Source: Ministry of Commerce News Office
we, the heads of state/government of the member states of the Association of Southeast Asian Nations (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam) and Australia, China, Japan, Korea and New Zealand, convened the fourth RCEP leaders meeting by video on 15 November 2020.
we are pleased to witness the signing of the RCEP agreement against the backdrop of the 2019 new coronavirus pneumonia (COVID-19) global pandemic that brings unprecedented challenges to the world. The pandemic has had a serious impact on our economy and the well-being of our people. RCEP signing demonstrates our strong commitment to economic recovery, inclusive development, increased employment and enhanced regional supply chains, as well as our support for an open, inclusive, rules-based trade and investment arrangement. Acknowledging that RCEP agreements are essential to the region's response to the pandemic of Newcastle disease, we will play an important role in building regional resilience through inclusive and sustainable economic recovery processes in the aftermath of the epidemic. RCEP Agreement, we note, is an unprecedented large regional trade arrangement involving developed, developing and least developed countries in the region. agreement covers a market with 2.2 billion people (nearly 30% of the world),$26.2 trillion GDP( about 30% of the world) and nearly 28% of global trade (based on 2019 data). And we believe RCEP as the world's largest free trade arrangement, It represents an important step towards building an ideal framework of global trade and investment rules. As well, we note that RCEP is the most ambitious free trade agreement proposed by ASEAN, which enhances ASEAN's centrality in the regional framework and promotes ASEAN cooperation with regional partners. RCEP Agreement, as a modern, comprehensive, high-level and mutually beneficial agreement, consists of 20 chapters covering areas and disciplines not previously covered by the FTA between ASEAN and RCEP non-ASEAN countries. Apart from specific provisions dealing with trade in goods, trade in services and investment, the RCEP includes chapters on intellectual property, electronic commerce, competition, small and medium-sized enterprises, economic and technical cooperation and government procurement. We are confident that market access commitments RCEP liberalization of goods, services and investment will bring significant business opportunities to enterprises in the region. All of us agree that the full realization of the opportunities and potential offered by the RCEP Agreement can be achieved only after its entry into force. To that end, we oblige our officials to expedite their domestic ratification procedures with a view to the early entry into force of the Agreement. The agreement will enter into force after at least six ASEAN member States and three non-ASEAN signatories deposit their instruments of approval, acceptance or ratification with the depositary of the agreement. Ministers are also requested to build RCEP into a platform for dialogue and cooperation on economic and trade issues in the region and to report regularly to us. And we are committed to ensuring RCEP as an open and inclusive agreement. Moreover, we attach great importance to India's role in RCEP and reaffirm RCEP openness to India. As one of the 16 founding members, India will be welcomed to the RCEP Agreement. As a country that has been involved in RCEP negotiations since 2012, India, as a regional partner, is strategically important for building deeper and broader regional value chains. To that end, we welcome the Ministerial Statement on India's Participation in < Regional Comprehensive Economic Partnership >(RCEP), as confirmed by the Minister of RCEP, see annex.
Annex: Ministerial Statement on India's Participation in the Regional Comprehensive Economic Partnership Agreement (RCEP. pdf
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