U Aung Naing Oo, Union Minister for Investment and Foreign Economic Relations delivered the opening remarks at the consultation with government agencies for the implementation of Regional Comprehensive Economic Partnership (RCEP) Agreement which was virtually commenced on 19th February, 2021.
The consultation was attended by U Than Aung Kyaw, Deputy Minister for Investment and Foreign Economic Relations, Director Generals, senior officials and the representatives from the concerned ministries.
In his opening remarks, the Union Minister stated that the RCEP Agreement which is one of the mega trade pacts and virtually signed in witness of the leaders by 15 countries on 15th November 2020. He highlighted that Myanmar has been enjoyed the benefits from the implementation of ASEAN plus one Free Trade Agreements.
The Union Minister mentioned that RCEP Agreement would be delivered the opportunities for Myanmar business communities through formulation of export promotion and import substitution policies and facilitating the foreign and citizen investment. He also underscored that RCEP would create job opportunities and technological transfer through the investments.
Then, the Union Minister explained about the public-private awareness program of RCEP’s provisions with the cooperation of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and its affiliated associations, and suggestions and comments from private sector would be incorporated in the implementation work program. He urged the representatives from the concerned ministries, in order to support the private sector, to provide necessary inputs and recommendations for successful implementation of RCEP.
The Union Minister said that the Ministry of Investment and Foreign Economic Relations would act as a focal ministry to support the technical assistances through international and regional organisations. He briefed the outline plan of implementation of RCEP Agreement that includes developing National Plan, organizing steering committee and working committees and the schedule of ratification process. He also informed that the ratification of RCEP Agreement would be completed earlier than the previous schedule, and the Union Minster urgedthe officials to actively participate in the process of the ratification of RCEP Agreement.
After that, the Deputy Minister explainedthe features of RCEP and the opportunities and obligations of treaty. The Deputy Minister responded the queries of the participants regarding the implementation of RCEP Agreement.
The series of this consultation with government agencies for the implementation of RCEP Agreement will be continued until the first week of March 2021.
