We, Head of State / Government of the Association of Southeast Asian Nations - Brunei Darussalam, Cambodia, Indonesia, Laos , Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam - Australia, China, Japan, Korea and New Zealand New Zealand, met on November 15, 2020, via online format during the 4th RCEP Summit.
We are delighted to see the signing of the RCEP Agreement, in a global context facing unprecedented challenges posed by the 2019 Colombian virus (COVID-19). In the face of the pandemic's negative impact on the economy as well as on the lives and safety of our people, the signing of the RCEP Agreement demonstrates our strong determination to support economic recovery, Comprehensive development, job creation and strengthening regional supply chains, as well as advocating a free, comprehensive, rules-based free trade and investment agreement. We see the RCEP Agreement as an urgent response to the COVID-19 pandemic in the region and in building resilience through a sustainable post-pandemic economic recovery.
We recognize the RCEP Agreement as an unprecedented large regional trade agreement with a diverse mix of developed, developing, and underdeveloped economies. As an agreement with a market of 2.2 billion people accounting for 30% of the world's population, total GDP of 26.2 trillion US dollars is equivalent to 30% of global GDP and accounts for nearly 28% of global trade (based on figures in 2019), we believe the RCEP Agreement is the largest free trade agreement in the world, representing an important step towards an ideal regulatory framework for global trade and investment.
We also note that the RCEP is the most ambitious new-generation free trade agreement initiated by ASEAN, contributing to enhancing ASEAN's centrality in the regional framework and enhancing cooperation between ASEAN and ASEAN. partner countries. The RCEP Agreement, which is a modern, comprehensive, high-quality and beneficial agreement for all parties, has 20 chapters covering areas and principles unmatched in free trade agreements. between ASEAN and partner countries. In addition to specific provisions on trade in goods, trade in services, and investment, the RCEP Agreement also includes Chapters on Intellectual Property, Electronic Commerce, Competition, Small and Medium Enterprises (SMEs). ), Economic and Technical Cooperation and Government Procurement. We believe that the RCEP Agreement, with a level of commitment to liberalize trade in goods, services and investment, will inevitably open up many opportunities for businesses in the region, especially in terms of accessibility. market.
We agree that the full opportunity and potential of the RCEP Agreement can only be realized when the Agreement comes into force. To this end, we assign our officials to expedite domestic ratification procedures for the early entry into force of the Agreement, when at least 6 (six) ASEAN Member States and 3 (three) Partner Countries. send the instrument of ratification to the Depositary in accordance with the Agreement. We also assign Ministers to develop RCEP as a platform for dialogue and cooperation on economic and trade issues affecting the region, and report to us regularly.
We are committed to ensuring that the RCEP Agreement is an open and comprehensive agreement. In addition, we appreciate India's role in the RCEP Agreement and reaffirm that the RCEP Agreement remains open to India to participate. India's participation in the RCEP Agreement will be welcomed, as one of the 16 countries initially engaged in negotiations for the RCEP Agreement since 2012 and of strategic importance in strengthening and expanding. the regional value chain. In that spirit, we welcome the Ministerial Declaration on Participation in the Regional Comprehensive Economic Partnership of India adopted by the RCEP Ministers, together with this Joint Statement.
Source: Ministry of Industry and Trade
