CHIANG RAI: Talks on the long-delayed 16-country trade pact that includes Asean and China are expected to be finalised it this year, Finance Minister Apisak Tantivorawong said on Friday.
“The RCEP is very important for this area, especially at a time that protectionism is increasing in this world,” said Mr Apisak, referring to the Regional Comprehensive Economic Partnership (RCEP).
“I’ve heard that we will finalise [it] by November this year,” he told a news conference after a meeting of Asean finance ministers and central bank governors in Chiang Rai.
“Hopefully we can conclude by the end of the year,” added Asean secretary-general, Lim Jock Hoi.
Negotiations began in 2012 for the RCEP, which envisions the creation of a free trade zone encompassing 45% of the world’s population and more than a third of its GDP. Participants had set a deadline of late 2015 for signing the agreement, but talks have dragged on for years amid numerous disagreements over market access and protected sectors.
In addition to the 10 Asean members, the RCEP includes China, Japan, India, South Korea, Australia and New Zealand.
In a joint statement, the Asean ministers said the bloc was committed to international trade and investment as key engines of growth and development.
“We reiterate our commitment to the pursuit of an integrated Asean to support economic growth and strengthen financial stability in the region amid heightened uncertainties arising from trade tension and policy adjustments of advanced economies,” it said.