China-led regional trade pact tries to make ground as restyled TPP pushes on without US
Nations aligned to Regional Comprehensive Economic Partnership continue to wrestle with the details after 20 rounds of talks
The leaders of the 16 countries that signed up to a China-led trade pact sought to make progress on the deal during an Asean business summit in the Philippines capital Manila on Tuesday.
The Regional Comprehensive Economic Partnership (RCEP) is a regional free-trade agreement supported by the 10 members of the Association of Southeast Asian Nations, along with China, India, Japan, South Korea, Australia and New Zealand. However, after 20 rounds of negotiations, the details of the deal remain under discussion.
The talks in Manila come just days after the 11 nations still allied to the Trans-Pacific Partnership (TPP) agreed to rename and push on with their pact, which the United States abandoned in January.
Following talks on the sidelines of the Asia-Pacific Economic Cooperation summit in Da Nang, Vietnam, the countries on Saturday said they would proceed with the deal under the new name, the Comprehensive Progressive Trans-Pacific Partnership (CPTPP).
For economic reasons alone, ensuring RCEP becomes the dominant trade agreement in the region is a priority for Beijing.