Singapore minister says RCEP trade deal on track for year-end signing

SINGAPORE: The Regional Comprehensive Economic Partnership (RCEP) trade deal is still on track to be signed by the end of 2020, Singapore's Minister of Trade and Industry Chan Chun Sing said today.

RCEP brings together the 10-member Association of Southeast Asian Nations (Asean), China, Japan, South Korea, Australia and New Zealand. The countries have made an offer to India, which pulled out of talks last November, to see if it is prepared to rejoin discussions.

"If India is unable to rejoin the discussions in the coming month, then plans will continue to proceed with the legal scrubbing for the preparation for the siging at the end of the year," Chan told reporters.

"At this point in time we are still on track for the signing by the RCEP countries at the end of the year," he added.

Chan was speaking to reporters today to outline plans to restart Singapore'e economic activity after curbs put in place to stop the spread of the coronavirus.

Singapore will progressively ramp up its manufacturing activities, with the city-state looking to restart its economy as coronavirus curbs start to ease over the next few weeks.

Sectors that are intertwined with the global supply chain such as biopharmaceutical and petrochemicals as well precision manufacturing will be among priority sectors, Chan said.

Only about 17% of Singapore's labour force is currently working onsite to maintain essential services and support for global production chains and connectivity.

Chan said workplaces will have put in place prescribed measures to minimise the risk of infection before they can reopen. He added that those who are able to work from home will have to continue to do so for the foreseeable future.

"So we will not be able to open some of the social entertainment outlets, but we will focus on our manufacturing capacities and production capabilities first," he said.

The city-state is facing the deepest recession in its 55-year history, compounded by so-called "circuit breaker" restrictions, which are aimed at stemming the spread of the novel coronavirus and are due to last until June 1.

Singapore will start allowing some businesses to reopen from May 12, authorities said on Saturday

Separately, Chan said troubles at Hin Leong Trading Pte Ltd, one of Asia's top oil traders, were not a reflection of the wider situation in the Singapore oil trading market. However, he said the wider oil trading market will be hurt by global oversupply issues. – Reuters

source https://www.thesundaily.my/business/singapore-minister-says-rcep-trade-deal-on-track-for-year-end-signing-MB2366970