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Chairman Mimura's Comments regarding the Signing of the Regional Comprehensive Economic Partnership (RCEP) Agreement

 

Chairman Mimura’s Comments regarding the Signing of the Regional Comprehensive Economic Partnership (RCEP) Agreement

 

15 November 2020

 

I sincerely welcome the signing of the Regional Comprehensive Economic Partnership (RCEP) Agreement.

 

This is the first trade agreement with Japan's major trading partners, China and South Korea. It will create the largest free trade zone in Asia, covering about 30% of the world's GDP and trade value.

 

It will be an important first step toward achieving Japan’s aim of the "realization of a free and open Indo-Pacific." We request the continuation of tenacious negotiations regarding the participation of India. I would like to see ratification procedures in each member country proceed promptly, and aim for early enforcement.

 

As the supply chain built by Japanese companies is expanding, particularly in Asia, the conclusion of this agreement has great significance. We highly evaluate it as a measure that will promote resilience across a broader range and with greater efficiency.

 

The RCEP has fair rules for investment, competition, intellectual property and e-commerce. In addition, a small and medium-sized enterprise (SME) chapter will be set up. It is expected that SMEs will have improved market access and participate in the global value chain by sharing best practices for using agreements and e-commerce.

 

The Japan Chamber of Commerce and Industry will also cooperate with various other chambers of commerce and industry to encourage use by SMEs,whose demand recovery is stagnant due to activity restrictions related to COVID-19, as well as to promote support for the export and investment expansion of Japanese products and goods. In addition, we will work diligently to establish a free, open and strong economic zone with the RCEP member countries.