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SINGAPORE – ASEAN countries and their key partners must deepen economic cooperation and maintain connectivity to recover from the Covid-19 pandemic, Prime Minister Lee Hsien Loong said on Thursday (November 12).
He added that the conclusion of the Regional Comprehensive Economic Partnership (RCEP) trade agreement, which is expected to be signed on Sunday, will reflect a commitment to “uphold a rules-based multilateral trading system and promote regional economic integration.”
Lee and his fellow Asean leaders attended four summits with key partners via video conference Thursday as part of the 37th Asean Summit hosted by the group’s president, Vietnam.
ASEAN leaders met with Chinese Premier Li Keqiang, Japanese Prime Minister Yoshihide Suga, South Korean President Moon Jae-in and Indian Prime Minister Narendra Modi.
At the Asean-China summit, Lee said partners like China have been steadfast in helping Asean fight Covid-19, even before the full scale of the pandemic was known.
“(We) work together to maintain supply chains, and this has supported the region’s efforts to contain the pandemic and strengthen the resilience of our economies, as well as to repatriate our citizens and ensure the health and well-being of our populations. “he added. he said.
As nations look to the next stage of recovery, Lee said they must work closely together in the area of vaccine multilateralism to ensure an equitable, consistent and affordable supply of vaccines and treatments.
He welcomed Chinese President Xi Jinping’s commitment to making vaccines a public good and prioritizing the needs of the region, as well as China’s involvement in the Covax facility, which he said reflects its close relationship with Asean.
The facility is a global initiative that brings together governments and manufacturers to ensure that eventual Covid-19 vaccines reach those who need them most.
Lee also welcomed China’s decision to allocate $ 5 million (S $ 6.8 million) from the ASEAN-China Cooperation Fund for a public health cooperation program, as well as its contribution to the response fund of the ASEAN Covid-19 recently established.
At the Asean-South Korea summit, he said that strengthening economic cooperation would help the countries recover.
Work to update the ASEAN-South Korea Free Trade Area would help companies deal with the impact of the pandemic and create more growth opportunities, he added.
On improving connectivity, he highlighted the need to keep supply chains open and connected so that trade flows, including essential supplies like food and medical equipment, are not hampered.
“We should also consider how we can safely and progressively lift travel restrictions while instituting proper public health and safety protocols,” he said.
The Asean-Japan summit, which was the first by Japanese Prime Minister Yoshihide Suga, saw the launch of the Asean Center for Public Health Emergencies and Emerging Diseases, a center for developing countermeasures against the threat of infectious diseases.
Partner countries like Japan have also contributed to Asean’s Covid-19 initiatives through constant engagement and economic pacts, Lee said.
He also thanked Japan for its role in making RCEP “come to fruition” and propel it forward “every step of the way.”
The RCEP, which will be the world’s largest trade pact, involves 15 countries: the 10 ASEAN member states, plus China, Japan, South Korea, Australia and New Zealand. Together, they contribute about a third of the world’s gross domestic product.
Negotiations involving 16 countries began in 2012, but India pulled out of the deal last year, citing concerns that the removal of tariffs would open its markets to a flood of imports.
At the Asean-India summit, Lee said: “We understand India’s decision not to sign the RCEP at this time. But Singapore is ready to welcome India to the RCEP, provided it is ready to rejoin.”
Mr. Lee said that Covid-19 has emphasized the importance of Asean strengthening its strategic partnership with India, including in research and development of vaccines and treatments for the virus.
India, he noted, is a key player in the global pharmaceutical supply chain and has deep technology and biomedical expertise.
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