ASEAN members reaffirm 90% tariff cuts under RCEP

ASEAN members are holding to their vow to cut import tariffs on 90% of products, amounting to 5,000-6,000 items under the Regional Comprehensive Economic Partnership, over the next 15 years. They also plan to push for the conclusion of negotiations this year. According to Commerce Minister Apiradi Tantraporn, who just returned from the 23rd ASEAN Economic Ministers Retreat in Manila, bloc members will raise the issue of further discussions with six dialogue partners later this month, so that the pact can be signed at the ASEAN Summit in November. The RCEP was launched in November 2012 with the aim of establishing deeper economic cooperation among the 10 ASEAN members and six trading partners: China, India, Japan, South Korea, Australia and New Zealand. The member countries represent 29% of global trade. 

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