ASEAN leaders support efforts to conclude negotiations for the Regional Comprehensive Economic Partnership (RCEP) this year, Thai Prime Minister Prayut Chan-o-cha told a press conference at the end of the 34th ASEAN Summit in Bangkok on Sunday.

"This will help ASEAN handle the changes and uncertainty that will happen in the region going forward, particularly the impacts of trade tension between ASEAN’s important trade partners," he said.

Negotiations began in 2012 on RCEP, which was first proposed by China and envisions the creation of a free trade zone encompassing 45 percent of the world's population and more than a third of its GDP.

RCEP’s 16 signatories include the 10 ASEAN member states and six Asia-Pacific countries – China, Japan, South Korea, India, Australia and New Zealand. ASEAN has existing free-trade agreements with all six countries.

"If we can do this, we will have the bargaining power and a base for negotiation because when combined, we are 650 million people, the largest regional bloc in the world,” the Thai prime minister said.

He also described the RCEP as a tool to boost trade and the economies of the region.

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RCEP at a glance: ASEAN-driven free trade agreement

In the chairman's statement of the summit released on Sunday, ASEAN leaders said they "reiterated our strong commitment to concluding the Regional Comprehensive Economic Partnership (RCEP) negotiations within 2019 to reinvigorate international trade and to maintain ASEAN credibility and centrality."

They also urged the RCEP ministers and officials to redouble their efforts to reach this target and called for relevant ASEAN partners to prioritize the RCEP negotiations and to work with ASEAN to conclude the RCEP negotiations this year.

A special ASEAN Economic Ministers' Meeting on the RCEP was also held during the summit.