Asian nations form united front as Donald Trump goes it alone on trade
The Regional Comprehensive Economic Partnership, or RCEP, is currently being negotiated among the 10 Asean members, China, Japan, Australia, India, New Zealand and South Korea
Japan’s Prime Minister Shinzo Abe on Sunday called for an early conclusion of a China-backed regional trade pact that ensures free and rules-based commerce in the face of an increasingly protectionist United States under US President Donald Trump.
At a meeting of the Regional Comprehensive Economic Partnership, or RCEP, which is co-chaired by Japan and Singapore, trade ministers and officials from 16 countries renewed their commitment to speed up negotiations on outstanding issues by the end of the year.
Japan seeks to take leadership in shaping the pact as an alternative to a Pacific Rim free-trade grouping that Trump abandoned early this year.
At a joint news conference after the talks, Japanese Trade Minister Horoshige Seko and his Singaporean counterpart, Chang Chun Sing, said the 16 participants agreed to reach a basic conclusion at a year-end Singapore meeting.
They noted that the participants see it as a chance to show Asia’s commitment to defend free trade.
In a joint statement, the ministers said achieving a pact was important especially “in view of the current global trade environment, which faces serious risks from unilateral trade actions and reactions, as well as their debilitating implications on the multilateral trading system.”