Negotiations on the establishment of a new regional free trade area
under the Regional Comprehensive Economic Partnership (RCEP) will start at the
upcoming 21st ASEAN Summit slated to take place in November in Phnom Penh.
At the closing of an ASEAN
symposium on October 31, Cambodian Minister of Commerce Cham Prasidh said the
guiding principles and goals for the negotiations have been prepared and will
be endorsed by the group’s leaders at the forthcoming ASEAN Summit.
The ASEAN framework on RCEP,
which was adopted by ASEAN leaders last November during the 19th ASEAN Summit
in Indonesia, is of great importance in consolidating the regional economic
architecture.
The RCEP will involve deeper
economic engagement than the existing ASEAN Free Trade Agreements. Basing on an
open approach, RCEP will allow any of the ASEAN Free Trade Agreement partners,
including Australia, China, India, Japan, the Republic of Korea and New
Zealand, to join in.
The partnership is expected to
turn the region into an integrated market with over three billion people and a
combined GDP of over $17 trillion.
VIR/VNA
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