RCEP Delayed Until 2020 Despite Expectations of Earlier Signing
An agreement on the 16-nation Regional Comprehensive Economic Partnership (RCEP) will be signed in 2020, Thailand said, despite some countries’ hope that it would be finalized this year. Thailand, which chairs the Association of Southeast Asian Nations, said in a Nov. 3 statement that the parties are committed to signing the deal by February, according to a Nov. 3 Reuters report. The statement came after several calls for the deal to be completed this year, including from China and Japan (see 1904180052).
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“Important progress” was made during the negotiations despite the delay, China’s Foreign Ministry said Nov. 4. “We understand that the progress achieved doesn't quite meet all parties' expectations,” a spokesperson said, “but it is still inspiring that all parties made principled commitments on signing an agreement next year.” China said it hopes the parties can finalize the deal “as soon as possible,” adding that RCEP will “further boost regional economic integration by knitting industrial and value chains.”