ASEAN and partners:

16.11.2020

The agreement to create the world's largest free trade zone was signed by 15 countries in the Asia-Pacific region: Brunei, Myanmar, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam, as well as China, Australia, Japan, South Korea and New Zealand.

Signing ceremony of the Regional Comprehensive Economic Partnership Agreement was held at the online summit of the Association of Southeast Asian Nations in Vietnam.

This agreement forms a trade association that accounts for a third of the world's GDP. It provides for liberalization of trade in the region, which "will contribute to its economic prosperity", as indicated in the final statement.

As noted at the meeting, the RCEP Agreement will serve as an impetus for recovery of the ASEAN countries in the post-pandemic period. Its entry into force will create the world's largest free trade area with approximately 2.2 billion consumers and GDP of $ 28 trillion, which is more than 32% of the world's total GDP.

Experts believe that implementation of agreement's provisions has a great potential for creating jobs, as well as accelerating development of regional and global value chains, which will give a powerful impetus to development of economies of the ASEAN countries and Association's partner states. Experts predict that the total GDP of countries that have signed Regional Comprehensive Economic Partnership Agreement may grow to $ 100 trillion by 2050.

At the same time, the bloc creation was a historic breakthrough: China and Japan reached a bilateral agreement to reduce tariffs for the first time.

Reference: Association of Southeast Asian Nations was founded in 1967 and today unites all the countries of Southeast Asia: Brunei, Vietnam, Indonesia, Cambodia, Laos, Malaysia, Myanmar, Singapore, Thailand and the Philippines. Rotating powers of the ASEAN Chair have been transferred to Vietnam since the beginning of 2020.

 


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Saved: 01.12.2022




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