12:39, 02-Jul-2018
RCEP Ministerial Meeting: Signatories vow to reach final deal by year end
Updated
11:44, 05-Jul-2018
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Members of the Regional Comprehensive Economic Partnership -- or RCEP -- say they will agree on an outline for a free-trade deal by the end of the year.
Japan's Trade Minister and his Singaporean counterpart on Sunday said the members of the agreement see it as a chance to show Asia's commitment to defending free trade. Earlier in the day, Japanese Prime Minister Shinzo Abe noted the great potential in the bloc and called for unity among its members to ensure an open market.
SHINZO ABE JAPANESE PRIME MINISTER "If we combine the 16 countries of RCEP, the population would make up half of the world's total, and the GDP would make 30 percent of the world's economy. We carry immense potential.
Now when there is rising concern over protectionism in the world. Now more than ever, all eyes are on Asia to see whether we can stay united and keep carrying the flag of free trade. Let us be united and build a free, rule-based, fair market in this region."