RCEP Participating Countries’s 8th RCEP Intersessional Ministerial Meeting concludes in Beijing
Beijing: The Ministers from the 16 RCEP (Regional Comprehensive Economic Partnership) Participating Countries gathered in Beijing on August 2-3 for the 8th RCEP Intersessional Ministerial Meeting in Beijing to review developments in the RCEP negotiations since the Ministers last met in March 2019.
The Meeting was opened by Hu Chunhua, Vice Premier of the People’s Republic of China, and was chaired by Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce of Thailand.
In a joint media communiqué, it was stated that in 2018, the RCEP region grew by 5.6%, slightly moderated from 5.8% the previous year, the Ministers highlighted that as growth outlook remains overcast by rising uncertainties, it is in the region’s collective interest and highest priority to conclude a modern, comprehensive, high quality, and mutually beneficial RCEP in 2019, as mandated by the 16 RCEP Leaders.
The Ministers recognized that trade remains a powerful tool for income and employment generation, productivity and innovation stimulation, and inclusive and sustainable development.
Covering 47.4% of global population, 32.2% of the global economy, 29.1% of global trade, and 32.5% of global investment flows in 2018, the Ministers emphasized that RCEP is the most important trade agenda in the region, supportive of an open, inclusive, and rules-based trading system, and an enabling trade and investment environment.
The Ministers commended the Trade Negotiating Committee (TNC) for their efforts, especially over the last three rounds, in progressing both market access and text-based negotiations. The Ministers, in particular, welcomed the conclusion of the Annexes on Telecommunication Services, Financial Services, and Professional Services, bringing a total number of 7 concluded chapters and 3 concluded annexes and noted that some of the remaining chapters or annexes are nearing conclusion.
The Ministers were pleased to note that over two-thirds of market access negotiations have reached mutually satisfactory outcomes and that work on the remaining areas is being intensified through constructive engagements at all levels. Determined to keep the momentum towards achieving the Leaders’ mandate to conclude the RCEP negotiations by the end of the year, the Ministers called on all RPCs to find pragmatic and solution-oriented approaches to narrow divergence on the various remaining issues.
The Ministers looked forward to considering the report of the 6th RCEP Intersessional TNC Meeting and Related Meetings, which will be held in Jakarta on August 2019, when they reconvene for the annual (7th) RCEP Ministerial Meeting to be held on September 2019 in Bangkok, Thailand.
