Singapore, other stakeholders reaffirm commitment to sign RCEP at end-2020

• Singapore and other stakeholders have reiterated their commitment to sign the Regional Comprehensive Economic Partnership (RCEP) mega-trade deal in 2020, even as the deadly novel coronavirus pandemic throws the global economy into disarray.
• They also stressed, after their latest virtual ministerial meeting, that “the RCEP remains open for India”, which backed out of talks in Nov 19.
• Saying that the deal’s importance has grown amid the pandemic, these governments added that getting it signed “will serve as a clear signal of our unwavering support for the multilateral trading system, regional integration as well as economic development across the region”.
• After India’s departure from the negotiating table, Singapore Minister-in-charge of Trade Relations S. Iswaran called for other parties to “keep the door open for India to come in at the appropriate time, but without compromising the disciplines and protocols that we have all agreed to”.
• The RCEP participants also said that, with the Covid-19 pandemic posing “an unprecedented challenge for trade, investment and global supply chains”, they have agreed to enhance cooperation and coordination to enable recovery and growth.
• RCEP will be the biggest trade pact in the world when brought to fruition, as it will involve countries that together make up one-third of global gross domestic product.

External Link : https://www.straitstimes.com/business/economy/singapore-other-stakeholders-reaffirm-commitment-to-sign-mega-trade-deal-this-year