Economic ministers of ASEAN countries stand together at the opening ceremony. (Photos: Zhang Zhiwen)

Singapore (People’s Daily) – The world’s largest trading bloc agreement might be reached by the end of the year, which could strengthen economic linkages among 16 countries as well as enhance trade and investment, Singapore prime minister Lee Hsien Loong said Wednesday.

At the opening ceremony of the 50th ASEAN Economic Ministers Meeting and related Meetings hosted by Singapore as ASEAN annual chair, Lee said the Regional Comprehensive Economic Partnership (RCEP) covers a third of the world's gross domestic product (GDP), and brings tangible benefits to people and partners of its members. RCEP negotiations have reached a critical stage, Lee said, and after a great deal of work, the possibility of substantively concluding the RCEP negotiations is finally in sight.

Singaporean prime minister Lee Hsien Loong speaks at the opening ceremony.

Lee encouraged RCEP countries to take a long-term view, sustain the momentum, encourage constructively with maximum flexibility so that "we can deliver a high quality RCEP Agreement this year."

Lee's remarks also focused on concerns over rising protectionism in the world, saying ASEAN must continue to support an open and inclusive multilateral system, and work with like-minded partners to deepen cooperation. "An open and economically integrated ASEAN will be a more attractive and valuable partner to other economies," he said. 

ASEAN has averaged a 5.4 percent GDP growth, and is projected to becoming the fourth-largest economy in the world by 2030. "The ASEAN Economic Community (AEC) is one of the successful economic groupings in the world, and a prime example of how a untied ASEAN is much larger than the sum of its parts," Lee said.

Chan Chun Sing gives opening remarks at the opening ceremony.

Chan Chun Sing, Singapore Minister for Trade and Industry, said the past two years have posed a challenge to ASEAN and the multilateral trading system as a whole. "It is clear that trade openness can no longer be taken for granted and it has never been more important for ASEAN to stand united in support of an open, rules-based multilateral trading system."

To shape ASEAN into a cohesive organization capable of adapting to a more complex and uncertain global environment and an economic bloc preparing to capitalize on future opportunities, ASEAN member states have made headway this year, such as the ASEAN Single Window in January 2018 for first five exchange-ready member states, the Digital Trade Standards Cooperation Initiative, and the ASEAN Declaration on Cruise Tourism. "These achievements are testament to ASEAN's unwavering vision and commitment to create a more integrated AEC for the continued prosperity of our businesses and people," Chan said.