'Not Many Problems Left' in RCEP Negotiations, China Says

The Regional Comprehensive Economic Partnership agreement is expected to be finalized this year, China’s vice minister of commerce said, adding that talks are “accelerating” and little obstacles remain.

“The pace of negotiations is now accelerating, and great progress has been made in market access,” Vice Minister Qian Keming said during a Sept. 29 press conference, according to an unofficial translation of a transcript from it. “There are not many problems left in the negotiations in the rules area.”

The agreement -- which will expand trade between members of the Association of Southeast Asian Nations and China, Japan, India, South Korea, Australia and New Zealand -- is the “most populous and most promising free trade agreement negotiation in the world,” Qian said. The parties have been meeting almost every month and plan to meet again on Oct. 12 to discuss the “remaining issues,” he said. “It will be negotiated as soon as possible and will be effective.”

During the press conference, two other top Chinese officials addressed the U.S.-China trade war and focused on steps China is taking to keep its companies, economy and trade relationships stable. Although Chinese businesses are facing “many difficulties” because of “trade frictions,” they are becoming more competitive by emphasizing innovation and finding alternative export markets, said Zhong Shan, China’s minister of commerce.

“China's communication equipment and new energy vehicles are ... very popular in the international market,” Zhong said, adding that the country’s exports of “high-tech, high-quality and high value-added products is growing rapidly.” Zhong said China’s goal is to “strengthen scientific and technological innovation” and “foster new advantages in foreign trade competition.”

Qian said China wants to “sign free trade agreements with more countries” and enhance its current agreements, including with Europe. That includes increasing the development of trains between China and Europe, Qian said. China wants a more “smooth trade channel,” he said, which will “expand the supply of goods and promote trade facilitation.”