The Regional Comprehensive Economic Partnership (RCEP) free trade agreement is improbable to come into function soon, as all parties need time to study and ratify the deal, ASEAN secretary-general Datuk Lim Jock Hoi said, and adding that the deal is likely to be signed by all parties at the end of the year. After signing, the deals will need to be ratified by all member before coming into effect. This very important development is signalling the region will move towards integration. The ASEAN secretariat will be monitoring the RCEP implementation, but members are the one deciding how.
Assistant Director of ASEAN Market Integration Directorate External Economic Relations Division, Anna Robeniol, said the agreement prepares for signing by its members in November in next ASEAN Summit hosts by Vietnam. She added that while the agreement hoped to be into force next year, but each state has to undergo a divergent domestic process to ratify the agreement. The agreement has to be ratified by four ASEAN Free Trade Agreement (AFTA) partners and at least six ASEAN member countries.
The RCEP is a tentative free trade agreement initiated between ASEAN countries plus their AFTA partners such as China, South Korea, Australia, Japan, New Zealand and India. But the latter country withdrew from negotiations in May as India government said the agreement lacks the protection of its domestic industries and agricultural sectors.
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Published on July 7, 2020 7:21 AM (GMT+8)Last Updated on July 7, 2020 7:21 AM (GMT+8)
