Myanmar president says RCEP to promote ASEAN integration

NAY PYI TAW, Nov. 11 (Xinhua) -- Myanmar President U Thein Sein said on Tuesday that the Regional Comprehensive Economic Partnership (RCEP) will significantly contribute to the regional integration inside and beyond the Association of Southeastern Asian Nations (ASEAN).

"RCEP links the economies of our region from India in the west to China, Japan and South Korea in the east and down south to New Zealand and Australia," Thein Sein said in his opening remarks at an ASEAN business and investment summit.

"The ongoing free trade regime will be operational among 16 countries with a combined population of 3 billion people and a combined GDP of around 17 trillion U.S. dollars," he said.

The RCEP has an estimated potential of making up 40 percent of global trade, the president said.

The RCEP is a free trade agreement (FTA) scheme of the 10 ASEAN members and its six FTA partners - India, China, Japan, South Korea, New Zealand and Australia, which is to be concluded by the end of 2015.

The RCEP negotiations kicked off in May 2013 in Bandar Seri Begawan, Brunei. Five rounds of talks have been held so far.