Consultation with government agencies for implementation of Regional Comprehensive Economic Partnership (RCEP) Agreement commences via videoconferencing

Union Minister U Aung Naing Oo makes an opening speech at the consultation with government agencies to implement the RCEP Agreement, online on 19 February 2021.
Union Minister U Aung Naing Oo makes an opening speech at the consultation with government agencies to implement the RCEP Agreement, online on 19 February 2021.

U Aung Naing Oo, Union Minister for Investment and Foreign Economic Relations delivered the opening remarks at the consultation with government agencies for the implementation of Regional Comprehensive Economic Partnership (RCEP) Agreement which was virtually commenced on 19 February 2021.

The consultation was attended by U Than Aung Kyaw, Deputy Minister for Investment and Foreign Economic Relations, Director-Generals, senior officials and the representatives from the concerned ministries.

In his opening remarks, the Union Minister stated that the RCEP Agreement which is one of the mega trade pacts and virtually signed in witness of the leaders by 15 countries on 15 November 2020. He highlighted that Myanmar had enjoyed the benefits from the implementation of ASEAN plus one Free Trade Agreements.

The Union Minister mentioned that RCEP Agreement would be delivered the opportunities for Myanmar business communities through the formulation of export promotion and import substitution policies and facilitating the foreign and citizen investment. He also underscored that RCEP would create job opportunities and technology transfer through investments.

Then, the Union Minister explained the public-private awareness programme of RCEP’s provisions with the cooperation of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and its affiliated associations and suggestions and comments from the private sector would be incorporated in the implementation work programme. He urged the representatives from the concerned ministries, in order to support the private sector, to provide necessary inputs and recommendations for successful implementation of RCEP.

The Union Minister said that the Ministry of Investment and Foreign Economic Relations would act as a focal ministry to support the technical assistance through international and regional organizations. He briefed the outline plan of implementation of RCEP Agreement that includes developing National Plan, organizing steering committee and working committees and the schedule of the ratification process. He also informed that the ratification of RCEP Agreement would be completed earlier than the previous schedule, and the Union Minister urged the officials to actively participate in the process of the ratification of the RCEP Agreement.

After that, the Deputy Minister explained the features of RCEP and the opportunities and obligations of the treaty. The Deputy Minister responded the queries of the participants regarding the implementation of the RCEP Agreement.

The series of this consultation with government agencies for the implementation of the RCEP Agreement will be continued until the first week of March 2021. —MNA

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