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ASEAN leaders expect breakthrough in RCEP negotiations

Leaders of the Southeast Asian countries met for a second day on November 3 within the framework of the 35th ASEAN Summit and related summits in Thailand, hoping for a breakthrough in the negotiations of the Regional Comprehensive Economic Partnership (RCEP).
ASEAN leaders expect breakthrough in RCEP negotiations ảnh 1The opening ceremony of the 35th ASEAN Summit in Bangkok on November 3 (Photo: VNA)

Hanoi (VNA) – Leaders of the Southeast Asiancountries met for a second day on November 3 within the framework of the 35thASEAN Summit and related summits in Thailand, hoping for a breakthrough in thenegotiations of the Regional Comprehensive Economic Partnership (RCEP).

The ASEAN Summit began on November 2 with one ofits focuses being reaching consensus on the creation of the world's largesttrade deal, which will cover half of the global population and about 40 percentof the world’s commerce.

Negotiations on the RCEP started in 2013 withthe initial target of finalising it in 2015. The pact gathers the 10 ASEANcountries, Australia, China, India, Japan, the Republic of Korea, and NewZealand.

Philippine Secretary Trade and Industry RamonLopez said he hoped to have a very positive report on RCEP on November 4, whenthe summit ends. However, the treaty's signing would happen only within nextyear, with members meeting in February to sort out pending issues on marketaccess.

The RCEP members have concluded negotiations on18 of the around 20 areas but apparently have yet to agree on key fields suchas tariffs, trade in services, market access, and investment./.
VNA
#35th ASEAN Summit#Regional Comprehensive Economic Partnership#RCEP#world's largest trade deal#Southeast Asian countries#negotiations on the RCEP#Vietnamplus#Vietnam News Agency
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