WORLD RCEP negotiations make major breakthrough

WORLD

RCEP negotiations make major breakthrough

Xinhua

12:56, November 04, 2019

VCG111257290241.jpg

Photo: VCG

BANGKOK, Nov. 4 (Xinhua) -- Negotiations on the Regional Comprehensive Economic Partnership (RCEP) have made a major breakthrough, according to leaders attending the 22nd ASEAN-China, Japan and South Korea leaders' meeting here Monday.

Addressing the meeting, Chinese Premier Li Keqiang noted that 15 member states of the RCEP have concluded all text negotiations and essentially all market access negotiations.

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, said Li.

The latest progress, added the premier, 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-South Korea free trade area and move towards the goal of building an East Asian economic community," said Li.

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, or the Association of Southeast Asian Nations, 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.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue