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Miti: Signing of RCEP to be key outcome of Asean summit
KUALA LUMPUR: The signing of the Regional Comprehensive Economic Partnership (RCEP) Agreement will be the central outcome of the 37th Asean Summit and Related Meetings, to be held virtually from Nov 9-15. The Asean Summit will be hosted by Vietnam who is the Asean chair for 2020.
The RCEP agreement would make this grouping the largest free trade agreement in the world, covering nearly half of the world’s population while contributing one third of the world’s gross domestic product.
The agreement, which has been in negotiation since 2013, would enhance regional economic integration, promote the flow of investments and strengthen global supply chains, the International Trade and Industry Ministry (Miti) noted in a statement yesterday.
According to the ministry, leaders are all set to convene at the summit, and Prime Minister Tan Sri Muhyiddin Yassin will lead the country’s delegation accompanied by Senior Minister cum International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali alongside Foreign Minister Datuk Seri Hishammuddin Tun Hussein.
With Asean member states still battling the Covid-19 pandemic, Miti said the summit will be an ideal platform to discuss ways and means to deal with the health and economic challenges.
Under the theme “Cohesive and Responsive”, member states will also focus on how best to enhance unity, cooperation and solidarity towards regional economic integration.
Prior to the Leaders’ Summit, the economic ministers will convene at the Asean Economic Community Council Meeting to discuss tangible solutions and the way forward to support the recovery of the regional economy by keeping markets open for trade and investment. In this regard, the proposed Asean Comprehensive 2 Recovery Framework (ACRF) and its implementation plan, will be submitted for the Asean Leaders’ endorsement at the summit.
“Our expectation is for the ACRF to be implemented so as to provide sustainable solutions to economic recovery made all the more imperative because of Covid-19, ” Azmin said.— Bernama
Source: https://www.thestar.com.my/business/business-news/2020/11/09/miti-signing-of-rcep-to-be-key-outcome-of-asean-summit