The Association of Southeast Asian Nations (ASEAN) has established an interim bureau to oversee the implementation of the Regional Comprehensive Economic Partnership (RCEP) trade agreement.
The decision was made during the ASEAN Coordinating Council meeting and ASEAN Foreign Ministers’ retreat, which was held in Jakarta on Friday and Saturday (3-4 Feb).
According to a press statement released by Indonesia, the interim secretariat will operate as a special unit at the ASEAN headquarters in Jakarta and is expected to eventually transition into a standalone RCEP secretariat, aimed at strengthening regional supply chains and promoting ASEAN economic integration.
The regional body noted, however, that the location of the permanent RCEP office is still under discussion, as some members, such as Cambodia, have expressed interest in hosting it.
The RCEP, which became the world’s largest free trade agreement when it took effect in January 2022, has 15 members, including ASEAN-10, China, Japan, South Korea, Australia and New Zealand. India, however, decided to opt out at the last minute in 2019.
Since the agreement came into force, trade among ASEAN members and RCEP dialogue partners has increased significantly due to lower tariffs and improved market access. (NNT)
