10th Round of RCEP Trade Talks Wrap

Write : 2015-10-17 11:15:03 Update : 2015-10-17 13:20:12

10th Round of RCEP Trade Talks Wrap

The tenth round of negotiations of the Regional Comprehensive Economic Partnership (RCEP) ended its five-day run in South Korea, late Friday.
 
In the latest round, some 700 officials from 16 countries, including Korea, China, Japan, Australia and India, held free trade talks covering 14 areas such as commodity, service and investment.
 
The parties negotiated items for market opening based on the agreement reached in the previous ninth round of talks that discussed having the tariff removal rate reach 80 percent within ten years.
 
But some countries are known to have proposed fewer items for trade liberalization compared to the agreed 80 percent.
 
However, a new phase of negotiations is believed to have started as each country brought forward a concrete negotiation agenda in the latest round.
 
Seoul's Ministry of Trade, Industry and Energy accessed that the talks have reached the phase of market approach, based on negotiation guidelines agreed to over the past nine rounds and in three separate ministerial meetings. 
 
The eleventh negotiations are set to take place in Kuala Lumpur, Malaysia, next month.

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