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China and Brunei advocated for the RCEP trade accord to enter into force as soon as feasible at an Asean conference


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On Wednesday (October 27), the leaders of China and Brunei called for the Regional Comprehensive Economic Partnership (RCEP) to enter into force as soon as possible.


They delivered the remarks at the Association of Southeast Asian Nations (Aseanvirtual )'s 24th Asean Plus Three Leaders' Meeting, which included China, Japan, and South Korea.


The Regional Comprehensive Economic Partnership (RCEP), which was signed on November 15, 2020, is a massive trade agreement between the ten Asean member states and Asean's five free trade agreement partners, namely China, Japan, South Korea, Australia, and New Zealand.

 

At the virtual meeting on Wednesday, Chinese Premier Li Keqiang stated that the RCEP is close to entering into force, and that nations must expedite their efforts in order for it to take effect as soon as possible.


According to Li, the countries must also continue to expand free trade and pursue higher levels of integration.


According to a statement from the Brunei government, Sultan Haji Hassanal Bolkiah voiced his belief at the meeting that the RCEP agreement's timely entrance into force and implementation will speed regional economic recovery efforts.

 

In April of this year, China, the world's second-largest economy, completed the RCEP ratification procedures.
Brunei became the sixth country to ratify the RCEP earlier this month, joining Thailand, Singapore, China, Japan, and Cambodia as signatories.


Signatories to the RCEP have stated their intention to ratify the agreement before the end of the year in order for it to take effect on January 1, 2022.

 

For the trade agreement to take effect, it must be ratified by at least six of the ten Asean signatories and three of the five non-Asean signatories.


Over the next 20 years, the agreement will reduce tariffs on as much as 90% of products traded between its signatories.


Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam are all members of Asean, which was founded in 1967.
Brunei will serve as the Asean chair in 2021.

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