SINGAPORE - A number of Covid-19 vaccine candidates are undergoing late-stage trials and if successful, may be used to inoculate millions from as early as next month. Singapore has been in talks with pharmaceutical companies working on some of them, to secure doses for people here, said Health Minister Gan Kim Yong.
They include Pfizer, the United States company which announced that the vaccine it is developing with German company BioNTech has proven 90 per cent effective in clinical trials.
Please subscribe or log in to continue reading the full article.
Get unlimited access to all stories at $0.99/month
Latest headlines and exclusive stories
In-depth analyses and award-winning multimedia content
Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months*
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.
"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.
"DIFFICULT TRADE-OFFS"
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.
Prime Minister Lee Hsien Loong (left) and Trade and Industry Minister Chan Chun Sing at the 4th Regional Comprehensive Economic Partnership Summit on Nov 15, 2020. (Photo: Ministry of Communications and Information)
"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.
After the signing, all countries would have to ratify the RCEP within two years before it becomes effective.
In his remarks following the signing, Singapore's Trade and Industry Minister Chan Chun Sing described the signing as a "result of the hard work of many stakeholders over the last eight years".
"RCEP's diversity shows how free and open trade and investment is in the common interest of all economies, regardless of our development stages," said Mr Chan.
"And our determination to carry this through in this challenging year shows an awareness that our prosperity and success are interlinked. Deeper integration and a more interdependent world will ultimately lead to a safer and more prosperous world," he added.
Mr Chan also spoke of ASEAN and its "critical role" in this journey, specifically how its "leadership as a trusted and neutral group" has enabled partners to come together "in an unprecedented way" and cooperate under the RCEP umbrella.
"Without the RCEP, it would have been much harder for some of us to do bilateral or trilateral trade deals," he said.
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.
"INTEGRATED MARKET"
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.
In his speech, Mr Lee said he joins fellow RCEP countries "in hoping that India too, will be able to come on board at some point so that the participation in the RCEP will fully reflect the emerging patterns of integration and regional cooperation in Asia".
Mr Chan also said that without India, the RCEP is "still a very significant agreement".
Given the existing economic links between India and RCEP countries, investors "will also take into account India's economy" when investing in the region, he added.
Regarding China, Mr Chan said the RCEP will allow many of the Chinese companies to invest in the regional markets, while the other countries will also benefit from having access to the "huge" Chinese market.
The RCEP will also help attract investors beyond the region as the Chinese and regional markets will be seen as an "integrated market", and exports to the rest of the world will become "much more competitive", added Mr Chan.
Moving forward, the minister said greater global integration and economic recovery through leveraging comparative advantages will be on the agenda at the upcoming Asia-Pacific Economic Cooperation (APEC) and Group of Twenty (G20) conferences.
When asked about cooperation with the United States, which recently saw a close presidential election won by Joe Biden, Mr Chan said: "We'll be in close consultation with the US after they settle down."
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.
"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.
"DIFFICULT TRADE-OFFS"
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.
Prime Minister Lee Hsien Loong (left) and Trade and Industry Minister Chan Chun Sing at the 4th Regional Comprehensive Economic Partnership Summit on Nov 15, 2020. (Photo: Ministry of Communications and Information)
"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.
After the signing, all countries would have to ratify the RCEP within two years before it becomes effective.
In his remarks following the signing, Singapore's Trade and Industry Minister Chan Chun Sing described the signing as a "result of the hard work of many stakeholders over the last eight years".
"RCEP's diversity shows how free and open trade and investment is in the common interest of all economies, regardless of our development stages," said Mr Chan.
"And our determination to carry this through in this challenging year shows an awareness that our prosperity and success are interlinked. Deeper integration and a more interdependent world will ultimately lead to a safer and more prosperous world," he added.
Mr Chan also spoke of ASEAN and its "critical role" in this journey, specifically how its "leadership as a trusted and neutral group" has enabled partners to come together "in an unprecedented way" and cooperate under the RCEP umbrella.
"Without the RCEP, it would have been much harder for some of us to do bilateral or trilateral trade deals," he said.
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.
"INTEGRATED MARKET"
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.
In his speech, Mr Lee said he joins fellow RCEP countries "in hoping that India too, will be able to come on board at some point so that the participation in the RCEP will fully reflect the emerging patterns of integration and regional cooperation in Asia".
Mr Chan also said that without India, the RCEP is "still a very significant agreement".
Given the existing economic links between India and RCEP countries, investors "will also take into account India's economy" when investing in the region, he added.
Regarding China, Mr Chan said the RCEP will allow many of the Chinese companies to invest in the regional markets, while the other countries will also benefit from having access to the "huge" Chinese market.
The RCEP will also help attract investors beyond the region as the Chinese and regional markets will be seen as an "integrated market", and exports to the rest of the world will become "much more competitive", added Mr Chan.
Moving forward, the minister said greater global integration and economic recovery through leveraging comparative advantages will be on the agenda at the upcoming Asia-Pacific Economic Cooperation (APEC) and Group of Twenty (G20) conferences.
When asked about cooperation with the United States, which recently saw a close presidential election won by Joe Biden, Mr Chan said: "We'll be in close consultation with the US after they settle down."
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.
"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.
Prime Minister Lee Hsien Loong (left) and Trade and Industry Minister Chan Chun Sing at the 4th Regional Comprehensive Economic Partnership Summit on Nov 15, 2020. (Photo: Ministry of Communications and Information)
"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.
