Singapore wants China-backed trade deal done

China-backed trade deal Jeansnowlee (Own work) [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
Picture credit enclosed – The Singapore Trade Minister Lim Hng Kiang
RCEP, the China-backed trade deal talks has to see its conclusion by end of 2018.This is what Singapore and negotiating parties want to see happening.
Singapore’s Trade Minister Lim Hng Kiang said the strong political will among negotiators is apparent.

He said the discussion is ongoing firstly among Asean ministers.

Talks on the China-backed trade treaty started in 2012.

The ten-nation Association of South East Asian Nations (Asean) is participating in the RCEP talks.

Among them are Australia, China, India, Japan, New Zealand and South Korea.

The RCEP will create a free trade area of several billion people.

However, the negotiations were slow.

There were indications the deal might be going south due to the changes in the U.S. political landscape.

The arrival of President Donald Trump and his kill button against the TPP could revive the RCEP.

The RCEP took the back seat at the time when the TPP negotiations were on the verge of conclusion.

In other words, the CPTPP is the final version of a revised TPP.

The TPP’s aim is to cut trade barriers in some of the fastest-growing economies of the Asia-Pacific region.

It was released in February which signals the deal was a step closer to reality.

The 11 remaining nations, led by Japan, finalized a revised trade pact in January.

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