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S KOREAN DELEGATION ARRIVES FOR RCEP TALKS

A South Korean delegation has arrived in Thailand to participate in the latest round of talks for the Regional Comprehensive Economic Partnership (RCEP), a proposed mega-trade deal involving Asian nations. 
The RCEP is in essence a massive regional trade deal between 10 members of the Association of Southeast Asian Nations and the six countries with which Asean has existing free-trade agreements - South Korea, China, Japan, India, Australia and New Zealand.
Kim Jung-il, Seoul's FTA policy official, leads the delegation to the 23rd round of negotiations, being held in from July 23-27, the Ministry of Trade, Industry and Energy said.
About 70 working-level officials in 14 divisions are seeking ways to lower tariffs and trade barriers, and discuss details of intellectual property and the rules of origin with representatives from other member states. 
Seoul has been seeking to expand trade with Southeast Asian nations and India amid concerns over rising protectionist practices and intensifying trade tensions between the United States and China, South Korea's two biggest trading partners. 
China has been pushing for a rapid conclusion to the RCEP with a deal mainly focused on lowering tariffs, while Japan and Asean countries have demanded a more comprehensive deal covering services and investment. 
The RCEP, if signed, will be one of the largest regional free trade arrangements as the member states accounted for half of global production, 32 per cent of global gross domestic product as well as 29 per cent of global trade as of 2016, according to the ministry.
 

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