Will RCEP be finalised by year-end as Singapore hopes?

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Singapore Expresses Hope for RCEP Finalisation This Year, but Obstacles Remain

Singapore's Trade Minister Chan Chun Sing has indicated optimism that the Regional Comprehensive Economic Partnership (RCEP) trade agreement could be concluded by the end of the year. He suggested that a clearer outlook for the pact would likely emerge in May, following elections in key member nations including India, Australia, Indonesia, and Thailand. The minister conveyed that the gaps between member countries are narrowing, creating a fair chance for the agreement to be reached within the year.
Progress and Potential Timeline

Chan Chun Sing expressed that negotiations are progressing, with the gaps between the participating nations narrowing. He anticipates that by May, after the conclusion of elections in India, Australia, Indonesia, and Thailand, a more defined picture of RCEP's future will become apparent. This timing suggests that electoral outcomes may influence the final stages of negotiations for the trade pact.
Sticking Points in Negotiations

Despite the hopeful outlook, the path to finalising RCEP is not without its challenges. Significant sticking points persist, particularly concerning market access. There is noted resistance from India regarding the opening of its borders to a wide range of duty-free goods originating from China. These specific issues over market access and the flow of goods remain key obstacles to the pact's conclusion.
Geostrategic Significance of RCEP

Beyond its economic implications, RCEP carries considerable geostrategic weight. Chan Chun Sing highlighted that the agreement would serve as a strong affirmation of a continued belief in a rule-based, open trading system. The pact, championed by China amidst its trade dispute with the United States, gained momentum following the US withdrawal from the Trans-Pacific Partnership (TPP). RCEP's potential to link nearly half the world's population, including major economies like China, India, Japan, and Southeast Asian nations, underscores its global significance.

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Will RCEP be finalised by year-end as Singapore hopes?

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