KUALA LUMPUR: The Regional Comprehensive Economic Partnership (RCEP) will need to stay open and be fully implemented if it is to continue achieving its full potential, said Singapore’s Prime Minister Lawrence Wong on Monday (Oct 27).
Speaking at the 5th RCEP Summit held at the 47th Association of Southeast Asian Nations (ASEAN) Summit in Kuala Lumpur, Mr Wong emphasised the importance of regional economic cooperation in times of uncertainty.
“In this uncertain environment, it is more important than ever for our economies to come together, to show that free trade can deliver for our people and bring shared prosperity to our region,” he said.
RCEP, which came into effect in 2022, is the world’s largest trade bloc. Its members are the 10 ASEAN countries, as well as China, South Korea, Japan, Australia and New Zealand.
With the multilateral rules-based trading system under pressure, RCEP “keeps alive the promise that countries can achieve more together than alone”, the prime minister said.
It has brought about “real benefits”, such as lowering tariffs and harmonising trade rules, he added.
“In doing this, the RCEP sends a very clear and important signal that we have a stake in each other’s development, that we are committed to rules-based trade … and importantly, that we are committed to keeping the (World Trade Organization) at the core of our multilateral trading system,” Mr Wong said.
https://www.channelnewsasia.com/singapore/rcep-full-potential-asean-summit-lawrence-wong-5427056
