'One-Third of the World's Population Covered' RCEP Negotiations Concluded... Signing Ceremony on the 15th

On the morning of August 27, the 8th Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting was held at Lotte Hotel in Jung-gu, Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Kim Eun-byeol] The negotiations for the Regional Comprehensive Economic Partnership (RCEP), covering about one-third of the world's population, have been concluded. RCEP is a free trade agreement (FTA) involving 15 countries, including the 10 member states of the Association of Southeast Asian Nations (ASEAN) and South Korea, China, Japan, Australia, and New Zealand.

Nguyen Quoc Trung, Deputy Minister of Foreign Affairs of Vietnam, held a press conference on the 9th at the Hanoi International Convention Center regarding the ASEAN-related summit to be held virtually from the 12th to the 15th. He stated, "The RCEP negotiations have concluded, and each country is undergoing domestic approval procedures." Once the approval processes are completed, a signing ceremony is scheduled to take place immediately after the RCEP virtual summit on the 15th.

Vietnam is the ASEAN chair country this year.

During the ASEAN-related summit period, the Korea-ASEAN Summit, involving the leaders of South Korea and the 10 ASEAN member countries, will be held on the first day, the 12th. The Korea-Mekong Summit, with leaders from South Korea and the five Mekong River basin countries (Vietnam, Thailand, Cambodia, Laos, Myanmar), will be held on the 13th. On the 14th, following the ASEAN+3 (South Korea, China, Japan) Summit, the East Asia Summit (EAS), involving 18 countries including ASEAN, South Korea, the United States, China, and Japan, will take place.

India initially intended to participate in RCEP but declared non-participation last year due to concerns such as the expanding trade deficit with China. Including India would cover half of the world's population, and even without India, RCEP encompasses about one-third of the global population. The member countries continue to encourage India's participation in RCEP.

This content was produced with the assistance of AI translation services.