RCEP 31st Official Negotiations... "Progress in Legal Review and More"

Held via video conference on the 9th... "Focused discussion on remaining issues for signing within the year"

Yeo Han-gu, Director General for Trade Negotiations, Ministry of Trade, Industry and Energy. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy announced on the 8th that the 31st official negotiation of the Regional Comprehensive Economic Partnership (RCEP) will be held via video conference on the 9th.

Our side will be represented by a delegation of about 10 members, led by Yeohangoo, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy.

Earlier, the participating countries issued a joint ministerial statement on the 23rd of last month reaffirming their intention to sign within the year and agreed to promptly resolve the remaining issues.

The statement includes ▲ strengthening joint responses by the 15 countries to overcome the COVID-19 crisis ▲ reaffirming the intention to sign RCEP this year ▲ opening RCEP participation to India, among other contents.

In this meeting, active efforts will be made to advance on remaining issues such as legal reviews and other technical points.

An official from the Ministry of Trade, Industry and Energy said, "Our side plans to actively contribute to the smooth signing of RCEP within the year and respond in a way that maximizes national interests."

According to the ministry, RCEP's GDP amounts to 28.5 trillion dollars, accounting for about 33% of the world. This is larger than the United States-Mexico-Canada Agreement (USMCA), which accounts for 28% of the world with 24.2 trillion dollars, and the European Union (EU), which accounts for 21% with 18.3 trillion dollars.

The ministry explained that due to the recent spread of global protectionism caused by COVID-19 and the reorganization of the global value chain (GVC), the importance of RCEP, the world's largest economic bloc, is increasing.