NAY PYI TAW, 27 August
Union Minister for Investment and Foreign Economic Relations U Thaung Tun today attended the 8th Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting via videoconference from office No (1).
During the meeting, the RCEP Trade Negotiation Committee (TNC) Chair informed to Ministers 100% completion of bilateral negotiations for Market Access Negotiations. He also presented the TNC report to the Ministers and sought Ministers’ guidance for the signing of RCEP Agreement in 2020.
The Ministers acknowledged that the unprecedented challenge brought about by the COVID-19 global pandemic had affected the trade and investment performance among the RPCs and agreed to not only keep their markets open, particularly for essential goods and services, but also boost joint cooperation and collaboration in the fight against the challenges of the COVID-19 global pandemic. They also recognized the importance of RCEP Agreement in light of ongoing uncertainties and shared the view that the signing of RCEP Agreement would enhance business confidence, strengthen the regional economic architecture and maintain the stability of the regional and global industrial chains and supply chains, as well as demonstrate the region’s support for an open, inclusive and rules-based multilateral trading system. The Ministers also underscored the significant role that the RCEP Agreement could play in post-pandemic recovery efforts as well as in contributing to the growth and stability of the regional and global economy.
The Ministers acknowledged the significant progress made towards finalizing the RCEP Agreement for signing at the 4th RCEP Summit in November 2020. They also reiterated that the RCEP remains open for India given that not only had it participated in the RCEP negotiations since they were launched in 2012 but also in recognition of the potential of India to contribute to the region’s prosperity.
The Union Minister commended the concerned RCEP Participating countries for showing their utmost flexibility to fully conclusion of bilateral market access negotiations. He also highlighted the necessity to undertake the domestic procedures in a timely manner for signing the RCEP Agreement in November this year in accordance with the Leaders’ mandate.
The meeting was attended by RCEP Ministers from 10 ASEAN Member States and Australia, China, Japan, Korea and New Zealand, the TNC Chair and TNC leads, the Secretary-General of ASEAN and officials.
