Jurin wants RCEP deal by Nov meet

Sixteen nations under the Regional Comprehensive Economic Partnership (RCEP) have vowed to conclude negotiations on a long-awaited free trade agreement by the end of this year, says Commerce Minister Jurin Laksanawisit.

Speaking after the RCEP Ministerial Meeting in Bangkok on Saturday, Mr Jurin said there are only “20 days to get things done” before the next country leaders’ meeting, which will again be held in Bangkok on Nov 4.

The minister said he is confident that all participants to the RCEP — which comprises 10 Asean nations plus China, Japan, South Korea, India, Australia and New Zealand — will be able to reach a deal to reduce trans-boundary trade barriers by early November.

“The outcome of the negotiations will be forwarded to the countries leaders’ to be announced at the [Nov 4] summit,” said Mr Jurin.

Trade negotiators from 16 countries have locked horns over issues concerning the pact’s 20 chapters for several years. Six remaining chapters have yet to be agreed on — namely trade competition rules, and measures to mitigate the negative side-impacts of RCEP, which seeks to deepen economic relationships between its signatories through free trade.

“The talks have so far led to the freeing up of 80.4% of the markets [across 16 countries],” Mr Jurin said. “We’ll further negotiate to free up 3.6% more.”

Free trade has been a sensitive issue throughout the RCEP negotiations. Slow progress has been made since their initiation in 2012, mainly due to the lack of free trade agreements (FTAs) between some partners, such as between China and Japan and India and China. Once the RCEP comes to effect, its agreement will cover nearly half of world’s population, or about 3.5 billion people.