RCEP a ‘game changer’ for Asean, China – DoF
Credit to Author: Mayvelin U. Caraballo, TMT| Date: Mon, 25 Nov 2019 17:09:58 +0000
THE Regional Comprehensive Economic Partnership (RCEP) will be a game changer for closer economic integration between the member-states of the Association of Southeast Asian Nations (Asean) and China, Finance Secretary Carlos Dominguez 3rd said.
“Currently, we are in the advanced stages of realizing the Regional Comprehensive Economic Partnership or RCEP that will be a game changer for all our economies,” Dominguez stressed in a speech at the session of the International Finance Forum (IFC) on “National and Regional Cooperation: China-Asean Financial Cooperation” held in China over the weekend.
According to the Department of Finance (DoF), RCEP is poised to become the world’s largest trade agreement if plans proceed to formalize it next year. It is a 16-nation free trade area comprising the 10 Asean member-nations: Brunei, Cambodia, Indonesia, Laos, Myanmar, Malaysia, the Philippines, Singapore, Thailand and Vietnam, and six trading partners — Australia, China, India, Japan, New Zealand and South Korea.
“The RCEP, which we support with vigor, will be the centerpiece of our collective efforts to build beneficial multilateral partnerships,” Dominguez said.
He added the “well-developed relationship between China and the Asean form the core of this emerging partnership.”
The Finance chief noted the Philippines is looking forward to the finalization of agreements for RCEP, which will enhance trade and investment in the region.
“We will be able to build a sanctuary for free trade and investment cooperation against the forces of protectionism elsewhere. This will be a major force shaping the development of the world’s economy,” he said.
Dominguez pointed out the prosperity and well-being of billions of people in the Asian region will depend on how countries can foster growth through increased connectivity and increased integration of their economies.
“Enhancing our cooperation with China is essential in ensuring the region’s vibrant economic future and achieving our shared-goal of dramatically reducing poverty among our peoples,” he said.