Thailand, as ASEAN chair, aims to finalize RCEP this year

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Thailand, as ASEAN chair, aims to finalize RCEP this year

 

   

BANGKOK (NNT) - All 10 member states of the Association of Southeast Asian Nations (ASEAN) have been working together to strengthen the region amidst an ongoing trade war between two of the largest economies in the world.

 

As the ASEAN Chairman in 2019, Thailand aims to enhance connectivity, expand the regional economy, and promote the Regional Comprehensive Economic Partnership (RCEP), a proposed free trade agreement (FTA) between the 10 ASEAN member countries and the six Asia-Pacific states with which the bloc has existing FTAs.

 

The ASEAN Economic Community (AEC) is the main pillar driving economic activities in Southeast Asia. ASEAN is a community of more than 600 million people living in 10 countries and it is among the largest economies in the world. Therefore, the member states are working together to further strengthen the region in all respects.

 

Since 2015, the AEC has continually expanded many sectors, such as hospitality, banking, investment, and labor. The member states have also enhanced trade routes and logistics. After more than 50 years since its establishment, the ASEAN is now one of the world’s fastest-growing markets and has immense growth potential, with an annual growth rate of 4.8%.

 

In the next five years, ASEAN’s economy is expected to grow 5.2% annually, and by 2030, ASEAN is predicted to become the fourth largest economy in the world after the United States and the European Union (EU).

 

However, the ongoing trade war has taken a toll on the world’s major economies. By establishing an alliance, the impact has been less severe. Throughout the last six years, RCEP negotiations have been launched between the 10 ASEAN member states and the six Asia-Pacific states with existing FTAs. The six countries comprise Australia, China, India, Japan, South Korea, and New Zealand.

 

The Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam) and the six Asia-Pacific states with which ASEAN has existing free trade agreements (Australia, China, India, Japan, South Korea and New Zealand. During its ASEAN Chairmanship, Thailand has decided to host two RCEP ministerial meetings in the same year.

 

Since the beginning of 2019, ASEAN has accomplished many economic objectives, such as improving service standards, reducing obstacles to trade, increasing investment opportunities, and attracting more foreign investors by fine-tuning regulatory restrictions on investment. As a result, the value of trade between Thailand and other ASEAN member countries increased to 100.7 billion US dollars in 20178, up by 10.4% year-on-year.

 

If the RCEP agreement succeeds, it will become the world’s largest FTA, with a combined population of 3.56 billion people, or about one third of the world’s population.

 

-- © Copyright nnt 2019-06-21

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[Eligius]

What a joke!

Anything where official Thailand has to 'organise' or 'implement' or enforce anything that demands more than two functioning brain cells and even a modicum of morality always turns out to be a complete joke!

 

Edited June 21, 2019 by Eligius