The Regional Comprehensive Economic Partnership (RCEP) ministers have concluded two additional chapters at the negotiations, according to a Singaporean government press release issued Saturday.
One chapter is on Customs Procedures and Trade Facilitation, and the other is about Government Procurement, according to the press release of the Ministry of Trade and Industry of Singapore, which assumes the rotating chairmanship of ASEAN (Association of Southeast Asian Nations) this year.
The conclusion of the two chapters has brought the total concluded chapters to four.
The 6th RCEP Ministerial Meeting was held here from Aug. 30 to Aug. 31 on the sidelines of the 50th ASEAN Economic Ministers' Meeting and Related Meetings.
The RCEP ministers acknowledged that negotiations have reached a critical and most challenging phase and that considerable work remains to be done. Officials will continue to intensify negotiations towards a substantial conclusion, said the press release.
Singaporean Minister of Trade and Industry Chan Chun Sing, as chairperson of the ASEAN Economic Ministers in 2018, said that amidst immense challenges brought by rapid technological changes and stresses to the global trading system, "we have chosen to remain unified because we recognize that as an integrated region, we offer so much more to our trading partners than any member state acting alone."
Expanding ASEAN's economic partnerships will open up new growth frontiers in the global economy for the businesses and people in ASEAN, bringing about prosperity for all, the minister added.
Chan has urged relevant parties to strive to reach a final agreement on RCEP by the end of this year.
The RCEP is a proposed free trade agreement between the 10 ASEAN members and their six FTA partners – China, Japan, South Korea, India, Australia and New Zealand.
Launched in 2012, the RCEP targeted to cover trade in goods and services, investments, economic and technical cooperation, intellectual property rights, competition policy, and dispute settlement, among others.