Asia-Pacific countries poised to start free trade talks
Preparations are made to the meeting area inside the prime minister's complex in Bandar Seri Begawan in Brunei yesterday, a day before a meeting by leaders of the Association of Southeast Asian Nations. Photo: AFP
Sixteen Asia-Pacific countries are set to start talks next month on a free trade zone that would cover over half the world's population, according to a document obtained by AFP Tuesday.
The start of negotiations for the Regional Comprehensive Economic Partnership (RCEP) are poised to go ahead despite bitter territorial rifts among planned members, including China, Japan and some Southeast Asian nations.
Leaders of the Association of Southeast Asian Nations (ASEAN), who will meet in Brunei on Wednesday and Thursday, are expected to focus on kickstarting the talks after launching the process last year at a regional summit in Phnom Penh.
The leaders will agree that "the negotiations will commence in May 2013 in Brunei... with a view to completing them by 2015," according to the latest draft of the chairman's end-of-meeting statement that was obtained by AFP.
"We looked forward to the broadening and deepening of existing (free trade agreements) and envisioned the RCEP to be a platform for future trade and investment integration in Asia and the rest of the world," the draft stated, which is prepared by senior officials and could be changed.
A senior Southeast Asian trade official told AFP the first round of RCEP negotiations are expected to start on May 9.
RCEP covers ASEAN's 10 member countries -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam -- as well as Australia, China, India, Japan, New Zealand and South Korea.
It aims to tie together ASEAN's bilateral free trade agreements with each trading partner, but excludes the United States which is leading talks for a rival trade pact called the Trans-Pacific Partnership (TPP).
The TPP currently involves 12 countries: Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
"The RCEP provides an important platform for building trade liberalisation within the Asia-Pacific, which is the world's fastest growing region," Rajiv Biswas, chief regional economist at IHS Global Insight, told AFP.
"The initiative is very important as it includes the three major drivers of emerging markets growth -- China, India and ASEAN."
Potential members have said previously they are keen to make progress towards an RCEP, despite being engaged in diplomatic rows over various rival territorial claims in the region.
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