Officials at the 8th RCEP intersessional ministerial meeting in Beijing on August 3 (Photo: VNA) Hanoi (VNA) – Officials of 16 Asia-Pacificcountries have voiced their commitment to accelerating negotiations on theRegional Comprehensive Economic Partnership (RCEP) agreement with the hope offinalising it by November, according to a Thai official.
The RCEP gathers the 10 ASEAN countries,Australia, China, India, Japan, the Republic of Korea, and New Zealand.
Head of the trade negotiations department underthe Thai Commerce Ministry Auramon Supthaweethum said an ASEAN economicministers’ meeting and an RCEP ministerial meeting will be held in Bangkok fromSeptember 3 to 10.
She said ministers will attempt to complete theRCEP negotiations in the hope that this trade pact will help promote tradegrowth in the region amid uncertainties about global growth.
The negotiations began in 2013, and the initialgoal was to wrap them up in 2015. However, the deadline has been postponedrepeatedly, reflecting the challenge in creating what would be the world’slargest free trade area amid the rise of protectionism and the escalatingUS-China trade tension.
According to the Thai department, seven of the 20RCEP topics have yet to be agreed upon, including rule of origin, investmentand intellectual property. It is hoped that progress can be made in those areasduring the September meetings and a deal announced on November 4 when an ASEANleaders’ summit concludes in Bangkok.
Once signed, the RCEP will form the world’slargest free trade area with about 3.5 billion people and 30 percent of theglobal gross domestic product. -VNA
VNA
