16 countries give up RCEP deal this year

September 12, 2017

MANILA- Sixteen Asia-Pacific countries, including Japan, have effectively given up their target of concluding their negotiations on a proposed Regional Comprehensive Economic Partnership free trade pact within this year.

At a closely watched meeting in Manila on Sunday, ministers from the 16 countries adopted a joint statement saying only that they "agreed to make utmost effort to achieve significant outcomes of the RCEP by the of 2017 to bring negotiation closer to its successful conclusion."

Countries such as Japan, which hope to achieve a high-standard deal including trade and investment rules, remained at odds with nations seeking an early conclusion of the negotiations.

Discussions on rulemaking were insufficient compared with those on tariffs, Japanese trade minister Hiroshige Seko told the meeting, adding that the talks were not balanced.

After Seko's remarks, a minister from a member of the Association of Southeast Asian Nations admitted that the time was limited for discussions on rules, including on the protection of intellectual property rights and the facilitation of trade procedures, helping weaken the momentum for concluding a deal within this year, according to sources with access to the meeting. Jiji Press