RCEP members discuss how to achieve zero-tariff trade in 15 years
The board of the Regional Comprehensive Economic Partnership (RCEP) is meeting in South Korea this week to discuss ways of opening up much of Asia, plus Australia and New Zealand, to totally free trade within 15 years, the deputy director-general of the Foreign Trade Department said yesterday.
The meeting is taking place in Incheon through Saturday.
Ronnarong Poonpipat, who also heads the Thai team in negotiations with RCEP-INC – which comprises the 10-member Asean grouping plus China, India, Japan, South Korea, Australia and New Zealand – said the aim was to make progress on how to open up the RCEP area to free trade in goods and services, before the 16 countries’ leaders next meet on November 13-14.
Representatives will discuss the reduction of import tariffs between member states, and also opening up intra-RCEP investment by targeting the duties on goods being cut to zero within 15 years, he explained.
“The discussions will be finalised before putting proposals to the 31st Asean Leaders’ meeting in the Philippines next month,” the official added.
