The Association of Southeast Asian Nations (ASEAN) is targeting a “substantial conclusion” of the Regional Comprehensive Economic Partnership (RCEP) negotiations this year, according to a Malaysian trade official.
“The RCEP is an important negotiation for the region. We are trying to see where the bloc is and what we can do to progress this,” said Dr. Rebecca Fatima Sta. Maria, Secretary-General of Malaysia’s Ministry of International Trade and Industry, in a report by national news service Bernama.
Started in May 2013, the RCEP is being negotiated between the 10 ASEAN countries and their six free trade agreement (FTA) partners Australia, China, India, Japan, New Zealand, and South Korea.
The RCEP negotiations are meant to boost equitable economic growth, advance economic cooperation, and broaden and deepen integration in the region.
At the same time, Dr. Sta. Maria assured that the ASEAN is collectively strong despite the slower global growth resulting from the Greek debt crisis and China’s economic slowdown.
She said the region will concentrate on developing intra-ASEAN trade and bolstering economic unification amid the current weaker global economic environment.
“When you look at what is happening globally, we are also doing well and we need to focus on increasing intra-ASEAN trade and economic integration. We will continue to stand out in the sea of gloom,” she said.
She spoke to reporters on the sidelines of the four-day Senior Economic Official Meeting (SEOM) held last week in Kuala Lumpur. The ASEAN-level SEOM meeting was followed by the two-day RCEP Intersessional Ministerial Meeting and Related Meetings that started July 12, also in the national capital city.
Photo: Gunawan Kartapranata
