The Joint Standing Committee on Treaties has recommended that the Government ratify the Regional Comprehensive Economic Partnership (RCEP) Agreement.
‘RCEP is a significant achievement. Accounting for almost one-third of the world’s population and GDP, it is anticipated RCEP’s broad membership and simplified trading standards will facilitate growing supply-chain integration and closer regional economic integration’, Mr Sharma said.
‘As a regional free trade agreement lead and centred around the Association of South East Asian Nations, RCEP also helps anchor and reinforce ASEAN’s leadership role in the development of regional norms and standards.’
‘RCEP will make it easier for Australian exporters to the region, providing a single set of rules and procedures to navigate.’
In its report the Committee also emphasised its concern about the military coup and human rights deterioration in Myanmar. The Committee stressed the importance of continuing to pursue the restoration of civilian, democratic rule in Myanmar as a priority.
The Report can be found on the Committee website, along with further information on the inquiry.
Other RCEP signatories include the ten nations of ASEAN, China, Japan, the Republic of Korea and New Zealand.
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