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View all search resultsAsia-Pacific nations get together, looking to advance landmark trade pact
Sixteen nations from across the Asia-Pacific region kicked off on Monday in Nay Pyi Taw the ninth round of talks aiming to produce a deal that would cover 28 percent of the worldâs economy
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ixteen nations from across the Asia-Pacific region kicked off on Monday in Nay Pyi Taw the ninth round of talks aiming to produce a deal that would cover 28 percent of the world's economy.
The congress would seek agreement on goods and service trade and investment, in addition to advanced talks on various technical issues, such as rules of origin, customs procedures and trade facilitation, said Iman Pambagyo, chairman of the trade negotiation committee of the Regional Comprehensive Economic Partnership (RCEP).
Officials working on e-commerce issues were also scheduled to convene for the first time during the meeting, which is to end on Friday, Iman added.
'Our focus is to finish modalities and commence substantial negotiations in the near future, namely to propose offers and requests,' he said in a text message.
RCEP, which is backed by China, covers 10 ASEAN member countries and their six major trading partners ' China, Japan, India, South Korea, Australia and New Zealand ' and is expected to become an integrated market worth US$21.4 trillion by 2025.
The RCEP talks started just a few days after Pacific Rim trade ministers failed to clinch another trade deal backed by the US.
The rival deal, dubbed the Trans-Pacific Partnership (TPP), aimed to be a 21st century trade pact, but ran aground on rows over sensitive issues including market access for automobiles and dairy products and monopoly periods for next-generation drugs. (ika)
