18 Nov 2020
Prime Minister Lee Hsien Loong, Minister for Trade and Industry Chan Chun Sing and
Minister for Foreign Affairs Vivian Balakrishnan at the RCEP signing [Photo Credit: MCI]
Signing of the Regional Comprehensive Economic Partnership
15 November 2020
Prime Minister Lee Hsien Loong and Minister for Foreign Affairs Vivian Balakrishnan shared their thoughts on the milestone signing of the Regional Comprehensive Economic Partnership (RCEP) Agreement on 15 November 2020.
"We signed the Regional Comprehensive Economic Partnership (RCEP) today, after a tough slog of 8 years.
The RCEP will be the world’s largest Free Trade Agreement. Members include the 10 ASEAN nations, plus Australia, China, Japan, New Zealand and South Korea. Together, we comprise nearly 30% of the global population and global GDP.
This is a major step forward for our region. At a time when multilateralism is losing ground, and global growth is slowing, the RCEP shows Asian countries’ support for open and connected supply chains, freer trade and closer interdependence."
From Prime Minister Lee Hsien Loong's Facebook
"ASEAN marked a milestone today with the signing of the Regional Comprehensive Economic Partnership (RCEP) agreement, which will significantly enhance ASEAN’s economic integration with Australia, China, Japan, New Zealand, and the Republic of Korea.
The RCEP is the culmination of eight years of hard work from our negotiators, and will be the largest Free Trade Agreement in the world, covering close to 30% of the global population and 29% of global GDP. The RCEP is testament to the value of multilateralism, free and open trade, and connected supply chains.
We also rounded off the 37th ASEAN Summit and Related Summits. We commend Vietnam on its able stewardship of ASEAN in this challenging year, and look forward to Brunei’s Chairmanship next year!"
From Minister Vivian Balakrishan's Facebook