MANILA :The
Regional Comprehensive Economic Partnership (RCEP), a proposed trade pact
involving 16 countries including China, Japan and the 10 members of the
Association of Southeast Asian Nations (ASEAN), will not reach an agreement in
2017, a ministerial meeting in Manila concluded on Nov. 12.Negotiations began
in 2013 will now carry on into 2018. The ministerial meeting was held ahead of
a leaders'' talk scheduled for Nov. 14 in the Philippine capital.
Japan''s trade minister Hiroshige Seko told reporters that there are still many
issues to discuss before coming to an agreement. Going forward, he suggested
holding more frequent bilateral talks focused on specific areas in order to
speed up the negotiating process.Member states had hoped to reach an agreement
this year. China in particular wanted a rapid conclusion to the talks, while
Japan and Australia are seeking a high-quality deal covering services and
investment rather than just lowering tariffs for trading goods.
Meanwhile, Japan and ASEAN reached a final accord on an economic partnership agreement
that covers investment and services. The ASEAN-Japan Comprehensive Economic
Partnership will ease restrictions on foreign investment and is expected to
improve trade in financial and telecommunications services.The conclusion to
those talks came during a ministerial meeting held in Manila on Nov. 12.
Japan''s Seko told reporters that Tokyo hopes to sign the pact in early 2018 and
see it come into effect as soon as possible.
Japan is a major ASEAN trading partner and has bilateral trade deals with many
of its member countries. The new pact will make investment and trade easier for
Japanese firms in industries other than manufacturing, such as retail and
finance.
Source: The Wall Street Journal Wednesday, 15 November 2017