RCEP ministers agree to push for agreement signing in 2018

Trade ministers from 16 countries negotiating the Regional Comprehensive Economic Partnership (RCEP) in Manila agreed on November 12 to push ahead with signing a deal in 2018, after missing deadlines over the past three years.

The 49th ASEAN Economic Ministers Meeting in Manila. (Source: AFP/VNA)

Speaking to reporters after the meeting, Indonesian Trade Minister Enggartiasto Lukita said RCEP participants agreed to conclude negotiations next year.

Mr. Lukita also said that countries need to be "more realistic and flexible" to narrow differences.
According to another source, it is still unclear whether RCEP leaders will set a new deadline to complete negotiations in 2018 at their meeting in Manila on November 14.

The source said the countries will not be able to reach RCEP soon because China and India do not agree on tariff reduction, while Australia wants more concessions from member countries of the Association of Southeast Asian Nations (ASEAN).

Last September, RCEP economic ministers admitted they would not reach a deal this year.

Previously, RECP countries missed the deadlines twice in 2015 and 2016.

Launched in 2012, RCEP is an agreement between 10 ASEAN members and 6 dialogue partners including Australia, China, India, Japan, South Korea and New Zealand.

Therefore, RCEP is considered an expanded trade agreement between ASEAN and its partners, a trade bloc that accounts for 50% of the world's population and 39% of global gross domestic product (GDP).

The completion of RCEP would lead to the creation of the world's largest trading bloc, giving RCEP the potential to act as a global growth engine.

Unlike the Trans-Pacific Partnership (TPP), RCEP does not require member countries to comply with provisions on labor rights protection or improve environmental standards. But like the TPP, RCEP negotiations have encountered many major obstacles before reaching a final agreement.

According to Vietnam+