At the RCEP meeting held as part of the 37th Leaders Summit of the Association of Southeast Asian Nations. Agreement reached after 8 years of negotiations.
15 countries in the Asia-Pacific region, known as the world’s largest free trade agreement. Signed the Regional Comprehensive Economic Partnership (RCEP) agreement.
At the RCEP meeting held as part of the 37th Leaders Summit of the Association of Southeast Asian Nations (ASEAN). ASEAN members Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam and the leaders of the union’s dialogue partners Australia, China, Japan, South Korea and New Zealand reached an agreement after eight years of negotiations.
Speaking at the meeting, Singapore Prime Minister Lee Hsien Loong described the RCEP agreement as a major turning point. “We have come to these days after 8 years of 46 negotiations and 19 ministerial level meetings. I am very grateful to the efforts of the relevant countries and ministers who worked tirelessly in this process.”
Singapore Prime Minister Lee stated that the RCEP agreement is a big step forward in times of slowing global growth.
Malaysian International Trade Minister Mohammad Azmin Ali is the result of eight years of negotiations woven with the RCEP’s blood, sweat and tears. Negotiations between ASEAN member countries and China, Japan, South Korea, Australia, New Zealand and India for the RCEP agreement, the world’s largest free trade agreement, began in 2012.