Singaporean Minister for Trade and Industry Chan Chun Sing (陳振聲) on Wednesday said he is hopeful that an Asia-wide trade pact, which is backed by China and excludes the US, could be sealed by the end of the year.
On a visit to Washington, Chan said that a clearer picture would emerge on the Regional Comprehensive Economic Partnership (RCEP) in May after elections in four nations that are part of it: India, Australia, Indonesia and Thailand.
“I think the gaps are narrowing and I think we have a fair chance to get it done this year,” Chan told the US-ASEAN Business Council.
Photo: AFP
He said that RCEP, which would be the world’s largest trading pact, has economic and geostrategic benefits, as it would mark a strong statement that “we all continue to believe in a rule-based, open trading system.”
Singapore, as chair last year of ASEAN, had pushed hard for the conclusion of RCEP that would link nearly half the world’s population, including China, India, Japan and Southeast Asia.
However, China pushed back the timeline for the 16-member pact to this year amid sticking points over market access and particular resistance in India to opening its borders to a raft of duty-free Chinese goods.
China has championed RCEP amid its prolonged trade showdown with the US.
RCEP gathered steam after US President Donald Trump in early 2017 pulled out of the Trans-Pacific Partnership, a trade pact advocated by former US president Barack Obama that did not include China and, unlike RCEP, established labor and environmental standards.
Chan appealed for the US to maintain a strong leadership role in the world.
“What makes America great is not just a set of trade numbers — what makes America great is the innovation that is present in this economy, fueled by the free flow of talent and ideas,” Chan said.
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