According to a statement at the Asean-Japan Summit here yesterday, both sides acknowledged the progress in negotiations for the RCEP which will contribute to regional economic integration, as well as enhance economic cooperation among participating countries.
The RCEP is a proposed free trade agreement (FTA) between the ten-member Asean states and six countries, namely Australia, China, India, Japan, South Korea and New Zealand, with which the regional grouping has existing free trade agreements.
RCEP negotiations were formally launched in November 2012 at the Asean Summit in Cambodia.
Asean and Japan also reiterated their commitment to double trade and investment flows by 2022.
Bilateral Asean-Japan trade reached US$ 240.9 billion in 2013, accounting for 9.6 per cent of the total Asean trade.
Foreign direct investment (FDI) from Japan into Asean reached US$ 22.9 billion last year. It made the East Asian nation, the second largest source of FDI for Asean with 18.7 per cent of the total inflows in 2013.
The next round of negotiations for the RCEP is scheduled in December in New Delhi.
At the 12th Asean-India Summit yesterday, both sides recognised the importance of the RCEP as a key instrument in realising the Asean Economic Community.
Both also underscored the need to expedite the ongoing RCEP negotiations and timely implementation of the Asean-India Free Trade Agreement.
Total trade between Asean and India reached US$ 67.9 billion in 2013 with both renewing commitment to reach the US$ 100 billion target by 2015.
— BERNAMA
