Globalization still the trend

Leaders attending the 34th summit of the Association of Southeast Asian Nations in Bangkok, Thailand, on Saturday and Sunday reached a consensus on wrapping up the negotiations on the Regional Comprehensive Economic Partnership this year.

The RCEP is a proposed free trade agreement between the 10 member states of ASEAN along with China, Japan, the Republic of Korea, Australia, New Zealand and India, with which ASEAN has existing free trade agreements. If inked, the RCEP will cover nearly half of the world's economy.

ASEAN sees the agreement as a response to the rise of protectionism and a means to revitalize regional trade. In the statement released after the summit, it reiterated its support for a multilateral trade system that is inclusive, transparent and rules-based, and expressed its concerns about the damage being done to the global economy and international trade by the protectionism and unilateralism of the United States.