GLOBALink | RCEP deal to promote intra-region free trade: Lao business leader

VIENTIANE, Dec. 31 (Xinhua) -- The Regional Comprehensive Economic Partnership (RCEP) agreement, which will take effect on Jan. 1, 2022, is of great significance to promote free trade in the region, a Lao business leader said.

"The RCEP would promote trade and attract investments to all participants in ASEAN indeed. The entry into force of the agreement is of great significance for further promoting intra-region free trade," Bounleuth Luangpaseuth, vice president of the Lao National Chamber of Commerce and Industry (LNCCI), told Xinhua on Wednesday.

"Goods and services could be more freely traded. It will have a significant impact on a wide range of fields including goods, services and investment."

RCEP is a mega trade pact proposed by ASEAN (Association of Southeast Asian Nations) to boost trade among its member states and with its free trade agreement (FTA) partners. It includes the 10 ASEAN members, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, and the bloc's five FTA partners of Australia, China, Japan, New Zealand and South Korea.

It aims to break down trade barriers and promote investment to help emerging economies catch up with the rest of the world. The 15 participating countries of RCEP account for around 30 percent of the global population, global GDP and 28 percent of global trade.

Specifically, Bounleuth said, "The RCEP agreement has great importance for business in Laos, as it will create favorable conditions for more trade, foreign investment and tourism in Laos."

Produced by Xinhua Global Service