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8 years of achievements in 15 countries in the Asia-Pacific region Jointly sign the Regional Economic Partnership Agreement (RCEP) as an online signature. Expect to help the economy recover after COVID-19
Today (November 15, 2020) Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce, said today that Thailand has signed the Regional Economic Partnership Agreement (RCEP), which is the largest agreement. In the world With the country’s leaders as witnesses But due to the COVID-19 epidemic, this firm Organized online
This meeting is an announcement of the success of the RCEP negotiations. The guard dedicated almost 8 years, being the leaders witnesses of the signing of this agreement. The commitment of its members to support trade and investment Open wide By the rules of the world Employee The RCEP agreement will be an important tool for immunity. Addressing the COVID-19 Situation Through Strong Post-epidemic Economic Recovery
Jurin said that in order for the agreement to go into effect. And you can take full advantage of the RCEP that leaders have assigned officers to speed up internal processes. By ratification of the Agreement So that the agreement enters into force as soon as possible The agreement will enter into force when the six members of ASEAN and the three negotiating countries ratify it.
Get to know the RCEP agreement
The RCEP is a free trade agreement, or FTA, consisting of 20 chapters, it is a modern, comprehensive, high-quality and mutually beneficial agreement of the liberalization of trade in goods, services and investments. Increase cooperation in various fields. More intense From the ASEAN FTA to existing negotiators, such as electronic commerce, Intellectual property, Competition, as well as new issues such as small and medium-sized companies or SMEs. Public procurement. This will create great opportunities for companies in the region to grow with stability.
The RCEP Agreement is the World’s Largest FTA The 2019 RCEP trade data covers markets with a combined population of 2.2 billion, or nearly 30% of the world’s population, with a combined GDP of more than $ 26 , 2 trillion (approximately 817.7 trillion baht), or 30% of GDP. The value of world trade exceeds US $ 10.4 trillion (approximately 326 trillion baht) or almost 28% of world trade.
At the same time, RCEP members continue to give India the opportunity to rejoin the agreement as its original member. And it has played a key role in the RCEP negotiations since 2012.
Analyzing Thailand at RCEP
For the signing of the RCEP agreement during this period Considered more important than ever Because the whole world is facing an economic crisis The severity is different. Therefore, cooperation to revive the economy Therefore considered an important tool To help recover from the economic crisis of ASEAN Saowaluck What convinces many parties that RCEP can help?
The first is to allow member countries to freely sell goods and services. No fiscal wall And most importantly, ASEAN can be rewarded by China. Considered the first country in the world to successfully recover from the COVID-19 crisis
The signing of the RCEP agreement is an important tool for a faster recovery of the ASEAN economy. Connecting the ASEAN economy with the economy
The term RCEP stands for Regional Comprehensive Economic Association or Regional Economic Association Agreement. The RCEP is the largest free trade zone in the world. The member countries are made up of 10 ASEAN countries and six other dialogue partners: China, Japan, South Korea, India, Australia and New Zealand. But India had withdrawn before. Due to concerns about cheap products from China It will flow into the country Including strategic competition with China in the region But even without India This cooperation is still very important.
RCEP, with a combined population of about 2.1 billion people, has a gross domestic product, or GDP, that accounts for 30 percent of the world, or one-third of the world.
RCEP negotiations started in 2012, the goal of establishing RECP was economic growth and equitable economic development. It is a free trade system that implements the same association rules for 15 countries.
Connect the ASEAN economy with the world economy
It is also linking the ASEAN economy with the world economy. Covering all commercial dimensions Including products, services, investments, commercial measures and economic cooperation Link to the production network. Trade and investment Be more consistent and convenient for trade and investment.
And the COVID-19 outbreak that caused the world to face an economic crisis. As a result of outbreak control measures, RCEP becomes even more important. RCEP is seen by many experts as a tool for a faster recovery of the ASEAN economy.
Both global and regional economies face obstacles and challenges. This was not due to the COVID-19 outbreak, but also due to the decline in global trade.
Prime Minister of Vietnam As the ASEAN President said, therefore, the signing of the RCEP is a message that ASEAN will have a leadership role. Supports a variety of business systems Create a new business network in the region. Including promoting sustainable trade
Another factor that makes the RCEP look like a trade mechanism likely to lift ASEAN out of the economic crisis is China, which is now the first country in the world to recover from the COVID-19 crisis. China’s third-quarter GDP grew 4.9 percent from a year earlier. While many countries expect GDP may improve slightly. Or maybe even negative
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