World’s biggest trade deal gets nod 
2019-11-05
THE world’s biggest trade deal is likely to move forward, diplomats and officials said yesterday, as negotiators pushed to finalize the sprawling Asian pact backed by China.
The Regional Comprehensive Economic Partnership includes 30 percent of global GDP and half of the world’s people.
Addressing the 22nd ASEAN-China, Japan and South Korea (10+3) leaders’ meeting, Chinese Premier Li Keqiang noted that 15 member states of the RCEP have concluded all text negotiations and essentially all market access negotiations.
However, “India has significant outstanding issues, which remain unresolved,” according to a joint statement issued after the summit, adding “all RCEP participating countries will work together to resolve these outstanding issues in a mutually satisfactory way.”
That is a major breakthrough in the construction of an East Asia free trade area, which would boast the largest population, most diversified membership and greatest potential for development, Li said.
The latest progress, the premier added, will certainly promote the process of regional economic integration, safeguard free trade and boost market confidence.
“On this basis, we are willing to accelerate negotiations on the China-Japan-Republic of Korea free trade area and move towards the goal of building an East Asian economic community,” Li pledged.
Leaders attending the meeting highly appreciated the major breakthrough in RCEP negotiations, and pledged to sign an agreement in 2020, so as to promote regional trade and investment liberalization and facilitation.
Initiated in 2012 by ASEAN, the RCEP is a proposed regional free trade agreement between the 10 member states of ASEAN and its six partners — China, Japan, South Korea, Australia, New Zealand and India.
Once in operation, it will become the world’s largest free trade agreement, covering 32.2 percent of global GDP and 3.5 billion people, or almost half of the world’s population.
RCEP economies account for 29.1 percent of global trade and about one-third of global investment inflows.
Li said the international landscape undergoes profound and complicated changes, the world is facing economic slowdown and growing protectionism, bringing new risks and challenges to the development of East Asian countries.
“The 10+3 countries have the duty to strengthen solidarity and coordination to jointly guard against risks and challenges, and to inject new driving force into the stable growth of regional and global economy,” said the premier.
Li also called for joint efforts to support regional connectivity, enhance regional financial cooperation, promote sustainable development and deepen people-to-people and cultural exchanges.