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.
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.
"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.
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.
HANOI: Backed by China, the sprawling Regional Comprehensive Economic Partnership (RCEP) is seen as a coup for Beijing in extending its influence across the region and marks its dominance in Asian trade.
After eight years of wrangling over the details, the trade pact - the world's largest in terms of GDP, say analysts - will be signed on Sunday (Nov 15).
WHAT IS RCEP?
Launched in 2012, RCEP is a trade pact between the 10-member ASEAN bloc, along with China, Japan, South Korea, Australia and New Zealand. India had been due to sign but pulled out last year.
The deal includes 2.1 billion people, with RCEP's members accounting for around 30 per cent of global GDP.
Its aim is to lower tariffs, open up trade in services and promote investment to help emerging economies catch up with the rest of the world.
Specifically, RCEP is expected to help reduce costs and time for companies by allowing them to export a product anywhere within the bloc without meeting separate requirements for each country.
It also touches on intellectual property, but will not cover environmental protections and labour rights.
"A key priority area for further RCEP negotiations is likely to be e-commerce," said Rajiv Biswas, Asia Pacific chief economist at global business consultancy IHS Markit, after nations struggled to fully agree on some of the provisions on digital trade.
It is unclear when the pact will be ratified but it could come into force next year.
WHY DOES IT MATTER?
It mainly matters because it sets new trade rules for the region - and has China's backing but does not include the United States.
Observers say it solidifies China's broader geopolitical ambitions in the region, where it has faced little competition from the US since President Donald Trump pulled out of a trade pact of its own.
That deal, called the Trans-Pacific Partnership (TPP), was on track to be the world's biggest trade pact, until Washington pulled the plug, saying it funnelled off US jobs.
However, observers say the RCEP is not as extensive as the TPP, or the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as its successor is known.
It "is not a fully completed, fully rationalised agreement," said Alexander Capri, a trade expert at the National University of Singapore Business School.
"The problem with RCEP is that you have 15 incredibly diverse countries at different stages of development and with completely internal priorities," he added.
WHY NO INDIA?
India withdrew last year over concerns about cheap Chinese goods entering the country, though it can join at a later date if it chooses.
It raised alarm about market access issues, fearing its domestic producers could be hard hit if the country was flooded with cheap Chinese goods.
Textiles, dairy, and agriculture were flagged as three vulnerable industries.
Prime Minister Narendra Modi faced mounting pressures at home to take a tougher stance on the terms, and proved unbending as the RCEP negotiations came to a close.
WHAT DOES IT MEAN FOR THE US?
It is likely that a new US administration under President-elect Joe Biden will focus more on Southeast Asia, analysts say, although it remains unclear whether he would want to rejoin the CPTPP.
The topic remains a politically sensitive issue in the US.
"The administration will be looking at this very closely," said Capri.
HANOI: Fifteen countries will on Sunday (Nov 15) sign a sprawling Asian trade deal they hope will help them bounce back from the pandemic and which is seen as a huge coup for China in extending its influence.
The Regional Comprehensive Economic Partnership (RCEP) - which includes 10 Southeast Asian economies along with China, Japan, South Korea, New Zealand and Australia - will be the world's largest trade pact in terms of GDP, analysts say.
The agreement to lower tariffs and open up the services trade within the bloc does not include the United States and is viewed as a Chinese-led alternative to a now-defunct Washington trade initiative.
The RCEP "solidifies China's broader regional geopolitical ambitions around the Belt and Road initiative", said Alexander Capri, a trade expert at the National University of Singapore Business School, referring to Beijing's signature investment project that envisions Chinese infrastructure and influence spanning the globe.
"It's sort of a complementary element."
Eight years in the making, the deal will finally be signed at the end of a Southeast Asian summit - held by video because of the pandemic.
Many of the signatories are battling severe coronavirus outbreaks and they hope the RCEP will help mitigate the crippling cost of an illness that has ravaged their economies.
Indonesia recently tumbled into its first recession for two decades while the Philippine economy shrunk by 11.5 per cent on-year in the latest quarter.
"COVID-19 has reminded the region of why trade matters and governments are more eager than ever to have positive economic growth," said Deborah Elms, executive director of the Asian Trade Centre, a Singapore-based consultancy.
"RCEP can help deliver it."
INDIA ABSENT
India pulled out of the agreement last year over concerns about cheap Chinese goods entering the country and will be a notable absentee during Sunday's virtual signing.
It can join at a later date if it chooses.
Even without India, the deal covers 2.1 billion people, with RCEP's members accounting for around 30 per cent of global GDP.
Crucially it should help shrink costs and make life easier for companies by letting them export products anywhere within the bloc without meeting separate requirements for each country.
The agreement touches on intellectual property, but environmental protections and labour rights are not part of the pact.
The deal is also seen as a way for China to draft the rules of trade in the region, after years of US retreat under President Donald Trump which have seen Washington pull out of a trade pact of its own, the Trans-Pacific Partnership (TPP).
Though US multinationals will be able to benefit from RCEP through subsidiaries within member countries, analysts said the deal may cause President-elect Joe Biden to rethink Washington's engagement in the region.
This could see the US eye the potential benefits of joining the TPP's successor deal, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), said Rajiv Biswas, APAC chief economist at IHS Markit.
"However, this is not expected to be an immediate priority issue ... given the considerable negative response to the TPP negotiations from many segments of the US electorate due to concerns about US job losses to Asian countries," he added.
