Economic fallout from COVID-19 gives impetus to negotiations on trade megadeal

The Association of Southeast Asian Nations (ASEAN) has agreed to prioritise its signining of the Regional Comprehensive Economic Partnership (RCEP) with six free trade partners by the end of this year.

Ministers from 15 Asia-Pacific countries negotiating the Regional Comprehensive Economic Partnership (RCEP) agreement on August 27 said they have made "significant progress" toward the signing of the deal by the end of the year, while whether India will stay on as a member of the framework remains uncertain.

Ministers from Asia-Pacific countries negotiating a sprawling free trade agreement will virtually meet this week with the aim of reaching a deal by year-end, while maintaining hope that India will return to the talks, the Japanese government said Tuesday.

The Regional Comprehensive Economic Partnership (RCEP) has entered the legal scrubbing phase and is expected to be signed soon without India, the Trade Ministry has said.

The negotiation process on the Regional Comprehensive Economic Partnership (RCEP) has entered its final round and the agreement is expected to be signed in the near future, Indonesian Deputy Minister of Trade Jerry Sambuaga said.

Speaking at a discussion in India@75 Summit organised by CII, the minister said proponents of Free Trade Agreements make out as if that is the only vehicle to engage the world

At the start of 2020, the Regional Comprehensive Economic Partnership (RCEP) – potentially the world’s largest free trade deal – seemed on track to be signed by the end of the year. However, the coronavirus pandemic has slowed that process, raising some questions about when the agreement will be formalised.

Chairman of the Indonesia Food and Beverage Industry Association (GAPMMI) Adhi Lukman has expressed his belief that the Regional Comprehensive Economic Partnership (RCEP) agreement will be signed this year, regardless of the COVID-19 pandemic.

The Regional Comprehensive Economic Partnership (RCEP) trade pact, once signed, will act as a meaningful symbol of trade liberalization and multilateralism, not only in the region but also in the world, said a Vietnamese scholar.