China claims progress on creating world’s largest trade bloc, but ‘very difficult’ issues remain
- After Beijing meeting, ministers give differing opinions on whether Regional Comprehensive Economic Partnership can be achieved by end of year
- Indian official says reports that New Delhi is an obstacle to deal are ‘rubbish’
A meeting of trade ministers attempting to create the world’s largest trading bloc without the United States wrapped up in Beijing on Saturday, with China claiming further progress, though there were “very difficult” negotiations ahead.
Trade delegates to the two-day meeting gave differing opinions on whether negotiators could achieve their stated goal of finishing the Regional Comprehensive Economic Partnership (RCEP) by the end of the year.
“The meeting has made important progress in the negotiations,” according to a statement released by China’s commerce ministry after the event.
A joint statement by all 16 nations taking part in the negotiations was more circumspect.
“As growth outlook remains clouded by rising uncertainties, it is in the region’s collective interest and highest priority to conclude a modern, comprehensive, high quality and mutually beneficial RCEP in 2019, as mandated by the 16 RCEP leaders,” the joint statement said.
The ministers also urged member states “to find pragmatic and solution-oriented approaches to narrow divergence on the various remaining issues”.