Talks on RCEP trade pact taking 'much longer than usual', but set for 2019 completion
SINGAPORE: Negotiations on the Regional Comprehensive Economic Partnership (RCEP) have taken “much longer than usual” but the 16-member trade pact is poised for conclusion in 2019, said Singapore’s Prime Minister Lee Hsien Loong on Wednesday (Nov 14).
Speaking at the start of the 2nd RCEP Summit held as part of the 33rd ASEAN Summit and related meetings in Singapore, Mr Lee said member countries have been dealing with the “unique challenges of negotiating a mega free trade agreement”, though the complexities are not unexpected.
Advertisement“Complexities are expected as we are a group of diverse economies. For a number of us, this will be our first FTA with each other,” he said.
“But when concluded, the benefits will be equally substantial … It will send a clear and strong signal of our commitment to multilateral trade.”
As such, he urged member states to “press on and make as much progress as possible”.
[h=3]READ: China calls on ASEAN to work together on trade, South China Sea[/h] AdvertisementAdvertisementHe noted that with talks entering its sixth year, further prolonging of negotiations will put RCEP at risk of losing credibility and support from stakeholders, as well as missing a major opportunity to bring tangible benefits to businesses and citizens.
Nevertheless, he said “substantial progress” has been made this year to advance negotiations.
Five more chapters have been concluded, bringing the total number of concluded chapters to seven, said Mr Lee.
“Significant breakthroughs” have also been secured in the rules-based chapters, he added. “As it stands, the RCEP agreement contains significant improvements above the existing ASEAN+1 FTAs.”
“Market access negotiations have advanced substantially, bringing us closer to finalisation next year.”
[h=3]READ: ASEAN, China economies need to stay connected to build on positive momentum: PM Lee[/h]Noting that negotiations are at the “final stage”, Mr Lee said: “With the strong momentum generated this year, I am pleased to note that the RCEP negotiations are poised for conclusion in 2019.”
Apart from the 10 member countries of the Association of Southeast Asian Nations (ASEAN), other RCEP signatories include China, Japan, South Korea, India, Australia and New Zealand. When inked, RCEP will form the world’s largest trading bloc, making up a third of global gross domestic product.
Progress on the proposed trade pact has been closely watched amid bickering over trade between China and the United States, the world’s two biggest economies.
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SINGAPORE: Negotiations on the Regional Comprehensive Economic Partnership (RCEP) have taken “much longer than usual” but the 16-member trade pact is poised for conclusion in 2019, said Singapore’s Prime Minister Lee Hsien Loong on Wednesday (Nov 14).
Speaking at the start of the 2nd RCEP Summit held as part of the 33rd ASEAN Summit and related meetings in Singapore, Mr Lee said member countries have been dealing with the “unique challenges of negotiating a mega free trade agreement”, though the complexities are not unexpected.
Advertisement“Complexities are expected as we are a group of diverse economies. For a number of us, this will be our first FTA with each other,” he said.
“But when concluded, the benefits will be equally substantial … It will send a clear and strong signal of our commitment to multilateral trade.”
As such, he urged member states to “press on and make as much progress as possible”.
[h=3]READ: China calls on ASEAN to work together on trade, South China Sea[/h] AdvertisementAdvertisementHe noted that with talks entering its sixth year, further prolonging of negotiations will put RCEP at risk of losing credibility and support from stakeholders, as well as missing a major opportunity to bring tangible benefits to businesses and citizens.
Nevertheless, he said “substantial progress” has been made this year to advance negotiations.
Five more chapters have been concluded, bringing the total number of concluded chapters to seven, said Mr Lee.
“Significant breakthroughs” have also been secured in the rules-based chapters, he added. “As it stands, the RCEP agreement contains significant improvements above the existing ASEAN+1 FTAs.”
“Market access negotiations have advanced substantially, bringing us closer to finalisation next year.”
[h=3]READ: ASEAN, China economies need to stay connected to build on positive momentum: PM Lee[/h]Noting that negotiations are at the “final stage”, Mr Lee said: “With the strong momentum generated this year, I am pleased to note that the RCEP negotiations are poised for conclusion in 2019.”
Apart from the 10 member countries of the Association of Southeast Asian Nations (ASEAN), other RCEP signatories include China, Japan, South Korea, India, Australia and New Zealand. When inked, RCEP will form the world’s largest trading bloc, making up a third of global gross domestic product.
Progress on the proposed trade pact has been closely watched amid bickering over trade between China and the United States, the world’s two biggest economies.
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