Bangkok

Sixteen Asian and Oceanian countries will delay the conclusion of the Regional Comprehensive Economic Partnership trade agreement until 2020, Jiji Press learned Saturday.

The countries, including the 10 members of the Association of Southeast Asian Nations plus Japan, China and India, have so far aimed to strike the deal by year-end.

The countries, also including South Korea, Australia and New Zealand, “have concluded text-based negotiations for all 20 chapters,” said a draft of a joint statement that will be released after an RCEP summit near Bangkok on Monday.

The 16 countries “are committed to sign RCEP agreement in Vietnam,” where next year’s talks are set to take place, according to the draft obtained by Jiji Press.

The draft showed that one of the six non-ASEAN countries has some reservations about the RCEP deal. An ASEAN source indicated that this country is India.

“The few outstanding bilateral issues will be resolved by February 2020,” the draft also said.

RCEP negotiations hit a snag as the year-end deadline approached. India has grown wary of an expected influx of goods from China, with which the South Asian country runs a massive trade deficit.

The 16 countries failed to agree on a draft of the planned joint statement at Friday’s ministerial meeting in Bangkok. Ahead of the summit, working-level talks are going on.

Jiji Press