NAY PYI TAW, 11 November 2020

Union Minister for Investment and Foreign Economic Relations U Thaung Tun today attended a Preparatory Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting in advance of the 4th RCEP Summit via videoconference.

The meeting was chaired by H.E. Trần Tuấn Anh, Minister for Ministry of Industry and Trade of Viet Nam.

During the meeting, Trade Negotiating Committee (TNC) Chair, Mr Iman Pambagyo, Director-General of International Trade Negotiations, Indonesia, presented the RCEP TNC Chair’s report to the Ministers. The Ministers congratulated the TNC and all working groups for their considerable efforts to bring 8-years of RCEP negotiations to a successful conclusion. The Ministers, then, considered and endorsed the TNC Chair’s report.

Ministers agreed to organize an interim RCEP Joint Committee that will be primarily responsible for preparing for the RCEP Agreement’s entry into force. Ministers reaffirmed their readiness to sign the RCEP Agreement at the upcoming 4th RCEP Summit on 15 November 2020 and agreed upon the text of both a Joint Leaders’ Statement and a Ministers’ Declaration on India’s Participation in the RCEP which will be adopted as the outcome documents at the 4th RCEP Summit.

The Union Minister commended Viet Nam for its leadership as ASEAN Economic Ministers’ Meeting (AEM) Chair, ensuring the successful conclusion of RCEP negotiations in 2020. The Union Minister also thanked the Secretary-General of ASEAN and team for their tremendous support as well as the TNC Chair and all the members involved.

The RCEP is set to become a mega-trade agreement comprised of 15 participating countries representing almost 30% of the world’s population, 30% of global gross domestic product, and, when signed, will account for nearly 28% of global trade.

As the RCEP Agreement involves a diverse mix of developed and developing countries, Myanmar’s signing of the RCEP Agreement is expected to unlock significant new opportunities for Myanmar products to penetrate into global high-end markets. In addition, RCEP is expected to contribute to increased responsible and quality investment into Myanmar, contributing to enhanced economic and technical cooperation.

The meeting was attended by RCEP Ministers from the 10 ASEAN Member States, Australia, China, Japan, Korea and New Zealand, the Secretary-General of ASEAN, the TNC Chair, TNC leaders, and officials from the ASEAN Secretariat.