Singapore (VNA) – Prime MinisterNguyen 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.

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

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

Addressing the meeting, the Vietnamese PM saidthat the efforts and results of the RCEP negotiations in 2018 are incrediblyimportant as the current global trends towards protectionism and anti-tradeliberalisation are emerging, adding that this is an appropriate moment to holdthe negotiations. 

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

At the meeting, leaders of RCEP countries passeda joint statement on RCEP negotiations, lauding the substantial progress that hasbeen made this year to advance the talks, noting that negotiations are in theirfinal stages.

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