SINGAPORE: Fifteen Asia-Pacific nations signed a mega free trade deal on Sunday (Nov 15) as they concluded an annual summit of Southeast Asian leaders and their regional partners, held virtually this year due to the COVID-19 pandemic.
The Regional Comprehensive Economic Partnership (RCEP) is the world's biggest trade agreement. It will progressively lower tariffs across many areas in the coming years.
The pact, which was first proposed in 2012, loops in 10 ASEAN economies along with China, Japan, South Korea, New Zealand and Australia.
They make up nearly a third of the world's population and account for 29 per cent of global gross domestic product.
READ: What is the RCEP trade deal?
"After eight years of negotiating with blood, sweat and tears, we have finally come to the moment where we will seal the RCEP Agreement this Sunday," Malaysia's trade minister Mohamed Azmin Ali had said ahead of the summit.
Prime Minister Lee Hsien Loong, who led Singapore’s delegation, on Sunday hailed the signing of the RCEP as a "major milestone" and congratulated the 15 participating countries.
"We have reached a major milestone of signing this agreement today. It has taken us eight years, 46 negotiating meetings and 19 ministerial meetings to get here. I am very grateful for the tireless efforts of ministers and negotiators from all participating countries who have worked so hard during the process.
"The RCEP is a major step forward for the world, at a time when multilateralism is losing ground and global growth is slowing," said Mr Lee.
Now, he added, "the hard work of implementing the agreement and encouraging our businesses to take full advantage of it begins".
"We have all made difficult trade-offs to advance the negotiations. And we will have to work hard to persuade our citizens that the RCEP will benefit them," said Mr Lee.
"But I have no doubt that the RCEP is a plus for all of us, and will help stem the tide against globalisation and economic integration.
"Singapore looks forward to working with participating countries on the timely implementation of this momentous agreement," the prime minister added.
READ: PM Lee says Singapore to contribute US$100,000 to COVID-19 ASEAN fund, hails RCEP signing as 'major achievement'
The 15 RCEP countries agreed on the terms of the deal last year, setting up the path for it to be signed during the summit.
India pulled out of talks last year, worried that the elimination of tariffs would open its markets to a flood of imports that could harm local producers. Other countries have said the door remains open for New Delhi.
After the signing, all countries would have to ratify the RCEP within two years before it becomes effective.
The four-day ASEAN summit included meetings between Southeast Asian leaders and their counterparts from China, Japan and South Korea in the ASEAN Plus Three Summit, as well as the East Asia Summit and RCEP Summit.
https://news.google.com/__i/rss/rd/articles/CBMiY2h0dHBzOi8vd3d3LmNoYW5uZWxuZXdzYXNpYS5jb20vbmV3cy9idXNpbmVzcy9yY2VwLXRyYWRlLXBhY3QtYXNlYW4tc3VtbWl0LXNpbmdhcG9yZS1jaGluYS0xMzUzNDk2MNIBAA?oc=5
2020-11-15 05:07:02Z
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