ASEAN releases RCEP terms of reference, invites more countries to join

JAKARTA, Aug. 22 (Xinhua) — The ASEAN Economic Ministers’ Meeting (AEM) has released the terms of reference (TOR) for the Support Unit of the Regional Comprehensive Economic Partnership (RCEP), marking a step forward for the implementation of the free trade agreement, an Indonesian minister said Tuesday.

Co-chairing the 55th AEM, Indonesian Trade Minister Zulkifli Hasan told a press conference that the TOR was passed during a closed-door RCEP Ministerial Meeting on the sidelines of the AEM in Semarang, Indonesia’s Central Java province, late Monday.

The meeting was attended by high-level officials from 10 ASEAN members as well as from Australia, China, Japan, South Korea and New Zealand.

“Besides the TOR, we have also agreed to assign the RCEP Joint Committee to supervise the implementation of this pact, to ensure that the progress works smoothly and transparently,” Hasan said.

The minister said RCEP members invited more countries to join the agreement, emphasizing how member countries would enjoy various benefits, including the elimination of tariffs on more than 90 percent of goods traded within RCEP.

The RCEP free trade deal comprises 15 Asia-Pacific countries including 10 Association of Southeast Asian Nations (ASEAN) member states — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — and their five trading partners of China, Japan, South Korea, Australia and New Zealand.

Indonesia is currently holding the chairmanship of ASEAN this year.