By Jung Joo-ri and Hahm Hee-eun 

A joint leaders’ statement was adopted at the 2nd summit of the Regional Comprehensive Economic Partnership (RCEP) calling for the final conclusion of the agreement in 2019.

 The leaders of the 16 RCEP participating nations, which consists of the ten members of the Association of Southeast Asian Nations (ASEAN) and six Asia-Pacific countries — Korea, Japan, China, India, Australia and New Zealand — gathered in Singapore. At the meeting, they agreed that the partnership had made substantial progress and the regional trade pact had reached the final stage. The RCEP leaders pointed out the importance of finalizing the RCEP negotiations for the world economy. “We are determined to conclude a modern, comprehensive, high quality, and mutually beneficial RCEP in 2019,” said the leaders in the joint statement. 

Since the first round of negotiations in May 2013, negotiations in seven sectors have been adopted, and the negotiation for the final round, which is expected to open up markets for goods, services, and investment, is currently underway. 

The Ministry of Trade, Industry and Energy emphasized the importance of taking measures on the expanding protectionism and of building a base for economic integration in the Asia-Pacific region. The ministry said, "We will be diversifying our trade and investment base with the key countries of the New Southern Policy, such as ASEAN and India. We believe that this will provide more opportunities for Korean companies to enter the regional market.”


etoilejr@korea.kr