AFP, Bangkok :
Southeast Asian leaders gathered in Bangkok on Saturday determined to drive forward the world’s largest commercial pact, with the trade war between the US and China clouding the outlook for their export-led economies.
Disputes in the flashpoint South China Sea and Myanmar’s persecution of Rohingya Muslims are expected to be tussled over by leaders on Sunday, the final day of the Association of Southeast Asian Nations (ASEAN) summit.
But trade has taken centre stage with ASEAN leaders keen to hasten the signing of a China-drafted commercial deal covering around half the world’s population.
The Regional Comprehensive Economic Partnership (RCEP) includes all 10 ASEAN economies, plus India, Japan, South Korea, Australia and New Zealand.
It is seen as a mechanism for China to draft the rules of Asia-Pacific trade, following a US retreat from the region.
While tit-for-tat tariffs between the world’s biggest two economies have seen some manufacturers flee China to safer ASEAN hubs, economists say the big picture for global growth is bleak and member countries are keen to boost trade with the RCEP.
A draft of the chairman’s statement seen by AFP said the bloc was committed to finishing RCEP “negotiations within this year” and would “exert relentless efforts to reach this target.”
“The faster it (RCEP) gets implemented the better,” Martin M. Andanar, Philippines Communications Secretary, told reporters earlier.
Progress on the deal has stuttered in recent months with India digging in over fears cheap Chinese goods could flood its massive consumer market.
ASEAN is frequently criticised as a soft forum where diplomatic niceties often outweigh concrete action on pressing problems.
Foreign ministers discussed the repatriation of more than 740,000 Rohingya refugees that have fled Myanmar into Bangladesh.
Southeast Asian leaders gathered in Bangkok on Saturday determined to drive forward the world’s largest commercial pact, with the trade war between the US and China clouding the outlook for their export-led economies.
Disputes in the flashpoint South China Sea and Myanmar’s persecution of Rohingya Muslims are expected to be tussled over by leaders on Sunday, the final day of the Association of Southeast Asian Nations (ASEAN) summit.
But trade has taken centre stage with ASEAN leaders keen to hasten the signing of a China-drafted commercial deal covering around half the world’s population.
The Regional Comprehensive Economic Partnership (RCEP) includes all 10 ASEAN economies, plus India, Japan, South Korea, Australia and New Zealand.
It is seen as a mechanism for China to draft the rules of Asia-Pacific trade, following a US retreat from the region.
While tit-for-tat tariffs between the world’s biggest two economies have seen some manufacturers flee China to safer ASEAN hubs, economists say the big picture for global growth is bleak and member countries are keen to boost trade with the RCEP.
A draft of the chairman’s statement seen by AFP said the bloc was committed to finishing RCEP “negotiations within this year” and would “exert relentless efforts to reach this target.”
“The faster it (RCEP) gets implemented the better,” Martin M. Andanar, Philippines Communications Secretary, told reporters earlier.
Progress on the deal has stuttered in recent months with India digging in over fears cheap Chinese goods could flood its massive consumer market.
ASEAN is frequently criticised as a soft forum where diplomatic niceties often outweigh concrete action on pressing problems.
Foreign ministers discussed the repatriation of more than 740,000 Rohingya refugees that have fled Myanmar into Bangladesh.
