Nations ready to sign RCEP on November 15
VOV.VN - Providing that the internal procedures involving all related countries are completed in time, the signing ceremony of the Regional Comprehensive Economic Partnership (RCEP) is scheduled to take place on November 15, according to Deputy Minister of Foreign Affairs and General Secretary of the National ASEAN 2020 Committee Nguyen Quoc Dung.
During a press conference held on November 9 to discuss the 37th ASEAN Summit and other related meetings, Deputy Minister Dung said negotiations on the RCEP have now been finalised.
“Concerned countries took many years to negotiate the agreement which is of great importance and significance for the region, especially in the current context that the world is being greatly affected and supply chains are disrupted by the novel coronavirus (COVID-19) pandemic. The signing of the RCEP will provide fresh impetus for trade development in the region, especially signatories,” Deputy Minister Dung said.
“The signing also means a lot to Vietnam in particular, when we are the ASEAN Chair 2020 and we have helped to accelerate the signing of the agreement which has been expected from for a long time,” the Deputy Foreign Minister added.
The RCEP is a free trade agreement that has been proposed by 10 ASEAN member states along with six dialogue partners, including China, Japan, the Republic of Korea, India, Australia, and New Zealand. Indeed, negotiations on the RCEP started way back in late 2012.
During last minute talks held on November 4, 2019, India chose to withdrew from the RCEP as a result of unresolved issues, with the biggest stumbling block relating to agricultural taxes. As a result, India made the decision to delay participating in the agreement, although they may join in the future.
According to a statement released by the RCEP, each of the 15 participating countries have concluded negotiations on all 20 chapters and market access issues. Whether or not India participates in the agreement, the RCEP is scheduled to be officially signed this year before coming into effect from 2021, or alternatively from January, 2022.
