Jakarta, January 1, : .The Regional Comprehensive Economic Partnership agreement (RCEP), will allow for opportunities to foster regional trade and investment, which is crucial for the economic recovery in Covid-19. According to Xinhua, the ASEAN Secretariat had announced that the RCEP Agreement would be in force January 1, 2022.It was ratified by six ASEAN nations, namely Brunei (Chile, Laos), Brunei (Chinese), Laos, Singapore and Vietnam), as well as four non-ASEAN states, Australia, China and Japan.
Lim stated that RCEP demonstrates ASEAN’s shared commitment to a multilateral trade system in a written interview with Xinhua.RCEP, which was signed in November 2020 is the most significant free trade agreement worldwide.
It connects ASEAN with major global economies such as Australia, South Korea and Japan.
He stated that RCEP strengthens regional economic integration through the expansion of common accumulative rule of origin, simplified trade procedures and coherent trade rules, which provide more transparency, fairness, predictability, and fairness for businesses.
He said that all these factors will result in a substantial reduction of the trade costs and processing times for ASEAN companies, particularly micro, small, and medium-sized enterprises.This will increase their chances of integration into regional and global supply chain.
Lim stated that each side will need to adapt its regulation framework to the RCEP agreement.The business community must be equipped with the ability, skills, and knowledge to take advantage of opportunities to increase their competitiveness.
China and ASEAN reached an agreement in 2021 to raise their bilateral relations to a comprehensive partnership.This, according to the Secretary General, not only marked an important landmark in ASEAN-China relations but will also help to create a new environment and momentum in economic cooperation between ASEAN countries and China over many years.
Lim was optimistic about the new prospects for ASEAN and China and hoped they would work closer together to instill resilience in their trade and economic links.
He said that the two sides must revive the ASEAN-China relationship through the use of technology as a new driving force for growth, and by joining their coordination efforts in addressing common problems such as climate change.
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