BANGKOK: Prime Minister Dr Mahathir Mohamad has expressed his disappointment at the lack of progress in concluding the world’s largest free trade area involving 16 nations in Regional Comprehensive Economic Partnership.
He noted that multilateral trade deals were not easy to conclude: “We need an agreement from all 16 countries…if one country demands something and we cannot accept it, then there will be no agreement,” he said here while on a visit to attend the Asean summit.
International trade minister Darrel Leiking said only one country was still “not clear” about its decision pending conclusion on some issues at home.”Wait for the ministers’ statement tomorrow,” he told Malaysian media.
He is part of the Malaysian delegation, led by Mahathir, attending the 35th summit meeting of Asean heads of government.
Mahathir said multilateral or even bilateral deals were “not easy” and were “not just about being nice to each other or patting your back and saying I agree with what you said and you agree with what I said.”
The prime minister said: “I am very disappointed with the negotiation of the RCEP. We thought on the first year we should have concluded the negotiations.
The RCEP is a trade agreement between the 10-nation Association of South East Asian Nations and its six partners who have concluded free trade agreements with the group. The six partners are: China, Japan, South Korea, Australia, New Zealand and India.
The 16 RCEP countries have a combined gross domestic product (GDP) of US$49.5 trillion, or 39% of total global GDP. When concluded, the RCEP would be the world’s largest trade pact.
Darell Leiking said: “Most of the terms for the RCEP have been finalised and concluded. Only one country with a ‘not clear’ decision…just wait for the leaders’ statement tomorrow,” he said.
It is believed the negotiations are still unable to come to terms in at least four outstanding chapters of the 20 chapters text, namely e-investment, e-commerce, rules of origin, and trade remedies. - FMT
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