RCEP Expected to Take Effect by Late 2021 'Speed Race'... 1st Provisional Joint Committee Meeting Held

Ministry of Industry: "Consultation Channels Among Participating Countries Fully Operational"

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy announced that it held the 1st Extraordinary Joint Committee meeting via video conference on the 15th with 14 countries participating in the Regional Comprehensive Economic Partnership (RCEP). Noh Geon-gi, Director of Free Trade Agreement (FTA) Policy at the Ministry of Trade, Industry and Energy, attended as the chief representative from Korea.

The extraordinary joint committee was convened to discuss in advance the preparation process until the RCEP comes into effect, as well as the rules and procedures of the joint committee for implementation and operation after the agreement's enforcement.

Although negotiations reached the signing stage after eight years, the agreement must go through each country's parliamentary ratification and enforcement procedures before it can come into effect, so there is still a long way to go. It is expected that the effects of the RCEP signing will only be seen in the second half of the year at the earliest.

Accordingly, the government plans to actively participate in activities such as the extraordinary joint committee to accelerate the enforcement process.

Director Noh evaluated, "Holding the extraordinary joint committee just over a month after the signing to discuss preparations for enforcement and detailed plans thereafter is very meaningful for the early enforcement and smooth implementation of RCEP."

He added, "Korea also plans to work together with other participating countries for the early enforcement of RCEP."

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