The 1st negotiation round of Regional Comprehensive Economic Partnership (RCEP)

15/05/2013    55

The 1st negotiation round of Regional Comprehensive Economic Partnership Agreement was organized from May 9th to 13th, 2013 in Bandar Seri Begawan, Brunei with 6 partners: India, Korea, Japan, New Zealand, Australia, and China.

Vietnamese Delegation to the negotiation was of representatives from Ministry of Industry and Trade, Ministry of Planning and Investment, Ministry of Foreign Affaires, Ministry of Finance, Ministry of Agriculture and Rural Development, State Bank, and Office of National Committee on International Economic Cooperation.

ASEAN and partners agreed to be active in speeding-up negotiation so that to conclude the Agreement by the end of 2015 as directed by ASEAN and partners’ Leaders in 21st ASEAN Economic Summit held in Hanoi in November 2012. As planned, upon finalization, RCEP will be an extensive free trade area accounting for 50% of global population and 30% of global GDP, accelerating international economic integration in Asia – Pacific, in general, and in ASEAN, in particular.

At this negotiation session, three Working Teams including trade in goods, trade in service, and investment were officially founded by RCEP Negotiating Commission. The negotiation session was conducted in active and open manner with high effort from all sides. The meetings of three Working Teams were held in parallel with Commission’s meetings with the aim to reach agreement on scope of documentation, grasping views and approaches of the sides on structure, mode and other important contents to be negotiated in specific sectors. In addition, the sides also had views exchange and considered the possibility to have negotiation in other sectors with the aim toward to a comprehensive agreement.

Results obtained in this negotiation round will serve as a base for internal consultation to make preparation for the 2nd negotiation round expectedly to be held in coming September, in Brisbane, Australia.

Source: Multilateral Trade Policy Department- MOIT