RCEP trade pact expected to support Hallyu expansion
By Song Seung-hyun
Published : Nov 15, 2020 - 17:41
Updated : Nov 15, 2020 - 17:41
Leaders and trade ministers of 15 Asia-Pacific nations posing for a virtual group photo during the 4th Regional Comprehensive Economic Partnership Summit (Yonhap)
The Ministry of Culture, Sports and Tourism expects the Regional Comprehensive Economic Partnership, which South Korean President Moon Jae-in signed Sunday with his counterparts from 14 partner countries, to set the stage for the expansion of Hallyu.
“We expect this deal to improve the environment for the expansion of Hallyu content in member countries and also provide legal grounds for (cultural content) exporters,” Culture Minister Park Yang-woo said in a statement. Park also added that the ministry would continue to actively participate in bilateral and multilateral FTA negotiations in the future.
The RCEP involves 10 members of the Association of Southeast Asian Nations as well as South Korea, China, Japan, Australia and New Zealand.
The Culture Ministry said the RCEP would lower trade barriers in the game, audiovisual and tourism markets in Japan and Southeast Asian countries, which account for 70 percent of the export market for Korean content creators. The ministry pointed to the gaming industry as an example of a market that is likely to benefit from this deal, saying it removes uncertainties stemming from changing import policies in countries such as Japan, the Philippines and Malaysia.
According to the deal, Japan agreed to fully open all of its cultural services markets, except for the audiovisual post-production and broadcasting sectors.
The Philippines agreed to remove all barriers to foreign investment in its gaming industry, while also allowing up to 51 percent foreign capital in the animation, music and TV production sectors.
Malaysia agreed to open up the internet and mobile gaming industry, and Thailand will increase its foreign capital limit to 49 percent for the music production industry.
For the tourism industry, the ministry said, all the trade barriers in Japan and Myanmar have been removed under the RCEP.
The deal also set regional norms for copyright protection in countries that have not signed the World Intellectual Property Organization Copyright Treaty or the Performances and Phonograms Treaty, the Culture Ministry added.
By Song Seung-hyun
http://www.koreaherald.com/view.php?ud=20201115000236
Cambodia: RCEP trade agreement is the way forward
- CAMBODIA
- Tuesday, 20 Oct 2020
3:20 PM MYT
Cambodian Minister of Commerce Pan Sorasak attended the 11th RCEP Intersessional Ministerial Meeting held via video link last week. Commerce Ministry. - The Phnom Penh Post/Asian News Network
PHNOM PENH, Oct 20 (The Phnom Penh Post/ANN): The Regional Comprehensive Economic Partnership (RCEP) is set to be signed next month at the 4th RCEP Summit during the 37th Asean Summit in Vietnam in mid-November, Cambodian Minister of Commerce Pan Sorasak has announced.
Experts said the deal will open a wealth of new market opportunities for Cambodia to diversify its export portfolio and accelerate the inflow of regional investments.
Sorasak attended the 11th RCEP Intersessional Ministerial Meeting held via video link last week. He said all ASEAN ministers present at the meeting acknowledged the strides made towards the RCEP.
“Ministers of ASEAN highly evaluate the efforts of the trade negotiations committee and legal affairs working group which completed their works as planned despite the challenges posed by the Covid-19 pandemic.
“(WeO agreed to have it (the RCEP) signed by the end of the year in hopes that it will create a more modernised, broader and more highly efficient partnership framework that provides economic interests to each member through the expanding regional trade and investment,” he said.
RCEP is set to be the world’s largest free trade agreement (FTA), initially comprising 16 member countries and engaging more than 3.6 billion people, or 48.1 per cent of the world population, Thailand’s The Nation reported on Friday.
The combined gross domestic product (GDP) of RCEP member states was to the tune of US$28.5 trillion last year, or 32.7 per cent of world GDP, and their combined trade was worth more than US$11.2 trillion, or 29.5 per cent of world trade value.
Fifteen countries – with the notable exception of India which withdrew in November last year – will sign the deal. The members have not yet been able to respond to India’s concerns regarding its trade deficit with many of them, according to The Nation.
Besides the 10 Asean member states, the other five partners are China, Japan, South Korea, Australia and New Zealand.
Even without India, RCEP will cover more than 2.2 billion people, or 30 per cent of the world population, a total GDP of more than US$25.6 trillion (29.3 per cent of world GDP) and trade value of more than US$10.4 trillion (27.4 per cent of global trade).
Royal Academy of Cambodia economics researcher Hong Vanak said RCEP is a platform for Asean that was years in the making.
He said the deal will re-orient the trade and investment landscape in the region, encourage commercial exchanges among members and serve as a vital driving engine for the manufacturing sector.
“This means that the countries in the region will enjoy more opportunities to promote exports to other members. At the same time, the RCEP will help to promote trade flow and attract more investments with members to the region.
“Cambodia now is not like it used to be. We have a wide selection of agricultural products on offer in addition to garments and textiles.
“Moreover, it has much more room to entice more regional investment to re-export to other countries that are partners of Asean,” Vanak said. - The Phnom Penh Post/Asian News Network
https://www.thestar.com.my/aseanplu...bodia-rcep-trade-agreement-is-the-way-forward
Looks like South Korean and Cambodian people also very happy with RCEP and China.
Only losers who hate RCEP
