Officials to boost talks on trade pact

Leaders have pledged intensified efforts by ministers and negotiators next year to finalize negotiations on the proposed free-trade pact known as the Regional Comprehensive Economic Partnership, according to a joint statement issued on Tuesday.

Analysts said a shared political will to safeguard liberal trade in the Asia-Pacific region was shown when the leaders from all 16 participating countries convened in Manila and issued the joint statement.

The RCEP, a free-trade pact that is believed to be nearing completion by negotiators, involves the 10 ASEAN members plus six other leading Asia-Pacific economies - China, India, Japan, South Korea, Australia and New Zealand.