ASEAN ministers discuss completion of biggest multilateral trade deal

The conclusion of negotiations for the Regional Comprehensive Economic Partnership (RCEP) at the end of this year and the completion of the ASEAN Single Window (ASW) were high on the agenda at the 25th ASEAN Economic Minister Retreat (AEM Retreat) in Phuket, Thailand on Tuesday.

Once the negotiations are successful, the RCEP will become the biggest multilateral trade deal involving 10 ASEAN countries along with China, India, Japan, the Republic of Korea, Australia and New Zealand, making up 28% of the global GDP and 30% of world trade.

The ASW aims to unify the single window systems of ASEAN countries for faster customs clearance and streamlined procedures for trans-national trading. Thanks to the ASW, the waiting time for goods at the border can be reduced to only three days instead of 10.

Source: VOV5