Malaysia aims to conclude negotiations for the Regional Comprehensive Economic Partnership (RCEP) by the end of 2015, according to the country’s International Trade and Industry Minister Mustapa Mohamed.

Malaysian International Trade and Industry Minister Mustapa Mohamed

Malaysia’s Bernama News Agency cited the minister as saying that 2015 is a crucial year for the nation, as it holds the chairmanship of ASEAN and targets to conclude RCEP negotiations.

However, reaching agreement across 16 countries with varied levels of economic development poses a substantial challenge.

RCEP is a proposed free-trade agreement involving 10 ASEAN member countries and China, India, Japan, the Republic of Korea, Australia, and New Zealand – comprising a region with 3 billion people and a combined gross domestic product of 17 trillion USD.

The partnership will encompass trade in goods and services, economic and technical issues, intellectual property, investment, and dispute settlement mechanisms.

Talks on the agreement formally began at the ASEAN Summit in Cambodia in November 2012.

(Source: VNA)