Malaysia Keen To Conclude Rcep By Year-End, Says Minister Mustapa

KUALA LUMPUR, Feb 23 (Bernama) -- Malaysia is keen to conclude the Regional Comprehensive Economic Partnership (RCEP) by year-end, said Minister of International Trade and Industry Mustapa Mohamed. While saying that the country was committed to ensure the RCEP was completed by then, he added that all participating countries were pleased that good progress was made at the recent meeting held in Brunei. Officials from 16 Asian countries deliberated over five days of negotiations which was part of the proposed RCEP. Ten ASEAN member states and their six trading partners, namely South Korea, China, Japan, Australia, New Zealand and India, are participating in the RCEP. Mustapa, who is representing Malaysia in the negotiations, said there would be a few more meetings on the RCEP. "We're having our economic meeting in Chiang Mai, Thailand next weekend or by the end of next week," he told a news conference following the signing ceremony of the forthcoming World Economic Forum (WEF) on ASEAN 2016 Summit here Tuesday. It was reported that ASEAN leaders will converge in Chiang Mai for the ASEAN Economic Ministers' Meeting in March 2016 to discuss RCEP's progress. It was reported that the trade deal, if reached, will create a US$22.7 trillion (US$1 = RM4.17) market, the second largest economic bloc after the that of the Trans-Pacific Partnership. On the WEF on ASEAN 2016 Summit, Mustapa announced that Malaysia would host the regional meeting on June 1 and 2 this year. Themed "Shaping the ASEAN Agenda for Inclusion and Growth", the summit would gather government leaders as well as high-level participants from the private sector, academia and civil society. The summit will focus on regional economic integration efforts in ASEAN and the formal announcement of the establishment of ASEAN Economic Community (AEC). WEF Head of Asia Pacific Justin Wood said the WEF on ASEAN Summit would be celebrating its 25th year by returning to Malaysia this year. "This is the second time that Malaysia is hosting the forum after its first in 2008, and it is timely for Malaysia after being chairman of the AEC last year," he said. --BERNAMA