VietNamNet Bridge – Negotiations on the establishment of a new regional free trade area under the Regional Comprehensive Economic Partnership (RCEP) will start at the upcoming 21 st ASEAN Summit slated to take place in November in Phnom Penh.

At the closing of an ASEAN symposium on October 31, Cambodian Minister of Commerce Cham Prasidh said the guiding principles and goals for the negotiations have been prepared and will be endorsed by the group’s leaders at the forthcoming ASEAN Summit.

The ASEAN framework on RCEP, which was adopted by ASEAN leaders last November during the 19th ASEAN Summit in Indonesia, is of great importance in consolidating the regional economic architecture.

The RCEP will involve deeper economic engagement than the existing ASEAN Free Trade Agreements. Basing on an open approach, RCEP will allow any of the ASEAN Free Trade Agreement partners, including Australia, China, India, Japan, the Republic of Korea and New Zealand, to join in.

The partnership is expected to turn the region into an integrated market with over three billion people and a combined GDP of over 17 trillion USD.

VietNamNet/Vietnam Plus