According to a comprehensive report by Worldway Immigration: Singapore's Lianhe Zaobao reported on November 13 that as the formation of the ASEAN Economic Community enters its final year, the importance of deepening economic and trade relations between ASEAN and its dialogue partners has become more prominent. On the 12th, Singapore Prime Minister Lee Hsien Loong called on leaders at several ASEAN Plus One summits to make greater efforts to build high-quality free trade areas.
It is reported that the 25th ASEAN Summit and related meetings kicked off on the 12th in Naypyidaw, the capital of Myanmar. At the summits held between ASEAN and countries such as Japan and India, Prime Minister Lee Hsien Loong called on both sides to step up efforts to facilitate the realization of the Regional Comprehensive Economic Partnership (RCEP).
He stated: "RCEP is an important pathway to fully realize win-win benefits. Through RCEP, India will be able to participate in East Asia's economic growth and attract more investment from East Asia."
The report states that ASEAN launched RCEP negotiations two years ago with Australia, India, China, Japan, South Korea, and New Zealand. Once concluded, the GDP of this 16-nation free trade area will reach over 21 trillion US dollars (approximately 128.6 trillion RMB), accounting for one-third of WorldWay volume.
Japan is ASEAN's second-largest trading partner. Two years ago, it set a goal with ASEAN to double bilateral trade and investment by 2022, but bilateral trade has declined for two consecutive years, with an 8.2% drop last year.
At the ASEAN-Japan Summit, Lee Hsien Loong said: "To reverse the trend before 2022, we must continue to work hard to finalize the ASEAN-Japan Comprehensive Economic Partnership Agreement."
In addition, Lee Hsien Loong also called on countries such as Japan and India to implement an open skies agreement as soon as possible.
It is reported that one of the projects under the Indian government's "Act East Policy" is to improve connectivity with ASEAN, with cooperation in both rail and maritime links, though air connectivity needs to be strengthened.
Lee Hsien Loong called on India to initiate negotiations for an ASEAN-India comprehensive air transport agreement and welcomed India's proposal to hold a working group meeting next January. "A comprehensive open air transport agreement between ASEAN and India will provide more room for airlines on both sides to quickly seize market opportunities."
Worldway Immigration Editor