Read more at https://www.channelnewsasia.com/news/asiapacific/asean-australia-special-summit-commitment-cybersecurity-trade-10054114
(Updated: )
Ricky Lim ·
Both sides committed to concluding the Regional Comprehensive Economic Partnership (RCEP) by this year. The free trade agreement has 16 negotiating partners - all 10 ASEAN member states, Australia, China, New Zealand, India, Japan and South Korea - and will cover 30 per cent of global GDP. The RCEP has missed three deadlines since talks began in late 2012.
“This will send a clear signal to ASEAN’s external partners and all other countries of our commitment to promote international trade, oppose protectionism, and keep the regional architecture open and inclusive,” said Mr Lee.
Noting that there was “very strong support” for a swift conclusion of RCEP, Mr Turnbull said that if the negotiating countries secure a good agreement, “this would be … an antithesis to protectionism. It would ensure on the back of the TPP-11 that the Indo-Pacific region continues to be the fulcrum of open and free trade”.
In the lead-up to the summit, Mr Turnbull had called protectionism a “dead end”, and called on countries to embrace free trade.
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With signing of the CPTPP, there must be an impetus to sign the RCEP ---- as Trump is ramping up its trade war against the World.
By doing so, it will help to cushion and mitigate the impact of trade war and tariff levy by Trump.
“This will send a clear signal to ASEAN’s external partners and all other countries of our commitment to promote international trade, oppose protectionism, and keep the regional architecture open and inclusive,” said Mr Lee.
Noting that there was “very strong support” for a swift conclusion of RCEP, Mr Turnbull said that if the negotiating countries secure a good agreement, “this would be … an antithesis to protectionism. It would ensure on the back of the TPP-11 that the Indo-Pacific region continues to be the fulcrum of open and free trade”.
In the lead-up to the summit, Mr Turnbull had called protectionism a “dead end”, and called on countries to embrace free trade.
--
With signing of the CPTPP, there must be an impetus to sign the RCEP ---- as Trump is ramping up its trade war against the World.
By doing so, it will help to cushion and mitigate the impact of trade war and tariff levy by Trump.
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