Heads of 16 nations agree to work for reaching RCEP pact in 2018

November 15, 2017

Manila (Jiji Press)--Leaders of Japan, China, South Korea and 13 other nations agreed on Tuesday to make efforts for reaching an accord on the proposed Regional Comprehensive Economic Partnership free trade pact among them next year.

At their first summit, held in Manila the same day, the 16 countries officially decided to give up effectively concluding the RCEP negotiations within this year although the Association of Southeast Asian Nations aimed to wrap up the talks by the end of December.

In a joint statement issued after the summit, the leaders said, "We hereby instruct our ministers and negotiators to intensify efforts in 2018 to bring the RCEP negotiations to conclusion, and resolve to ensure they have the necessary support to achieve this outcome."

The 13 other participating countries are Australia, New Zealand, India and the 10 ASEAN members--Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The meeting was chaired by Philippine President Rodrigo Duterte

"Japan aims to play a leading role for an early conclusion of a high-standard RCEP," Japanese Prime Minister Shinzo Abe said, while citing a broad accord on the new Trans-Pacific Partnership free trade deal that Japan and 10 other countries reached last week, after the United States withdrew from the original 12-nation TPP early this year.

Discussions on at least two of the 18 fields covered in the RCEP talks--economic and technical cooperation, and small and medium enterprises--have been settled, according to sources familiar with the negotiations.

On trade liberalization, however, India and China, which put priority on protecting domestic industries, and nations, including Japan and Australia, which are seeking high levels of free trade, still remain apart.

Apparently keeping in mind developing members, the leaders said in the joint statement that the RCEP "should take into consideration the different levels of development of the participating countries, and include appropriate forms of flexibility including provision for special and differential treatment."

They also agreed that industrialized members will provide technical assistance to developing member nations. The 16 nations started the RCEP negotiations in May 2013. Jiji Press