China, Japan Want to Finish RCEP Negotiations in 2019

Leaders from Japan and China said during a meeting in Beijing on April 15 that they want to finish negotiating the Regional Comprehensive Economic Partnership in 2019, according to a press release from China’s Ministry of Commerce. China said it wants to ratify RCEP, a free trade agreement proposed in 2012 by the Association of Southeast Asian Nations, “within the year as early as possible.” The trade agreement is poised to be the “most ambitious ever negotiated by developing countries,” according to a report from The Brookings Institution, and is expected to increase global trade by 1.9 percent and reduce certain tariff lines.

During the meeting, China’s Minister of Commerce Zhong Shan and Japan’s Minister of Economy, Trade and Industry Hiroshige Seko suggested promoting development of “the [World Trade Organization] in a direction that is beneficial to both China and Japan,” the press release said. The leaders also said they wanted to deepen “China-Japan economic and trade cooperation” and promote “cooperation between China and Japan in the third-party market.” The April 15 meeting came about a week after Chinese State Councilor and Foreign Minister Wang Yi met with Japanese Minister for Foreign Affairs Taro Kono to discuss “economic high-level dialogue,” according to an April 15 China Ministry of Commerce press release.