RCEP Negotiators Plan to Conclude Talks by the End of the Year

September 4, 2015

        Last month, sixteen nations met in Kuala Lumpur, Malaysia to discuss the large trade agreement known as the Regional Comprehensive Economic Partnership (RCEP).  The trade accord connects Australia, China, India, Japan, South Korea, and New Zealand with the 10-member Association of Southeast Asian Nationals (ASEAN). After making significant progress during the most recent negotiations, the deal could come together early next year. 
        RCEP aims to establish a mutually beneficial agreement that would create an open trade and investment environment, allowing for an expansion of regional and global economic development.  Ministers claimed they made significant breakthroughs on key issues during last month’s 10th round of meetings. “The RCEP region offers immense potential to grow through better market access, deeper economic integration, shared opportunities and improved standard of living for billions of people of this region,” negotiators proclaimed in a joint statement. The combined population of 3 billion people and the collective GDP of approximately $21 trillion amongst the deal’s participants make this level of growth potential extremely likely. 
        The sheer size and power of the free trade deal also cause many to view RCEP as a regional counter to the twelve nation trade agreement, Trans-Pacific Partnership (TPP). TPP and RCEP share several similarities, including the participating nations. Seven of the countries involved in both of the agreements include Australia, New Zealand, Japan, Brunei, Vietnam, Malaysia, and Singapore. 
        TPP trade ministers have not come forward with plans for future meetings, whereas RCEP representatives will hold their next round of talks on October 12th in Busan, South Korea. The RCEP negotiators aim to conclude the deal by the end of the year and address any technical issues in early 2016.


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