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Negotiations continue as economic ministers consider progress toward RCEP accord in Laos

Xinhua, August 7, 2016 Adjust font size:

Progress on negotiations continued towards a Regional Comprehensive Economic Partnership (RCEP) agreement, with accord still anticipated by the end of 2016, Association of Southeast Asian Nations (ASEAN)'s Deputy-Secretary General for the Economic Community Lim Hong Hin said here Saturday.

The remarks came after economic ministers from ASEAN and their counterparts from dialogue partners met for talks in the Lao capital.

The talks were concluded on Saturday.

Trade negotiators from 16 RCEP countries are set to meet again in Vietnam's Ho Chi Minh City from August 15 to 19, meeting chair Lao Minister of Industry and Commerce Khemmani Pholsena told media at a press conference held at the conclusion of the 48th ASEAN Economic Ministers Meeting in Vientiane.

Not ruling out agreement in time for September's ASEAN Summit and East Asia Summit, which are set to see world leaders converge on the Lao capital, Lim Hong Hin said the upcoming Ho Chi Minh round was one of the six scheduled for 2016 to finalize the free trade agreement which was firstly proposed in 2011.

"It's very difficult to prejudge the outcome, but we have a very clear mandate from the leaders (of respective countries)... that they would like to ask senior officials to finish negotiations by this year," said the deputy secretary-general.

RCEP could potentially transform the region into one of the world's largest free trade areas that comprises over 3 billion people in the 10 ASEAN countries as well as Australia, China, India, Japan, South Korea and New Zealand. Endit