SCIO briefing on stabilizing the fundamentals of foreign trade and investment and promoting the quality development of commerce
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E-mail China.org.cn, May 20, 2020
CRNTT:
We have seen that the pandemic has had a huge impact on the global economy as well as international trade and investment. Will this affect the scheduled signing of the RCEP agreement? How are RCEP negotiations progressing？And what is your opinion on India's pulling out of signing the pact? Thank you.
Wang Shouwen:
Thank you for your questions. At the third RCEP Leaders' Summit held last November, leaders of countries taking part announced a joint statement that 15 participating countries had concluded text-based negotiations, which substantially concluded all negotiations on market access and called for participating parties to begin a legal review of the text for signing in 2020. The statement also mentioned that India had some outstanding issues to be resolved and that all RCEP members would work together to resolve these issues in a mutually satisfactory manner.
The COVID-19 pandemic this year has indeed impacted negotiations and the organizing of conferences. However, RCEP members have improved their work plan by holding video conferences instead of face-to-face meetings, and increased the frequency of video conferences. Negotiations on the RCEP are still underway, with a few remaining issues in intensive negotiations by all participating countries. We have completed the legal review of approximately 80% of the text and plan to fully complete the review by the end of June.
During RCEP negotiations, the Association of Southeast Asian Nations (ASEAN) has played a central role, with the constant support of China. We continue to support such a role in promoting legal review of the text and signing of the agreement this year. We will work towards the agreement being signed at this year's RCEP Leaders' Summit. We believe the signing of the RCEP agreement this year in the context of the pandemic will be hugely significant to the region's efforts in dealing with the pandemic's negative impact on trade and investment. More importantly, the signing of the agreement will be of great importance to the rapid and robust recovery of the regional economy after the pandemic.
As for India, RCEP members have been working on India's concerns in a bid to find and promote a mutually satisfactory approach to these issues as required at the RCEP Leaders' Summit held last year. Not long ago, a letter sent by the 15 RCEP nations via the RCEP's trade negotiating committee chairperson included an offer for India to rejoin the RCEP talks. China welcomes India's return to the talks at an appropriate time. Thank you.
Hu Kaihong:
Now for the final question due to time constraints. If you have more questions, please contact the information office of the Ministry of Commerce.
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