YANGON: Under the Regional Comprehensive Economic Partnership (RCEP) framework, partner countries enjoy better coordination on trade relations, trade regulations and trade institutions, said a Myanmar expert.
"Through the RCEP, we can get (better) bilateral relations (in trade) with Australia, New Zealand and of course, South Korea and Japan," U Khin Maung Zaw, joint secretary of Myanmar Institute of Strategic and International Studies, told Xinhua in a recent interview.
Khin emphasised the significance of the RCEP as one of the most extensive economic integration mechanisms globally, particularly within the economically vibrant Asia-Pacific region.
Despite existing free trade agreements within Asean and bilateral agreements with China, the RCEP broadens the economic landscape, providing enhanced access to other economies, he said.
Khin highlighted the RCEP's collaborative nature, saying that all member countries actively participate in bilateral agreements, cooperation, and exchanges.
Myanmar gains access to 14 partners through the RCEP framework, the expert noted.
Effective Jan 1, 2022, the RCEP comprises 15 Asia-Pacific countries, including 10 Asean member states -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam -- and their five trading partners, namely China, Japan, South Korea, Australia, and New Zealand.
The agreement covers trade in goods, services, investment, economic and technical cooperation, dispute settlement, e-commerce, competition, and intellectual property, among others.
With member countries accounting for approximately 30 per cent of the world's population and contributing 30 per cent of global economic and trade volume, the RCEP has emerged as a key player in shaping the world's economic dynamics, said Khin.
Khin described the RCEP framework as more specific, institutional, and comprehensive, saying that it benefited even nations that already had a longstanding bilateral trade relationship such as China and Myanmar.
Regarding China's role in the RCEP, Khin praised China for being active, practical, pragmatic, and effective, focusing on mutual benefits, development, and cooperation.
According to a study conducted by the Asian Development Bank, the RCEP is expected to increase the member economies' incomes by 0.6 per cent by 2030, adding US$245 billion annually to regional income and 2.8 million jobs to regional employment.
Khin, during the interview, expressed expectations for further developments under the RCEP mechanism, particularly in terms of financial connectivity, infrastructure development, and investment opportunities. - Xinhua
