RCEP pact expected to be signed this year as teleconferencing speeds up talks
The head of the Thai team responsible for negotiating the Regional Comprehensive Economic Partnership (RCEP) with other countries believes an agreement will be signed this year as the Covid-19 pandemic has helped discussions proceed at a faster pace, with teleconferencing being held on a weekly basis.
Chairman of the RCEP Trade Negotiating Committee Ronnarong Phoolpipat said the pandemic is actually not an obstacle to meetings at various levels, neither will it delay the signing of a collective agreement as many predict.
“In the past two months, members have had video teleconferences on remaining issues almost every week, making negotiations more streamlined. Previously, members have had to travel to meetings in member states only once in 2-3 months. With Covid-19 creating a new normal, meetings via teleconferencing have become more efficient and help save a lot of money and time from travelling,” Ronnarong said.
A committee teleconference held from May 15-20 agreed on almost all sticky issues. With only a few now remaining, it is expected that negotiations will reach an end and an agreement is expected to be signed during the RCEP leaders meeting at the end of this year.
However, India is one country that has not yet responded to the proposals of the trade partnership’s 15 members.
RCEP members will hasten the editing of 20 chapters of the agreement to be completed by July. Currently, 11 chapters have been completed. After that, each country will seek domestic approval. On its part, Thailand’s Department of Trade Negotiations under the Commerce Ministry will provide the contents of the agreement to all relevant parties.