High powered officials team visit Indonesia in bid to join RCEP

Wednesday, 28 June 2023 00:20 - - {{hitsCtrl.values.hits}}

A team of senior officials of the Government of Sri Lanka concluded a successful Fact Finding Mission to Jakarta, Indonesia to explore avenues for early entry into Regional Comprehensive Economic Partnership (RCEP) from 12 to 14 June 2023. Sri Lanka’s strong interest to enter into RCEP was well received by the ASEAN Secretary General Dr. Kao Kim Hourn, ASEAN Deputy Secretary-General Satvinder Singh, Senior Officials of the ASEAN Secretariat, Indonesian Government officials and a number of Ambassadors of RCEP in Jakarta, during the Mission.

It was the first ever Fact Finding Mission to RCEP by any country after it entered into force on 01 January 2022. Senior Advisor to the President Dr. R.H.S. Samarathunga led the Sri Lankan delegation to the ASEAN Secretariat, the current depository of the RCEP. The RCEP is a collection of ten-member ASEAN countries and its five partners; Australia, China, Japan, New Zealand and Republic of Korea.

RCEP comprises a diverse mix of developed, developing and least developed economies of the region. It covers a market of 2.3 billion people, or almost 30% of the world’s population, with a combined GDP of $ 29.3 trillion or about 30% of global GDP, and accounts for nearly 28% of global trade, based on 2021 statistics.

During the meetings with Secretary General and Deputy Secretary General of ASEAN for the ASEAN Economic Community, the significance of the economies of ASEAN and RCEP member States and the opportunities generated within the group for further economic integration for developing countries were highlighted. Both parties also discussed the formalities of the accession procedure and way forward for early agreement. Sri Lankan delegation had the opportunity to meet with Ministry of Trade ASEAN Trade Negotiation Director Dina Kurniasari and Ministry of Foreign Affairs of Indonesia ASEAN Cooperation Director General Sidharto R. Suryodipuro. Both officials discussed the opportunities available for the two countries to enhance trade, investments, and strengthen further economic cooperation. Sri Lanka delegation also met some of the Ambassadors of the ASEAN including from Brunei, Cambodia, China, Japan, Singapore and Thailand. It was a good opportunity to share Sri Lanka’s intentions and seek their support to reach a potential agreement with RCEP.

International Trade Office (ITO) Chief Negotiator K. J. Weerasinghe, Additional Secretary to the Presidential Secretariat S.W.C. Jayamini, and Ministry of Foreign Affairs Acting Director General/Economic Affairs Chandana Weerasena were part of the delegation from Sri Lanka. Sri Lanka Ambassador to Jakarta Admiral (Rtd.) Prof. Jayanath Colombage, Counsellor (Defence) Capt. A.A.C. Karunasena and Second Secretary (Commercial) of Sri Lanka Embassy in Jakarta Heshani Kaushalya joined the delegation from Indonesia.