Region ready to realize shared vision

The Regional Comprehensive Economic Partnership Ministerial Meeting held in Beijing on Aug 2-3, along with the 27th round of RCEP negotiations in Zhengzhou, Central China's Henan province, on July 22-30, has helped make some important breakthroughs.

In terms of market entry, more than two-thirds of the bilateral negotiations have been concluded with the rest advancing smoothly. In the field of trade rules, negotiations have finished in the three key areas of financial services, telecommunications services and professional services, which means all parties have reached a consensus on more than 80 percent of the draft agreement on trade rules. The deal is expected to be finalized by the end of the year.

The RCEP negotiations began in 2012 and involve the 10 members of the Association of Southeast Asian Nations, Australia, China, India, Japan, New Zealand and the Republic of Korea. When completed it will be the largest-scale free trade agreement in Asia.