Prime Minister Nguyen Xuan Phuc said the Regional Comprehensive Economic Partnership (RCEP) needs to be in the form of a cooperation framework that fosters trade and investment, rendering common prosperity for the region.

Leaders of RCEP countries pose for a photo on November 14. (Photo: VNA)

He made the statement while attending the second Regional Comprehensive Economic Partnership (RCEP) leaders’ meeting in Singapore on November 14, which took place as part of the framework of the 33^rd ASEAN Summit.

Apart from the 10 member countries of the Association of Southeast Asian Nations (ASEAN), other RCEP signatories include China, Japan, the Republic of Korea, India, Australia, and New Zealand. When inked, the RCEP will form the world’s largest trading bloc, making up a third of the world’s gross domestic product.

Addressing the meeting, the Vietnamese PM said that the efforts and results of the RCEP negotiations in 2018 are incredibly important as the current global trends towards protectionism and anti-trade liberalisation are emerging, adding that this is an appropriate moment to hold the negotiations.

He pledged that Vietnam is willing to work with other countries to seek innovative and flexible solutions towards common goals and to boost the building of the RCEP into a comprehensive, high-quality, and balanced interests, which bridges the development gap among members.

At the meeting, leaders of RCEP countries passed a joint statement on RCEP negotiations, lauding the substantial progress that has been made this year to advance the talks, noting that negotiations are in their final stages.

They also reiterated their determination to achieve a modern, comprehensive, high-quality, and mutually beneficial economic partnership agreement in 2019; as well as to bolster regional trade development and investment, contributing to global economic growth and development./.

VNF/VNA