webfact Posted November 15, 2020 Share Posted November 15, 2020 Thailand signs RCEP agreement but PM warns of challenges ahead By The Nation Prime Minister General Prayut Chan-o-cha participated on Sunday in the 4th Regional Comprehensive Economic Partnership Summit (RCEP), which was one of the meetings in addition to the 37th Asean Summit through teleconference. The PM said he was very pleased that the meeting could conclude the outcome of the negotiations together and witness the signing of the RCEP agreement, which is the world's largest free trade agreement. He said that members face many challenges due to differences in the level of economic development, the sensitivity of each country, and the latest crisis from the situation of the coronavirus outbreak. The union of the members will provide the RCEP region with a favourable environment and attract global trade and investment, the PM said. This gives member countries the ability and flexibility to cope with future economic challenges. It will also be a tool to drive the world economy towards more free trade. As a result, our region and our people would continue to benefit equally and sustainably, Prayut said. The PM attended the RCEP signing ceremony with representatives from 15 countries. For Thailand, Deputy Prime Minister and Minister of Commerce Jurin Laksanawisit signed the agreement. Jurin said today was a very important part of history, as there would be an agreement between 15 countries made up of 10 Asean countries and five from the Asia Pacific -- China, Japan, South Korea, Australia and New Zealand. He said he hoped India would join the agreement in future. Jurin added that the Thai private and public sectors would need to accelerate preparations and adapt to the world's largest new investment trade and agreement, including studying regulations that become relevant. After the signing on Sunday, each country has to follow its own process of ratifying the deal. It is expected to come into effect in the middle of next year. In order to come into effect, there must be six Asean countries and three other countries ratifying for the agreement to be enforced. RCEP has left its doors open for India, which took part in the early deliberations but decided to stay out. The members are hopeful that India can join the agreement in the future, making the grouping account for one-third of world GDP and population. Source: https://www.nationthailand.com/news/30397982 -- © Copyright The Nation Thailand 2020-11-16 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates 1 Link to comment Share on other sites More sharing options...
Isaan sailor Posted November 16, 2020 Share Posted November 16, 2020 Obviously, China, Japan, Korea the big players in this. They have huge manufacturing capability. So it looks like lop-sided trading. How can other countries compete? No wonder India won’t sign on. 2 Link to comment Share on other sites More sharing options...
sscc Posted November 16, 2020 Share Posted November 16, 2020 A long process from 2012-2020 ends with this signing. There are of course far more positives than negatives. Well done. 1 Link to comment Share on other sites More sharing options...
Popular Post hotchilli Posted November 16, 2020 Popular Post Share Posted November 16, 2020 20 minutes ago, sscc said: A long process from 2012-2020 ends with this signing. There are of course far more positives than negatives. Well done. A big negative is Thailands luxury tax.. no such thing as free trade. 4 Link to comment Share on other sites More sharing options...
CanadaSam Posted November 16, 2020 Share Posted November 16, 2020 8 hours ago, Isaan sailor said: Obviously, China, Japan, Korea the big players in this. They have huge manufacturing capability. Yes, but added to that, they now have easy access to cheap labour, a win/win IMO. Link to comment Share on other sites More sharing options...
Fex Bluse Posted November 16, 2020 Share Posted November 16, 2020 Fairly meaningless agreement. Like the Asean Economic Community (AEC), all the members will just try to find ways to game the system or not trade under the agreement at all. Anyone who STILL thinks China will follow the rules should have his head examined. This agreement is especially meaningless now that the global economies are looking inward 1 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now