FTA

TPP, RCEP complement each other, says Sultan

25/10/2013    36

With economic integration being at the forefront, Asean – as it focuses on becoming a much stronger unit – has found itself in the midst of a much hyped about financial discussion that has started gaining momentum.

As the region finalises the Regional Comprehensive Economic Partnership (RCEP) with six dialogue partners from different corners of the world, some who follow closely the workings behind this move have asked whether this particular Free Trade Agreement (FTA) will get in the way of another FTA, known as the Trans-Pacific Partnership (TPP), that is also currently in the pipeline.

During a press conference with His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam, it was assured that both FTAs will benefit what each respective government is trying to do for their country.

“The agreement began at different times,” explained His Majesty with the RCEP in 2011 and the TPP in 2005 with four original signatories who then opened negotiations with eight other nations.

“The TPP is nearing completion whilst is just beginning for RCEP,” said the monarch.

“Brunei is investing a lot of time and effort on these agreements and will continue to do so.”

Through these efforts, he continued, the future of Asean can only be brighter, which is what is hoped for especially through the implementation of the Asean Economic Community scheduled to come into force in 2015.

“We are all addressing the same role for trade liberalisation and facilitation and for economic integration,” he added, and continued: “We see both agreements as complementing each other and our other efforts in Asean.

“The potential for increased complimentary and expansional linkages between the Asean region and other countries in the Asia Pacific is very significant and will bring much benefit not just to individual Asean countries but to Asean as a whole.”

 Source: Borneo Bulletin

More stories