PHNOM PENH: The 21st ASEAN Summit and its related meetings kicked off in the Cambodian capital Phnom Penh on Sunday with an opening ceremony officiated by the country's premier, Hun Sen.
ASEAN's leaders are expected to ensure that the ten-member grouping plays a collective role in riding out the current economic uncertainties facing the world.
One such initiative to boost the grouping's competitiveness is the launch of the Regional Comprehensive Economic Partnership (RCEP).
According to trade officials, the RCEP is a 16-party Free Trade Agreement between the 10 ASEAN members and its current FTA partners - Australia, China, India, Japan, Korea and New Zealand.
Negotiations for the RCEP are expected to start in 2013 and conclude by end-2015.
ASEAN's leaders believe that the RCEP would lead to greater economic integration and strengthen economic co-operation among the countries involved, especially when it has a potential to transform the region into an integrated market of more than three billion people (over 45 per cent of the world's population), with a combined GDP of about US$17.23 trillion, which is about a third of the world's current annual GDP.
Singapore's Trade and Industry Ministry said the Republic is taking part in the RCEP as it enhances access to a huge potential market that will bring benefits to both businesses and consumers in the participating countries.
A second major development at the Phnom Penh summit is the adoption by its leaders of the ASEAN Human Rights Declaration. The declaration is expected to cover rights in the areas of social, political, economic and cultural aspects and also the rights of women in ASEAN society.
The ASEAN Institute of Peace and Reconciliation (AIPR) was also launched on Sunday. Funds for the for the institute will be contributed by ASEAN member states.
The AIPR was initiated by Indonesia, which is aimed at reviewing ASEAN cooperation and contributing to the peace and reconciliation in the region.
-CNA/ac
21st ASEAN Summit kicks off in Phnom Penh
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21st ASEAN Summit kicks off in Phnom Penh
