RCEP Ministers Confirm Pact's Implementation

Economy Politics

Siem Reap, Cambodia, Sept. 18 (Jiji Press)--Ministers from the signatory countries of the Regional Comprehensive Economic Partnership free trade agreement held a meeting in Siem Reap, Cambodia, on Saturday.

In the first ministerial meeting since RCEP took effect Jan. 1 this year, participants confirmed how the pact is being implemented.

After taking part in the meeting, Japanese Economy, Trade and Industry Minister Yasutoshi Nishimura told reporters, "I stressed the importance of completely implementing both the liberalization, including tariffs (elimination or cuts), and the rules."

RCEP involves 15 nations--Japan, China, South Korea, Australia and New Zealand plus the 10 members of the Association of Southeast Asian Nations. It is a wide-ranging agreement calling for scrapping or cutting tariffs on industrial goods, including automobiles, and agricultural produce, and writing new rules for e-commerce and intellectual property protection.

RCEP signatory countries will hold ministerial meetings on a regular basis to exchange opinions.

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