Interview: RCEP to catalyze post-pandemic regional economic recovery: Thai commerce official

BANGKOK, Nov. 16 (Xinhua) -- The Regional Comprehensive Economic Partnership (RCEP) is to facilitate trade and investment, and provides a boost to post-pandemic economic recovery in the region, a senior Thai commerce official said.

"It's a good timing for the RCEP to come into force from Jan. 1 next year," as cross-border flow of people and goods seemed to be frozen during the past two years because of COVID-19 and the RCEP will pave the way for countries to expand trade, Auramon Supthaweethum, director-general of the Department of Trade Negotiations under the Ministry of Commerce, said in a recent interview with Xinhua.

With the entry into force of the agreement, business sectors, entrepreneurs and investors in the RCEP region can benefit from more market access and more liberalization that RCEP members have agreed, she said.

The RCEP is designed to remove tariffs on around 90 percent of goods, expand market access for investment, harmonize rules and regulations, streamline customs procedures, and set common rules concerning the development of e-commerce as well as small and medium-sized enterprises, according to Auramon.

It will also enhance the supply chains within the free trade zone, she said.

The RCEP groups the 10 members of the Association of Southeast Asian Nations (ASEAN), as well as China, Japan, South Korea, Australia and New Zealand. As the world's largest free trade agreement, it accounts for about one-third of the global total population and gross domestic product.

"It is the example of the benefit of regional economy integration," she said, adding that deeper regional economic integration will ensure that member countries benefit more.

With the regional economic integration, it will provide a new international trade landscape, a mixture of countries that include developed countries, developing countries and least developed countries, which Auramon hopes will draw more attention to this region and attract more investment inflows.

Looking forward, Auramon said as each coin has two sides, businesses in member countries must get themselves prepared for both the benefits and competition to be brought by the RCEP.

To help enterprises better understand the RCEP agreement, Thailand has set up an RCEP Center in March, providing information and assistance about trade and tariff policies among RCEP member countries as well as under other free trade agreements.