SINGAPORE, Nov. 14 (Xinhua) -- Negotiations on the Regional Comprehensive Economic Partnership (RCEP) have made substantial progress this year and are poised for conclusion in 2019, Singaporean Prime Minister Lee Hsien Loong said at a summit here on Wednesday.
"We are now at the final stage of negotiations with a strong momentum generated this year. I'm pleased to know that the RCEP negotiations are poised for conclusion in 2019," the prime minister of Singapore, the rotating chair of ASEAN for 2018, said in his opening remarks for the second RCEP summit on the sidelines of the 33rd ASEAN summit.
The RCEP, a proposed free trade agreement (FTA) between the 10 ASEAN member states and six of their FTA partners -- China, Japan, South Korea, Australia, New Zealand and India, is expected to be one of the world's largest trading blocs, accounting for 45 percent of the world population, 40 percent of global trade and one third of the world's GDP.
A total of 24 rounds of negotiations have been held on the RCEP since they were launched at the end of 2012.
Admitting that complexities are to be expected as the RCEP is a mega FTA involving a group of diverse economies, Lee pointed out that when the talks are concluded, "the benefits will be equally substantial."
The conclusion of the RCEP will send a clear and strong signal about commitment to multilateral trade, which, according to Lee, is urgently needed amid the rising anti-globalization sentiment.
Hailing the strong political will demonstrated by all participating countries this year to achieve a significant outcome for the RCEP, Lee said substantial progress has been made this year to advance the RCEP negotiations, with the total number of concluded chapters reaching seven, breakthroughs in rules base chapters being secured and market access talks being advanced substantially.
The RCEP summit, attended by leaders from the 16 participating countries, also discussed plans for 2019 to bring the RCEP to its full conclusion.
