Timeline set for 16-country trade pact

Nations plan to eliminate tariffs on 65% of traded goods next year

China was among 16 nations issuing a joint declaration on a trade pact during the ASEAN meetings on Sunday, paving the way for the Regional Comprehensive Economic Partnership to take effect next year.

Under the declaration, negotiations on the RCEP, which started three years ago, will conclude in 2016 and the 16 countries will accelerate the reduction of tariffs for trade in goods. Its members - the 10 ASEAN states, China, Australia, Japan, the Republic of Korea, New Zealand and India - account for almost half the world's population and have a combined GDP exceeding $17.1 trillion, or 27 percent of the global GDP.