Asean and China to focus on RCEP

Commerce Minister Apiradi Tantraporn said last week that a statement on the cooperation will be issued at the Asean Summit in Vientiane, which takes place from tomorrow until Thursday. Both sides will work to strengthen manufacturing and promote economic growth in the long run.

Update on RCEP talks
Asean and China as well as the other partner countries – South Korea, Japan, India, Australia and New Zealand – will give an update on the RCEP talks with a joint leaders’ statement.
The target is for the 16 member states of RCEP to finalise the free-trade negotiations this year so that RCEP can be implemented next year.
Asean and the six partner countries have agreed on the format of liberalisation of trade in goods.
The remaining issues are only about each country’s demands for liberalisation of trade in services and in investment, and some technical issues, which are expected to be discussed and finalised during the summit. The 16-member RCEP would become the world’s largest free-trade bloc with a population of 3.35 billion, or more than half of the world’s total.
Combined gross domestic product would reach US$22.9 trillion (Bt793 trillion), or 29 per cent of global GDP.
The RCEP countries account for 55 per cent of Thailand’s exports.
In 2014, trade with the RCEP countries was worth $2.6 trillion, or 57 per cent of Thailand’s trade with the world. The RCEP was the destination for $1.27 trillion or 56 per cent of Thailand’s exports, while imports from RCEP were $1.33 trillion or 58 per cent of total imports. Asean and China have also agreed to promote industry and expand production to serve rising demand globally.
The areas of focus are investment facilitation, investment-friendly environment and support for each side’s private enterprises to invest in various projects, special economic zones and the trading sector.