The Association of South East Asian Nations (ASEAN) is looking for stronger economic cooperation with China, Japan and South Korea. The ongoing trade tensions among major economies and the rise of new technologies and the digital economy require deeper economic ties between. ASEAN and those three countries are therefore aiming to strengthen their economic ties. The meetings that took place between the ASEAN economic ministers and China, Japan and Korea assessed the progress made so far in economic relations. They discussed possible new areas of collaboration and the worked out the ASEAN Plus Three Economic Cooperation Work Programme for 2019-2020.
In the context of the ASEAN economic Ministers meeting ASEAN is working with China, Japan and Korea to push forward the negotiations for the Regional Comprehensive Economic Partnership (RCEP). ASEAN has already concluded free trade deals with these countries and they are also involved in the negotiations for the RCEP, a trade pact that will also include Australia, New Zealand and India.
During the meeting of ASEAN economic ministers that ended on 1 September 2018 the 6th Regional Comprehensive Economic Partnership Ministerial Meeting took place. The negotiations in relation to the RCEP have reached an important point and could be concluded by the end of 2018. When the RCEP agreement is in place it will cover around a third of global GDP. The RCEP agreement builds on the ASEAN Plus One free trade agreements (FTAs) that are already in place with a number of countries in the region.
