China-backed Asia trade deal pushed back to 2019 amid delays

SINGAPORE (Nov 13): Asian nations gave up hopes of completing a 16-nation trade bloc this year, with Chinese and Australian officials now looking to finalise the deal in 2019.

Singapore, which is chairing the 10-member Association of Southeast Asian Nations (Asean) this year, had pushed for a substantial conclusion to the agreement this year. Known as the Regional Comprehensive Economic Partnership, or RCEP, the trade deal would cover almost half the world’s population.

“It will take a little bit longer to ensure that we get the type of substantial, meaningful, commercially meaningful market access decisions that Australia expects in a trade agreement,” Australian Trade Minister Simon Birmingham told reporters Tuesday in Singapore. That’s despite ministers from RCEP nations meeting until late on Monday night and making substantial progress, he said.

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