Thailand vows to push ahead the proposal to launch negotiation of the Regional Comprehensive Economic Partnership (RCEP), aiming to introduce the idea to leaders at the Asean Summit even as the latest senior official meeting in South Korea failed to produce a negotiation framework.
Ronnarong Phoolpipat, deputy director-general of the Commerce Ministry's Trade Negotiation Department, said senior officials from interested RCEP countries met last month in Seoul and hoped to decide on a time frame for negotiations at the summit held in the Philippines Nov 13-14.
Several countries are still worried about protecting their manufacturing and agriculture sectors, creating only short lists of goods to be included in the tariff cuts, making it harder to start the RCEP free trade zone.
"Thailand is maintaining its stance of encouraging leaders of Asean and six partner countries to agree on the start of RCEP negotiations although we have not decided on a negotiation framework," said Mr Ronnarong.
He said if leaders can agree, it would pave the way for initial cooperation that could finally lead to the start of the negotiation with some flexibility, although neither a no-tariff-cut timeline nor negotiation framework has been set up.
The RCEP is a proposed free trade agreement between the 10 Asean members and six other states the bloc has free trade deals with: Australia, China, India, Japan, South Korea and New Zealand.
Many countries have expressed interest in becoming members of RCEP, but all have their concerns about the number of items to be included in the tariff cuts.
Mr Ronnarong said if all parties agreed to initiate the RCEP, it would be the world's largest trade bloc, with total trade value worth up to US$9.7 trillion (322 trillion baht) a year, accounting for 29% of global trade value.
In 2016, Thai exports to RCEP countries were worth $119 billion, equivalent to 55% of total exports, while imports from RCEP countries were worth $123 billion, or 63% of the total.
At the Asean Summit, leaders of every RCEP member country are due to deliver speeches for about three minutes. Prime Minister Prayut Chan-o-cha is expected to encourage all members to agree on the proposal to start negotiation.
"Thailand wants RCEP to be a trading platform where all parties can share profits together and no one is left behind," said Mr Ronnarong.