Illustrative image (Source: Internet) Hanoi (VNA) – Singaporean Ministerfor Trade and Industry Chan Chung Sing on March 20 expressed his hope that adeal for the Regional Comprehensive Economic Partnership (RCEP) could be sealedlater this year.
Speaking to the US-ASEAN Business Council (USABC)in Washington D.C, Chan said a clearer picture would emerge on the RCEP in Mayfollowing elections in four of its member countries, namely India, Australia,Indonesia and Thailand.
He said gaps are narrowing and the deal islikely to be finalised this year.
According to the minister, RCEP, which wouldbe the world's largest trading pact, has both economic and geostrategicbenefits as it would mark a strong statement about belief in a rules-based and opentrading system.
However, China pushed back the timeline forthe 16-member pact to this year amid sticking points over market access.
RCEP was initiated in November 2012, aiming toestablish an economic platform between 10 ASEAN member states and Australia,China, India, Japan, New Zealand and the Republic of Korea, focusing on tradein goods, services and investment.
If signed, the deal will create the world’slargest free trade area with a nearly 3.5 billion population, accounting for 30percent of the world’s gross domestic product, much bigger than theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The RCEP talks have last six years and 25rounds of negotiations.-VNA
Speaking to the US-ASEAN Business Council (USABC)in Washington D.C, Chan said a clearer picture would emerge on the RCEP in Mayfollowing elections in four of its member countries, namely India, Australia,Indonesia and Thailand.
He said gaps are narrowing and the deal islikely to be finalised this year.
According to the minister, RCEP, which wouldbe the world's largest trading pact, has both economic and geostrategicbenefits as it would mark a strong statement about belief in a rules-based and opentrading system.
However, China pushed back the timeline forthe 16-member pact to this year amid sticking points over market access.
RCEP was initiated in November 2012, aiming toestablish an economic platform between 10 ASEAN member states and Australia,China, India, Japan, New Zealand and the Republic of Korea, focusing on tradein goods, services and investment.
If signed, the deal will create the world’slargest free trade area with a nearly 3.5 billion population, accounting for 30percent of the world’s gross domestic product, much bigger than theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The RCEP talks have last six years and 25rounds of negotiations.-VNA
VNA
