Ministers Vow to Put All Energy into Striking RCEP Deal

July 2, 2018

Tokyo- Trade ministers in the Asia-Pacific region issued a joint statement on Sunday vowing to concentrate their efforts on concluding the ongoing negotiations on the Regional Comprehensive Economic Partnership free trade agreement.

The statement was adopted at the RCEP ministerial meeting held for the first time in Japan.

The minsters and minister-level officials from Japan, the 10-member Association of Southeast Asian Nations, China, South Korea, India, Australia and New Zealand said in the statement that they asked their negotiators to put all their energy into the regional market-opening negotiations so they can produce results by the end of this year.

The participants showed the view that the global trade environment faces serious risks from protectionist moves, such as import curbs by the administration of U.S. President Donald Trump, according to the statement.

They confirmed plans to hold an RCEP summit as early as November after the next ministerial meeting scheduled for August, to achieve an effective agreement within the year, the statement also clarified.

At the Tokyo meeting, Japanese trade minister Hiroshige Seko and his counterpart in Singapore, Chan Chun Sing, cochairs of the meeting, stressed that the RCEP talks can be concluded as envisaged.

It is possible to strike a deal with "the political will" and through frank opinion exchanges, Seko said, expressing his eagerness to pave the way for the agreement.

Making remarks at the outset of the ministerial gathering, Japanese Prime Minister Shinzo Abe said that the RCEP talks are drawing global attention amid increasing concerns over trade protectionism.

The rest of the world is seeing if the negotiating parties can get united to keep raising the banner of free trade, he said, underscoring the importance of creating a fair, free and rule-based market in the region.

At a joint press conference after the meeting, Seko said progress was made in discussions on how to proceed with the negotiations toward conclusion at the end of the year.

Deals should be done on not only tariffs but trade rules, Seko emphasized.

The RCEP negotiations kicked off in May 2013. The member countries have agreed on the promotion of activities of small businesses and economic cooperation. Agreements have yet to be made in 16 other areas.

In the Tokyo talks, some progress was seen in the fields of customs procedures, trade facilitation and intellectual properties, informed sources said. But no new accords were announced after the meeting, from which the Chinese and Indian trade chiefs were absent. Jiji Press