BEIJING: Countries participating in talks for a 16-nation Asia-Pacific trade bloc seek to reach a broad agreement in 2016, according to a draft of the leaders’ statement obtained by The Nikkei.
Negotiators for the China-led Regional Comprehensive Economic Partnership have been exploring a fresh timeline after having given up on their earlier goal of wrapping up talks by year-end. The draft will likely be endorsed during the East Asia Summit and related meetings starting Saturday in Malaysia.
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Among the participating countries, a major divide exists between Japan, which seeks a high level of liberalization, and more defensive China and India. The draft reiterates that the RCEP is superior to the recently agreed-on Trans-Pacific Partnership, saying the former would cover more people and a higher value of trade.
Indonesia and some others have expressed interest in joining the TPP. Concerns are growing that if a greater number of countries decide to join the 12-nation free trade pact, the Chinese initiative could be effectively hollowed out.
