Birth of RCEP augurs hope

AMID the gloom generated by the twin health and economic crises, the birth of the Regional Comprehensive Economic Partnership (RCEP) is a ray of light auguring hope.

More than one million lives have been lost worldwide due to the Covid-19 pandemic, there is massive unemployment and entire societies have been devastated. For the 10 Asean states and their five partners, three from North-East Asia and two from South Pacific, to come together to form RCEP in a situation like this is a bold and brave leap of faith.

They are, of course, hoping that the new grouping will accelerate their economic recovery since they have all been affected by the twin crises to a greater or lesser degree.

As trade barriers are removed and bureaucratic hurdles overcome, there will be a greater flow of affordable goods and services across borders, leading to enhanced economic growth and more opportunities for shared prosperity.