ASEAN member-states and trade partners reach mega Asia Pacific trade pact, known as RCEP
- 5 years ago
All ten ASEAN member-states and five of their major trade partners, including South Korea, China and Japan, have agreed to an enormous Asia Pacific trade pact known as the Regional Comprehensive Economic Partnership,... which the countries have committed to signing in 2020
The deal would herald a mega economic bloc which accounts for HALF of the world's population and one third of global GDP. However, the mammoth trade pact faces a fresh setback as India decided to pull out.
Kim Hyo-sun reports.
A mega Asia-Pacific trade pact was reached in Thailand on Monday among ASEAN member-states and their major trade partners, including South Korea, following years of negotiations.
The agreement on the Regional Comprehensive Economic Partnership, or RCEP, involved all ten ASEAN member-states and five trade partners - South Korea, China, Japan, Australia and New Zealand.
India decided not to join,... explaining there are still significant issues which remain unresolved.
The agreement came at an RCEP summit held in Bangkok as part of the annual regional meetings hosted by ASEAN.
During the meeting,... the leaders reaffirmed that they will now work towards having the deal signed in 2020 while stressing the pact will significantly contribute to an open, inclusive and rules-based international trading system as well as the expansion of value chains.
South Korean President Moon Jae-in expressed hopes to promote economic cooperation by respecting the diversity in the level of economic development and culture among all countries.
He also urged Asian countries to join forces to protect the free trade order while reducing trade barriers through the mega trade deal.
Meanwhile, Seoul's trade minister Yoo Myung-hee hailed the agreement,... explaining the deal will bring new opportunities to South Korea.
"The agreement with RCEP countries which account for half of South Korea's trade will help revitalize South Korea's exports while also diversifying our outbound shipments."
RCEP is an agreement that encompasses 50 percent of the world's population and one third of the global gross domestic product,... and is expected to create new significant opportunities to the signatories.
Talks on RCEP began in 2013,... with the aim of boosting the region's future growth prospects.
Kim Hyo-sun, Arirang News.
The deal would herald a mega economic bloc which accounts for HALF of the world's population and one third of global GDP. However, the mammoth trade pact faces a fresh setback as India decided to pull out.
Kim Hyo-sun reports.
A mega Asia-Pacific trade pact was reached in Thailand on Monday among ASEAN member-states and their major trade partners, including South Korea, following years of negotiations.
The agreement on the Regional Comprehensive Economic Partnership, or RCEP, involved all ten ASEAN member-states and five trade partners - South Korea, China, Japan, Australia and New Zealand.
India decided not to join,... explaining there are still significant issues which remain unresolved.
The agreement came at an RCEP summit held in Bangkok as part of the annual regional meetings hosted by ASEAN.
During the meeting,... the leaders reaffirmed that they will now work towards having the deal signed in 2020 while stressing the pact will significantly contribute to an open, inclusive and rules-based international trading system as well as the expansion of value chains.
South Korean President Moon Jae-in expressed hopes to promote economic cooperation by respecting the diversity in the level of economic development and culture among all countries.
He also urged Asian countries to join forces to protect the free trade order while reducing trade barriers through the mega trade deal.
Meanwhile, Seoul's trade minister Yoo Myung-hee hailed the agreement,... explaining the deal will bring new opportunities to South Korea.
"The agreement with RCEP countries which account for half of South Korea's trade will help revitalize South Korea's exports while also diversifying our outbound shipments."
RCEP is an agreement that encompasses 50 percent of the world's population and one third of the global gross domestic product,... and is expected to create new significant opportunities to the signatories.
Talks on RCEP began in 2013,... with the aim of boosting the region's future growth prospects.
Kim Hyo-sun, Arirang News.