Faster integration, RCEP on agenda for Asean economic meet

Jintana Chaiyawonnagal, deputy director-general of the Trade Negotiations Department, said Thailand would encourage Asean to speed up the integration as well as start negotiating the RCEP, a proposed free-trade agreement among the 10 Asean nations and six trading partners – China, South Korea, Japan, India, Australia and New Zealand.
The issues will be discussed during the Asean Economic Ministers Meeting in Brunei from August 18-21.
The discussion will focus on ensuring the RCEP is agreed by 2015, when the AEC takes full effect, and whether to include the United States and Russia in the negotiations.
Even without those two countries, if the 16-member RCEP is accomplished, it will be the world’s largest free-trade agreement, with a population of 3.35 billion, or more than 50 per cent of the world total. The combined gross domestic product would be worth more than US$17.1 trillion (Bt538 trillion), or 27 per cent of global GDP.
According to the department, Asean has been able to achieve about 79 per cent of the integration plans for the AEC, while Thailand has achieved 84 per cent of the plans.
Under the plans, Asean encourages its member states to eliminate non-tariff measures.
During the meeting, the ministers will also discuss liberalising 128 types of services.