Asia ministers in push for China-led free trade pact

HANOI: Asian trade ministers met Monday to hammer out the terms of a massive China-led pact that has taken centre stage as Washington pulls away from regional free trade deals in favour of bilateral

- prehensive Economic Partnership largest free trade agreement in the world, covering about half of its

It notably excludes the United States, which had been leading another regional trade pact -- the until US President Donald Trump abruptly abandoned it in January

At a meeting in Hanoi on Monday, the 19th time RCEP negotiators have met, the rhetoric in favour of free trade stood in stark contrast to Trump’s “America First”

“In the context that protectionism is emerging in a number of major economies in the world, we believe that the conclusion of the RCEP Agreement negotiations will convey a clear and consistent message of the opening-up and economic integration-enhancing policy of the countries in the region,” said Vietnam’s Trade Minister Tran Tuan Anh, who was

Apart from Beijing, the planned RCEP pact would group the 10 members of the Association of Southeast Asian Nations plus India, Japan, South Korea, Australia

The deal has gained attention since the US pullout from the TPP, which was billed as the world’s biggest trade pact when it was signed

Under then-US president Barack Obama it was sold to American allies as a unique opportunity to seize the initiative on worldwide trade -- and ensure China does not get to

On Sunday in Hanoi the 11 remain- ing TPP nations vowed to resuscitate eager to lock in future free trade and strengthen labour and environmental rights despite the loss of the world’s

But Beijing is now keen to use Washington’s rejection of TPP to build enthusiasm for its own deal

RCEP is a more modest deal that prescribes lower and more limited

China is also pushing a major global infrastructure and investment drive called the One Belt, One Road initiative, which aims to revive ancient land and sea trade