RCEP believed to be signed this year

July 11, 2020 | 09:31

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Chairman of the Indonesia Food and Beverage Industry Association (GAPMMI) Adhi Lukman has expressed his belief that the Regional Comprehensive Economic Partnership (RCEP) agreement will be signed this year, regardless of the COVID-19 pandemic.

Illustrative image (Photo: asean.org)

Adhi told the Vietnam News Agency that ASEAN and six partners have discussed the document for a long time and it is time for them to reach consensus and implement it.

He said WTO has called for trade liberalism and investment, especially in food and farm produce, in an effort to ensure food security amidst COVID-19.

This is why GAPMMI has supported countries to agree on and sign the RCEP this year, he explained.

Once signed, the agreement would benefit businesses operating in the sphere of food and beverages, especially those in big markets like China, India and Indonesia.

To optimise opportunities and ease adverse impacts of the RCEP, it is a must to improve competitiveness, especially in the context of the Fourth Industrial Revolution, he suggested.

According to Adhi, total food and beverage trade value between Vietnam and Indonesia exceeded 300 million USD in 2019, of which about 265 million USD came from Indonesia's exports.

Vietnam and Indonesia have great potential to boost trade, he stressed.

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