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Jakarta Post

What’s next for ASEAN after new regional partnership?

  • Alwin Adityo

Jakarta   /   Sat, November 16 2019   /  01:48 am

AFP/Manan VatsyayanaAmid the surge of rising trade and political tensions currently engulfing global economic affairs, during the 35th ASEAN Summit held in early November in Bangkok, ASEAN and five of its trading partners finally announced that they have completed negotiations on the Regional Comprehensive Economic Partnership (RCEP) after seven years of frenzied talks spanning over 28 negotiation rounds. The world’s largest trade deal compromising 30 percent of global gross domestic product and half of the world’s population is now closer to becoming a reality. RCEP is a modern trade agreement covering 20 chapters whose scope includes issues that go beyond trade in goods, services and investment such as a chapter on e-commerce as well as economic and technical cooperation. The RCEP was meant to solve the “noodle bowl” problem as ASEAN was entangled in a situation where it had mu...