Asian nations will fail to met deadline to end negotiations on new trade pact: sources
Leaders from 16 nations had hoped to end talks on ambitious agreement by the end of 2016, but negotiations will have to continue into next year, sources say
Nations involved in negotiating Asia’s most ambitious trade agreement will drop their declared goal of concluding the talks by the end of this year, official sources said on Wednesday.
Leaders from the 16 countries negotiating the Regional Comprehensive Economic Partnership agreement will say in a statement that they “will accelerate the negotiations for the swift conclusion without indicating time or date”, one source said. The statement on the progress and future direction of the talks is expected to be issued on Thursday afternoon, the source said.
Another high-ranking official, who is not involved in the negotiations but has a close overall knowledge of Association of Southeast Asian Nations affairs, said the leaders “will read out a statement to redemonstrate resolve and commitment since they cannot conclude this year”.
The leaders involved in the talks are in Laos this week to attend other meetings related to the annual Asean summit.
The Regional Comprehensive Economic Partnership countries are the 10 Asean member states plus Japan, China, South Korea, India, Australia and New Zealand.