By Linda Khoo Hui Li & Voon Miaw Ping
BANGKOK , Nov 5 (NNN-BERNAMA) — The 15 participating countries in the Regional Comprehensive Economic Partnership (RCEP) have concluded the negotiations Monday night, leaving India out of the deal which would have been the largest trade pact in the world.
The RCEP, which went through after seven years of intense negotiations, was successfully wrapped up at the 35th ASEAN Summit here Monday night.
The announcement, which was made in a joint leaders’ statement released after the 3rd RCEP Meeting, said India did not join as it had significant outstanding issues, which remained unresolved.
“We noted the 15 RCEP participating countries have concluded text-based negotiations for all 20 chapters and essentially all their market access issues; and tasked legal scrubbing by them to commence for signing in 2020.
“All RCEP participating countries will work together to resolve these outstanding issues in a mutually satisfactory way. India’s final decision will depend on satisfactory resolution of these issues,” it said.
The deal is expected to be signed next year.
Earlier, all ASEAN leaders and the regional bloc’s six dialogue partners — Australia, China, India, Japan, South Korea and New Zealand – attended the 3rd RCEP meeting.
Malaysia was represented by International Trade and Industry Minister Darell Leiking.
The statement said RCEP would significantly boost the region’s future growth prospects and contribute positively to the global economy, while serving as a supporting pillar to a strong multilateral trading system and promoting development in economies across the region.
“Against the backdrop of a fast-changing global environment, the completion of the RCEP negotiations will demonstrate our collective commitment to an open trade and investment environment across the region.
“We are negotiating an agreement intended to further expand and deepen regional value chains for the benefits of our businesses, including small and medium enterprises, as well as our workers, producers, and consumers,” it said.
The RCEP was initiated in Phnom Penh, Cambodia, in 2012 and negotiations commenced in 2013.
With a combined gross domestic product (GDP) of US$49.5 trillion (US$1=RM4.15), the RCEP makes up 39 per cent of the total global GDP.
Meanwhile, Darell said Malaysia was ready to work together with the RCEP participating countries to conclude the RCEP negotiations for signing in 2020.
“The RCEP is a testimony that the participating countries can come together, despite differences in levels of economic development, for regional economic integration,” he said in a statement.
Darell said RCEP, being ASEAN-led, would provide economic opportunities for Malaysian industries, small and medium enterprises and employment in the face of global economic uncertainties amid rising protectionism.
“The government has strived to ensure that Malaysia’s domestic interests, including with regards to Shared Prosperity Vision 2030 and New Industrial Masterplan, are safeguarded in the RCEP agreement,” he said. (photoBERNAMA)
— NNN-BERNAMA