16 Asian Economies Agree to Adopt Common Tariff Rates

Bandar Seri Begawan, Brunei, Aug. 20 (Jiji Press)--Sixteen Asian and Oceanian countries Monday agreed to adopt common tariff rates in principle under a proposed regional free trade pact. The countries agreed to work out a broad plan for tariff reductions and elimination under the Regional Comprehensive Economic Partnership pact before a ministerial meeting is held in Myanmar in summer 2014, said sources with access to the conference. In addition, the nations confirmed that they will speed up discussions so that they can end the RCEP talks by the end of 2015. These agreements are reached at the first ministering meeting of the 16 RCEP negotiation members that include the 10 countries of the Association of Southeast Asian Nations as well as Japan, China, India and Australia. Detailed discussions on market access, including tariffs, will start in the next RCEP session slated for late September. "A huge result was achieved," Japanese Minister of Economy, Trade and Industry Toshimitsu Motegi told reporters after the ministerial meeting in Bandar Seri Begawan, Brunei. "Negotiations got off to a very good start." Japan has been calling for common tariff rates among RCEP members in hopes of achieving a high level of trade liberalization. Talks on the matter may not go smoothly, however, due to a cautious approach from some members insisting on due consideration to sensitive items for each country. Motegi told the ministerial session that the RCEP members should create new working teams in addition to the existing ones covering the three fields of tariffs, services and investments, so that the scope of the envisioned RCEP deal can be expanded. Speaking to reporters, Motegi emphasized that Japan hopes to set up a working team on intellectual property protection as early as possible. END