Myanmar pushes RCEP ratification with member countries
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Hsu / Phoo (NP News) - Aug 16
Deputy Minister of the Ministry of Investment and Foreign Economic Relations Dr. Wah Wah Maung urged for entering into force the Regional Comprehensive Economic Partnership (RECP) agreement for Myanmar with the remaining countries that have not yet officially valided.
Dr. Wah Wah Maung encouraged the relevant nations for the calling ratification during the 39th ASEAN+3 Senior Economic Officials’ Meeting held at Siem Reap in Cambodia.
RCEP is the world largest trade deal having coverage of 30% of the world's gross domestic product, 30% of the world's population and 29% of world trading and 30% of global foreign direct investment.
Deputy Minister Dr. Wah Wah Maung said, “Myanmar sent official letters to the relevant countries in early 2021 for activation of RECP with Myanmar. There are altogether 15 members in the RCEP. At present, Myanmar has come into force only with China among non-ASEAN countries. We need to have valid ratification with the remaining four countries. We need official documentation for proper ratification.”
The RCEP was discussed for eight years starting in 2012, and the ASEAN countries, including Myanmar and China, Japan, South Korea, Australia and New Zealand, signed the agreement on 15 November 2020.
Ratification is still needed for Myanmar with three in the ASEAN countries. For example, Indonesia, the Philippines and Vietnam have not finished their local procedures since they have to take approval from their respective legislature as they are also encountering political changes, said the deputy minister.
Under this RCEP trade deal, China and Myanmar commenced the enforcement since1st May 2022. Therefore, Myanmar has started getting benefits from tariffs and other trade reliefs.