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ASEAN leaders support moves to conclude free trade deal in 2019

Updated:2019-06-24 11:01:40   CGTN

ASEAN leaders support efforts to conclude negotiations for the Regional Comprehensive Economic Partnership (RCEP) this year, Thai Prime Minister Prayut Chan-o-cha told a press conference at the end of the 34th ASEAN Summit in Bangkok on Sunday.

"This will help ASEAN handle the changes and uncertainty that will happen in the region going forward, particularly the impacts of trade tension between ASEAN’s important trade partners," he said.

Negotiations began in 2012 on RCEP, which was first proposed by China and envisions the creation of a free trade zone encompassing 45 percent of the world's population and more than a third of its GDP.

Thai Prime Minister Prayuth Chan-ocha, chairman of 34th ASEAN Summit, speaks at a news conference during the summit at the Athenee Hotel in Bangkok, Thailand June 23, 2019. /Reuters Photo

RCEP’s 16 signatories include the 10 ASEAN member states and six Asia-Pacific countries – China, Japan, South Korea, India, Australia and New Zealand. ASEAN has existing free-trade agreements with all six countries.

"If we can do this, we will have the bargaining power and a base for negotiation because when combined, we are 650 million people, the largest regional bloc in the world,” the Thai prime minister said.

He also described the RCEP as a tool to boost trade and the economies of the region.

Editor: John Li

Keywords:   ASEAN free trade