Fresh round of Asia-Pacific free trade negotiations kicked off

The eighth round of negotiations on the Regional Comprehensive Economic Partnership (RCEP) between 16 Asia-Pacific countries was started in Kyoto on June to narrow differences in order to reach a broad agreement by the end of the year.
The eighth round of negotiations on the Regional ComprehensiveEconomic Partnership (RCEP) between 16 Asia-Pacific countries wasstarted in Kyoto on June to narrow differences in order to reach a broadagreement by the end of the year.

During sixdays of talks, officials of from ten member states of the Association ofSoutheast Asian Nations (ASEAN) and six other countries, includingChina, Japan and India will try to reach a consensus on tariffelimination before entering into more detailed negotiations.

Japan and ASEAN member states proposed tariff elimination on 80percent of imports whilst China, India and the Republic of Korea onlyagree on 40 percent in a bid to protect their domestic industries.Australia and New Zealand are also looking for ambitious rates.

The RCEP countries are planning ministerial meetings in the next two months to speed up their negotiations.-VNA

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