Singaporean Minister for Trade and Industry Chan Chun Sing (left) seen with Cecilia Malmström, member of the European Commission in charge of Tradeat at a function in Brussels recently — Collected WASHINGTON, Mar 21 (AFP): Singapore's trade minister said on Wednesday he was hopeful that an Asia-wide trade pact, which is backed by China and excludes the United States (US), could be sealed by the end of the year.
On a visit to Washington, Trade and Industry Minister Chan Chun Sing said that a clearer picture would emerge on the Regional Comprehensive Economic Partnership (RCEP) in May after elections in four countries that are part of it - India, Australia, Indonesia and Thailand.
"I think the gaps are narrowing and I think we have a fair chance to get it done this year," Chan told the US-ASEAN Business Council.
He said that RCEP, which would be the world's largest trading pact, had both economic and geostrategic benefits as it would mark a strong statement that "we all continue to believe in a rule-based, open trading system."
Singapore, as chairman last year of the Association of Southeast Asian Nations, had pushed hard for the conclusion of RCEP which linking nearly half the world's population including China, India, Japan and Southeast Asia.
But China pushed back the timeline for the 16-member pact to this year amid sticking points over market access and particular resistance in India to opening its borders to a raft of duty-free Chinese goods.
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