JASMINE SEIKO C BALANCIO

BSP 1-4

CONTEMPORARY WORLD

Reaction Paper about Joint Media Statement of the Inaugural RCEP Ministers’ Meeting 17
September 2022, Siem Reap, Cambodia.

A important turning point in the history of the Regional Comprehensive Economic

Partnership is the Joint Media Statement of the First RCEP Ministers' Conference, which
took place on September 17, 2022, in Siem Reap, Cambodia (RCEP). I find this media
statement to be quite intriguing and educational as a college student studying economics
and international relations. The Regional Comprehensive Economic Partnership (RCEP)
was signed by fifteen nations in the Asia-Pacific region, including China, Japan, South Korea,
Australia, New Zealand, and ten ASEAN members. By lowering or eliminating tariffs,
customs charges, and other trade restrictions, this pact attempts to encourage trade and
investment between member nations. As a student of economics, I have researched the
positive effects that free trade agreements like the RCEP can have on the participating
nations, including boosted regional collaboration, job creation, and economic progress. The
media release summarizes the RCEP agreement's implementation status since it was signed
in November 2020. It's fascinating to note that eight other nations are currently in
advanced stages of ratification, with six countries having already finished the process.
Given the complexity and diversity of the participating nations, this is a noteworthy
accomplishment. I am a student of international relations, so I am aware of how difficult it
may be for nations with various political, social, and economic systems to cooperate and
reach a trade agreement. The declaration also emphasizes the RCEP members' dedication
to advancing free and open trade and investment, bolstering regional supply chains, and
fostering equitable and sustainable economic growth. As a student of international
relations, I am aware of the possible difficulties that can occur when nations with various
levels of political and economic development join together to create a trade agreement. To
encourage more economic integration and cooperation in the Asia-Pacific region, the RCEP
members' dedication to making sure that the benefits of the agreement are distributed
fairly across member nations and their populations is crucial. The RCEP's role in fostering
regional economic integration and collaboration is further emphasized in the media
release, particularly in light of contemporary global issues like the COVID-19 pandemic,
climate change, and rising protectionism. As an economics student, I have gained
knowledge about the COVID-19 pandemic's effects on the world economy and the value of
regional cooperation in resolving this catastrophe. A positive development that will help
the member nations as well as the global economy as a whole is the RCEP members'
commitment to cooperating to address these issues and rebuild better. Overall, as a college
student studying contemporary world and international relations, I believe that the Joint
Media Statement of the First RCEP Ministers' Meeting is a step in the right direction for the
development and implementation of the RCEP agreement. The promotion of deeper
economic integration and collaboration in the Asia-Pacific area as well as the handling of
global concerns like the COVID-19 pandemic and climate change are made possible by this
important step. I'm eager to see the RCEP's development and the effects it has on the local
and global economies.