ASEAN and partners to step up negotiations for RCEP

On November 22^nd, ASEAN leaders, along with their partners, Australia, China, India, Japan, Korea and New Zealand, issued a joint statement on the negotiation of the Regional Comprehensive Economic Partnership (RCEP). According to the statement, negotiations will be stepped up in order to reach a final conclusion on this agreement.

The RCEP aims to promote deeper cooperation between ASEAN and its partners in trade, services and investment, and to create an economic zone in the area. 7 RCEP members, including Vietnam, Australia, Japan, Malaysia, New Zealand, Singapore and Brunei, are also a part of the Trans pacific Partnership (TPP) agreement. Later that evening saw the conclusion of the 27^th ASEAN summit and other related conferences, with Laos becoming the new chair for ASEAN in 2016.