Spotlight on RCEP trade talks when virtual Asean Summit begins on Thursday
SINGAPORE – Prime Minister Lee Hsien Loong will meet his regional counterparts virtually for this week’s Asean Summit, during which the Regional Comprehensive Economic Partnership (RCEP) trade deal is expected to be signed on Sunday (Nov 15), after years of negotiation.
Other items on the agenda include the official launch of the region’s reserve of medical supplies, as well as the Asean Comprehensive Recovery Framework to help countries recover from the Covid-19 pandemic.
In line with this year’s theme – Cohesive and Responsive Asean – regional leaders will also discuss the public health and socio-economic challenges posed by Covid-19, and chart a path to recovery, said the Prime Minister’s Office in a statement on Wednesday.
“The leaders will also exchange views on regional and international issues, and continue discussions on how to strengthen regional cooperation, reinforce Asean centrality, and promote regional peace and stability,” it added.
If everything falls into place, the RCEP will be the world’s largest trade pact, even without the inclusion of India, which pulled out last year.
The deal involves 15 countries: Asean’s 10 member states, as well as China, Japan, South Korea, Australia and New Zealand. Together, they contribute about one-third of the world’s gross domestic product.
Asean alone has a population of nearly 640 million people and a combined gross domestic product of $2.57 trillion. Some suggest that it is poised to become the fourth-largest economy in the world by 2030.
The twice-yearly Asean Summit, chaired by Vietnam this year, officially starts on Thursday and will end on Sunday.
Other high-level meetings that will take place include the Asean-Japan Summit on Thursday when a new Asean Centre for Public Health Emergencies and Emerging Diseases will be launched.
On Saturday, the Asean Plus Three Summit with China, Japan and South Korea, as well as the East Asia Summit (EAS) will be held.
The EAS is a forum for the 10 Asean nations and their eight partners – Australia, China, India, Japan, New Zealand, South Korea, the United States and Russia – to discuss political, security, and economic issues.
At the close of the summit, Vietnam will hand over the chairmanship to Brunei.
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