VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

The Ministerial Conference on the Regional Comprehensive Economic Cooperation Agreement (RCEP) has completed RCEP negotiations.

As many as ministers RCEP attended the meeting including five participating ASEAN countries.

"The RCEP negotiations that have been going on for eight years are a difficult journey. All RPCs have completed negotiations on this agreement and will sign this RCEP agreement on Sunday," said Senior Minister of International Trade and Industry Malaysia, Dato 'Seri Mohamed Azmin Ali in his statement in Putrajaya, Wednesday.

He said the RCEP agreement was a very important agreement for ASEAN which would prove to the world that ASEAN's joint efforts in strengthening the world trade system in various directions and efforts to uphold the development agenda under the WTO.

"The success of this agreement will be evidence to the world that ASEAN rejects trade measures of protection and instead supports world free trade," he said.

If this agreement is signed this Sunday, he said, this will give a positive signal to the world that Malaysia together with other RPCs chooses to open the market and not instead use protective measures in the current challenging times.

"This agreement is in line with the government's announcement during the announcement of the 2021 Budget Plan to help revive the economic sector in Malaysia," he said.

He stressed that the agreement would enhance regional economic integration with a double impact on the economy.

"This includes opening up market opportunities to nearly a third of the world's population that will benefit businessmen and traders. In addition, the agreement will standardize trade-related rules and standards, including non-tariff measures, which can assist in cross-border trade," he said.

Malaysia is also confident that this agreement could be a catalyst for economic recovery after the COVID-19 pandemic.

"This is in line with the aspirations of the ASEAN Comprehensive Recovery Framework (ACRF), under the Strategy for Maximizing the Potential of Intra-ASEAN Market and Broader Integration," he said. (Antaranews)