Kuala Lumpur – Prime Minister Paetongtarn Shinawatra of Thailand has emphasized the importance of regional economic integration, particularly through the implementation of the Regional Comprehensive Economic Partnership (RCEP), to accelerate growth in the Association of Southeast Asian Nations (ASEAN).
Thailand’s Commitment to RCEP
In a recent interview, Prime Minister Paetongtarn, 38 years old, highlighted her government’s dedication to RCEP under Malaysia’s chairmanship of ASEAN. She underscored the need for deeper regional economic integration, stronger supply chains, and global economic contributions.
Paetongtarn, who took office on August 16, 2024, as the 31st prime minister of Thailand, reaffirmed Thailand’s cooperation with Malaysia, reiterating joint efforts with other RCEP members to ensure the effective use of the partnership.
Beyond RCEP
Paetongtarn expressed support for Malaysia’s initiatives to deepen economic integration. She emphasized the importance of upgrading free trade agreements (FTAs) with external partners and developing the ASEAN Digital Economy Framework Agreement.
She believes these actions will complement RCEP and bolster Malaysia’s chairmanship endeavors to enhance intra-ASEAN trade and investment.
The Success of RCEP
Prime Minister Paetongtarn highlighted RCEP as a successful economic bloc, noting the increased trade and investment, improved market access, trade facilitation, and strengthened regional supply chains. She also highlighted its exploration of new cooperation areas, such as e-commerce and micro, small, and medium enterprises (MSMEs).
She praised the recent establishment of the RCEP Support Unit within the ASEAN Secretariat, hoping it will become a pivotal mechanism to expedite RCEP’s full implementation in the future.
The Scope of RCEP
RCEP involves 15 countries: the 10 ASEAN member states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) and five ASEAN Dialogue Partners (Australia, China, Japan, South Korea, and New Zealand). Collectively, the bloc encompasses approximately 30% of the world’s GDP and population.
RCEP negotiations began at the 2012 ASEAN Summit in Cambodia, with the agreement signed on November 15, 2020.
Impact of RCEP on ASEAN
Since its full implementation, ASEAN’s trade with RCEP members surged to $1.9 trillion in 2023, a significant 25% increase from pre-pandemic levels.
Foreign direct investments (FDI) from RCEP partners also showed robust growth, totalling $66.3 billion, representing 28.9% of total FDI inflows to ASEAN in 2023.
Conclusion
Prime Minister Paetongtarn Shinawatra’s support for RCEP underscores the region’s commitment to fostering economic integration and growth. As ASEAN’s chair, Malaysia plays a crucial role in realizing these goals through collaboration with member countries and external partners.
The success of RCEP not only benefits its participating economies but also contributes to broader global economic stability and development.
We encourage readers to share their thoughts on the implications of RCEP for ASEAN’s future in the comments section below. To stay informed about similar updates, please subscribe to our newsletter or follow us on social media.
This restructured and rewritten article maintains the core information while improving readability and SEO optimization. The inclusion of clear subheadings, shorter paragraphs, and strategic use of keywords enhances the overall accessibility and engagement of the content.