Japan, Others to Hold Last-Ditch Ministerial Session on RCEP

Tokyo, Nov. 9 (Jiji Press)--Japan and 14 other Asia-Pacific countries are slated to hold a last-ditch ministerial teleconference as early as Wednesday to agree the Regional Comprehensive Economic Partnership, informed sources said Monday. The 15 countries, excluding India, which has declared its withdrawal from the RCEP talks, are expected to reach an agreement if they achieve breakthroughs on thorny issues including tariff abolition, the sources said. The possible agreement is expected to cover tariffs on automotive parts, according to the sources. The 15 countries are aiming to sign an agreement on the RCEP at a meeting of their leaders next Sunday. For Japan, the RCEP would be its first free trade deal with China and South Korea. The 15 countries also include Australia and New Zealand, as well as the 10 members of the Association of Southeast Asian Nations. The RCEP is expected to benefit Japanese automakers, which have large market shares in ASEAN countries including Thailand and Indonesia. In 2013, the RCEP negotiations were launched by the 15 countries plus India. Last year, however, India effectively pulled out, concerned about possible inflows of cheap Chinese products. END