Asia-Pacific leaders hope work on China-led free trade deal will 'intensify', with 2016 deadline discussed
After 10 rounds of official talks and four ministerial meetings, the group failed to wrap up by their earlier targeted deadline that is the end of this year.
Leaders from 16 Asia-Pacific countries agreed have agreed to push for the conclusion of a massive China-led regional free trade deal in 2016.
The 10-member Association of Southeast Asian Nations (Asean) and China, Japan, South Korea, Australia, New Zealand and India have been negotiating for a trade pact known as the Regional Comprehensive Economic Partnership (RCEP) since May 2013.
But after 10 rounds of official talks and four ministerial meetings, the grouping failed to wrap up by their earlier targeted deadline that is the end of this year.
In his speech before the release of a joint statement yesterday, Malaysian Prime Minister Najib Razak said they have resolved issues on modalities for market access for trade, services and investment.
"However, considering the challenges faced and the value of constructive engagements, more time is needed to conclude the negotiations," Najib told an audience that included leaders from RCEP countries there to attend the regional summit. "Hence, we the leaders of RCEP participating countries, agree to allow negotiations to continue and request our negotiators to intensify their efforts to con-clude and achieve a mutually beneficial and high-quality agreement in 2016."
The statement said that, with half of the world's population and almost 30 per cent of the world's output and trade, the RCEP offers "immense potential to improve standard of living for billions of people."
