KUALA LUMPUR: The Regional Comprehensive Economic Partnership (RCEP) negotiations will continue into next year.
In a joint statement today, Prime Minister Datuk Seri Najib said more time is needed to conclude the negotiations.
"Considering the challenges faced and value of constructive engagements, more time is needed to conclude the negotiations," he said.
Najib said substantial progress has been achieved in the negotiations between the 10 Asean member states and partners China, India, Japan, Korea and New Zealand.
Negotiations commenced in November 2012.
“We leaders agree to allow negotiations to continue and request the negotiators to intensify their efforts to conclude and achieve a mutually beneficial and high quality agreement in 2016,” said Najib, who is also the Asean chairman.
The progress areas include modalities on market access in goods, services and investments. To date 10 rounds of negotiations have been completed in addition to four ministerial level meetings.