RCEP Participating Countries Call for Swift Conclusion of Negotiations

Negotiations for the 16-country Regional Comprehensive Economic Partnership (RCEP) are increasingly making progress towards crafting a future trade and investment deal, officials say, though whether talks will be concluded this year as previously envisioned is less clear. The proposed RCEP agreement, for which negotiations commenced in 2012, includes 16 economies in the Asia-Pacific, comprising almost half of the global population and a third of the world’s GDP. The scope of the free trade agreement covers goods, services, and investment, as well as competition, intellectual property rights, and dispute settlement. RCEP ministers held an Intersessional Ministerial Meeting in Cebu, Philippines, from 3-4 November, reviewing the progress made to date along with what steps may be needed to conclude the deal in the near term. The joint statement issued by the ministers at the meeting’s close highlighted challenges facing the global economy, including slow projected growth in world trade – where the WTO figures were recently revised downward – and creeping protectionist sentiments. They also directed their negotiators to ramp up their work in goods and services trade, as well as investment. However, the statement omits any mention of when the group is aiming to conclude the talks. “The ministers, therefore, underscored...