vietnam News Agency.
The agreement will bolster the RoK’s economy, as it depends very much on trade.
The RCEP is an achievement of the RoK’s New Southern Policy, removing trade barriers between ASEAN member states and the RoK.
It is also helpful in easing the impact of the COVID-19 pandemic, he added.
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Director of South Korea’s Asan Institute for Policy Studies’ Center for ASEAN and Oceania Studies Lee Jae-hyon |
He went on to say that the RoK’s Ministry of Trade, Industry and Energy is striving to have the agreement signed this year.
It is expected to be inked on November 15 within the framework of the 37th ASEAN Summit and related meetings.
The RCEP was initiated in November 2012 and aims to establish an economic platform between the 10 ASEAN member states and Australia, China, Japan, New Zealand, and the RoK by focusing on trade in goods, services, and investment.
If signed, it will be the largest free trade agreement in the world, covering about 30 percent of the world’s population and contributing nearly one-third (29.3 percent) to global GDP.
Source: VNA