Chheang Vannarith (L), President of the Phnom Penh-based Asian Vision Institute, at a recent workshop on Cambodia's foreign policy (Photo: VNA)Phnom Penh (VNA) – A Cambodia-based expert hashighly valued Vietnam’s efforts to promote negotiations on the RegionalComprehensive Economic Partnership (RCEP).
Initiated by ASEAN in 2012, the RCEP is a freetrade agreement among the ten member countries of the bloc and six partners –China, India, Japan, the Republic of Korea, Australia, and New Zealand.
Fifteen countries, excluding India, reached anagreement on the deal in November 2019.
In an interview with the Vietnam News Agencyfollowing the online 10th RCEP Intersessional Ministerial Meeting chaired byVietnamese Minister of Industry and Trade Tran Tuan Anh on June 23, ChheangVannarith, President of the Phnom Penh-based Asian Vision Institute, saidduring its ASEAN Chairmanship this year, Vietnam has been effectivelycoordinating and promoting negotiations so as to reach consensus and finalisethe talks although India opted out of the deal at the last minute.
He held that as the regional economy has beenseriously devastated by the COVID-19 pandemic, it is necessary to have amechanism for more intensive regional integration to swiftly recover economiesvia promoting trade and investment.
The RCEP will be a useful tool to bolster tradeand investment in the region, according to Vannarith.
Stressing the importance of this agreement inthe post-COVID-19 period, he said the RCEP will help member countries take partin the reform of global supply chains once the pandemic is brought undercontrol.
The finalisation of the RCEP talks will alsosend out a clear message that Asian economies do not accept unilateralism ortrade protectionism, he added.
At the online meeting on June 23, tradeministers of the 15 countries re-affirmed that the RCEP will be signed by theend of this year, in November, but they still let the agreement open for Indiato return.
Boosting communications and enhancing thepublic’s trust in the deal’s sustainability is of critical importance atpresent, the expert said, noting that existing barriers to the RCEP signing noware related to political issues.
He suggested leaders of the member economiesgive thorough explanations of the benefits as well as challenges generated bythis agreement to their people.
The persuasion of people is the decisive factorto the success of the RCEP, Vannarith said.
Once signed, the RCEP will create one of thelargest economic blocs in the world as the 15 countries will account for anestimated 30 percent of the global population and nearly 30 percent of theworld’s GDP./.
VNA
