Japan’s parliament approved joining the world’s largest free-trade deal, the
Regional Comprehensive Economic Partnership
, on Wednesday as signatories aim for it to come into effect from the start of next year.
The approval by Japan’s upper house comes after the lower house gave the green light earlier this month and a day after China called for the deal to be ratified to shore up the economy in the Asia-Pacific.
The China-backed RCEP was signed in November last year and included the 10 members of the Association of Southeast Asian Nations (Asean) plus China, Japan, South Korea, Australia and New Zealand. By eliminating tariffs on 91 per cent of goods, the RCEP will create a free-trade zone covering nearly one-third of the world’s economy, trade and population.
The different states of economic development of countries in the Regional Comprehensive Economic Partnership (RCEP) trade deal will prove a key challenge for what is set to be the world’s largest trading bloc, said officials and academics at the Boao Forum on Monday (April 19).
China, Australia, Japan, New Zealand, South Korea and the 10 Asean states signed the free trade agreement last November, and Singapore was the first to ratify it earlier this month.
The RCEP agreement is impressive because of the wide range of participating economies, from developed to developing, but this also makes it challenging when trading policies take effect, said China’s Ministry of Finance Tariff Department Director Cai Qiang.
He was speaking during a panel on prospects and influences of the RCEP at the high-level forum bringing together academics, government officials and business executives on the tropical island of Hainan.
(Washington, DC). The Board of Directors, members, and staff of the US-ASEAN Business Council offer their sincere condolences to the Aquino family, the Philippine government, and the people of the Philippines on the passing of former President of the Philippines, Benigno “Noynoy” Aquino III. Former President Aquino passed earlier this morning at age 61.
(Washington, DC) The US-ASEAN Business Council is pleased to announce the election of Craig S. Smith, Group President, International for Marriott International, Inc., as its new Chairman of the Board of Directors. In his capacity as Chairman, Mr. Smith will oversee the efforts of offices across eight countries, as the US-ABC – the only U.S. organization written into the ASEAN Charter – works to build trade and investment opportunities in the economies of the Association of Southeast Asian Nations for the nearly 170 member companies of the Council.
(Singapore) – Yesterday, the US-ASEAN Business Council joined a virtual discussion of the 30th Meeting of the ASEAN Directors-General of Customs. The meeting was part of 24-year long engagement between the Council and the 10 ASEAN Directors-General of Customs that has examined ways to improve trade connections in Southeast Asia. The Council’s delegation of eight leading U.S. companies was led by Senior Vice-President and Regional Managing Director of the Council, Ambassador Michael Michalak, as well as Chair of the Council’s Customs and Trade Facilitation Committee and Vice President of Public Affairs and Sustainability for UPS Asia Pacific, Shiumei Lin.
The purpose of the US-ASEAN Business Council (US-ABC) is to explore avenues of mutual interest and cooperation in public policy and to promote awareness of the contributions and commitments that are made by U.S. industry, in manufacturing, production, marketing, and related industries, to the private and public sectors of ASEAN countries.
While participating in all US-ABC in-person meetings, webinars, teleconferences, or side discussions, member company representatives and Council staff should avoid discussing competitively sensitive information with competitors and follow these guidelines:
Do not discuss specific prices for services or products, market share or market allocation.
Do not speak on behalf of the US-ABC or any of its committees unless specifically authorized to do so.
Do leave a meeting where any anti-competitive pricing or market allocation discussion occurs and ensure that your departure is noted in the meeting minutes.
The US-ASEAN Business Council (US-ABC) commends President Joe Biden for signing the COVID-19 Hate Crimes Act into law.
The US-ASEAN Business Council (US-ABC) shares the Biden-Harris Administration’s goal of getting as many safe and effective COVID-19 vaccines into the arms of people around the world as fast as possible. U.S. leadership is needed to leverage rapidly increasing domestic vaccine production, export more of our vaccine surplus to nations in need, and help developing markets overcome the massive technical and logistical barriers to manufacture the vaccine safely, securely, and successfully.
The U.S. private sector is committed to supporting the growth and development of Myanmar’s democracy and civil society. Since the country’s political transition in 2012, the US-ASEAN Business Council and its member companies have supported efforts to develop Myanmar’s institutional, legal, and policy frameworks to promote an inclusive and sustainable economy. However, the February 1 military coup threatens to reverse the political and economic progress made, as well as the country’s future trajectory.