32nd ASEAN Summit: Summit concludes in Singapore, trade tops the agenda

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02:15

The 32nd Association of Southeast Asian Nations, or the ASEAN Summit and related meetings wrapped up in Singapore on Saturday. Trade was one of the major topics being discussed at the meetings. With two mega trade deals in the making, the Southeast Asian nations have decided to negotiate as a community to gain better access. Our correspondent Miro Lu has more.

All 10 ASEAN countries are party to negotiations on the Regional Comprehensive Economic Partnership, a huge Asian free trade deal that will if agreed, include China, Japan, and India, as well as Australia, New Zealand, and South Korea. Singaporean Prime Minister Lee Hsien Loong said at the 32nd ASEAN Summit that all ASEAN leaders wish to complete the RCEP negations by the end of this year.

LEE HSIEN LOONG SINGAPOREAN PRIME MINISTER "We discussed RCEP. I think everybody agrees that it is something urgent which we do want. The fact that we don't have a TPP, we have a CPTPP, has made it more urgent that we proceed with this as a sign that countries in the Asia-Pacific are pressing forward with trade liberalization and are committed to trade liberalization."

ASEAN members Brunei, Malaysia, Singapore, and Vietnam have signed the revised Trans-Pacific Partnership trade deal that US President Donald Trump ditched soon after taking office. Indonesia, ASEAN's largest economy, says it is considering to join the trade pact together with other ASEAN countries.

ENGGARTIASTO LUKITA INDONESIAN TRADE MINISTER "We discussed that we ASEAN, the six ASEAN countries trying to get information from the four ASEAN (countries) which have already joined CPTPP, then afterward, we are trying to make one understanding within the ASEAN countries itself if we are going to join the CPTPP."

MIRO LU SINGAPORE At the ASEAN Summit in Singapore, leaders agree that RCEP and CPTPP will boost economic growth in the Asia-Pacific region and promote a seamless flow of goods, services, and business that will benefit all countries. While the US is pulling back from the free trade, ASEAN is committed to staying together. Miro Lu, CGTN, Singapore.