RCEP negotiations to be expedited for conclusion by year end

Participating countries of Regional Comprehensive Economic Partnership (RCEP) agreed here Monday that the RCEP Trade Negotiating Committee should expedite the negotiations with a view to substantially conclude the negotiations by the end of 2015 with the remaining technical issues to be resolved as soon as possible in 2016.

During the Third RCEP Ministerial Meeting here, the economic ministers from the 16 RCEP participating countries tasked the RCEP Trade Negotiating Committee to intensify its work on tackling the remaining issues and its work in developing the draft texts of the agreed areas of the RCEP agreement in the lead up to the 10th Meeting of the RCEP Trade Negotiating Committee scheduled for October 12 to October 16 in South Korea.

According to a joint statement released after the meeting, significant breakthroughs have been achieved at this ministerial meeting, and the ministers were encouraged that substantive market access negotiations are to commence soon and that work on draft texts of various chapters has accelerated.

Chinese Vice Commerce Minister Wang Shouwen said China is a firm supporter and pusher of RCEP, adding that if RCEP could be reached, it will have great significance on the regional economic development, employment and mutual investment.

"At the same time, it is also fully aligned with the One Belt, One Road initiative proposed by China," he said.

RCEP, a major trade initiative launched in 2012, involves the 10 ASEAN states, China, India, South Korea, Japan, Australia and New Zealand. Endi