The 16-nation Regional Comprehensive Economic Partnership (RCEP) today expressed confidence about concluding discussions on a trade agreement next year provided a consensus is reached on some contentious issues.
The 16-nation Regional Comprehensive Economic Partnership (RCEP) today expressed confidence about concluding discussions on a trade agreement next year provided a consensus is reached on some contentious issues.
The RECP is touted to be the largest trade pact among 16 nations - 10 ASEAN member-states, plus India, Australia, China, Japan, New Zealand and South Korea - which together control a quarter of the USD 75 trillion global economy.
Addressing the media, Iman Pambagyo, the chair of the 19th RCEP trade negotiations committee, said "I am optimistic (of concluding the talks). I keep on saying that we can fix the finishing line. I remain positive. This negotiations could be concluded sometime in 2018 provided the countries accept some more flexibility to help address issues.
The 19th round of negotiations of the RECP trade agreement began here on July 17 and will end July 28. The talks started in Phnom Penh, Cambodia, in November 2012.
"The last round of talks in 2017 will be help in October. Before that, we have ministerial meeting in September in the Philippines," he said.
On the impact of the current border stand-off between India and China on the negotiations, he said the row will have no bearing on the ongoing talks.
"What I could say, frankly those are non-trade issues.
Those non-economic issues do not intervene into our process of negotiations and RCEP agreement. I think China has been quite constructive and India is also equally constructive," said the RCEP trade negotiating committee chief.
On the 'One Belt One Road' initiative launched by China to link Asia with Europe, the Indonesian official said it has nothing to do with legal commitments in terms of market integration, though there would be some cooperation from the Asia's biggest economy in terms of money to fund this project.
New Delhi has stayed away from the past talks on this mega project driven solely by Beijing.
According to him, the discussions are broadly categorised into two issues -- market access and the rules to govern them.
"We've concluded the chapter on economic and technical cooperation and we've also concluded on small and medium enterprises. We are near to conclude talks on competition," said Pambagyo.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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