THE REGIONAL Comprehensive Economic Partnership (RCEP) which include Malaysia as a member country and billed as the world's largest trading bloc of 3.5 billion, is likely to be finalised in during the Asean summit in Bangkok this week.
RCEP was first proposed by China, bringing together Asean members with India, Japan, South Korea, Australia and New Zealand with negotiations going on since 2012.
Asean has already inked free-trade agreements with the six Asia Pacific countries and with talks said to be in the final sprint, an agreement will establish an economic bloc with a third of the world's gross domestic product.
Regional news platform have been tracking this development as RCEP is seen as China's trade blueprint to dominate global commerce after the US withdrawal from the Trans-Pacific Partnership (TPP) in 2017, which would have been the world’s biggest free trade deal.
The Nikkel Asian Review saw the possibility of RCEP finalisation as Thailand expressed its fervent hope to tie up the deal before its Asean chairmanship expires at the end of 2019.
"Some political specialists and economists see the window closing after this year as the next three ASEAN chair countries -- Vietnam, Brunei, and Cambodia -- may not have as much diplomatic strength as Thailand to complete the pact."
Thailand recently said that market access talks were 80.4% complete with members agreeing on 14 of a total of 20 chapters.
China will be represented by Premier Li Keqiang. Japan is sending Prime Minister Shinzo Abe, and they will be joined by Russian Prime Minister, Dmitry Medvedev and South Korean President, Moon Jae-in.
The US signals a retreat for sending lower ranked officials namely National Security Adviser, Robert O'Brien as special envoy to the summit together with Commerce Secretary, Wilbur Ross.
The New York Times quoting analysts said the pace of discussion had quickened this year after as the U.S.-China trade war heightened concerns over economic growth and regional security.
"We are hearing that there is light at the end of the tunnel and it is already a short tunnel," said Tang Siew Mun, head of the ASEAN Studies Centre at the Yusof Ishak Institute in Singapore.
"The momentum is now there for the politicians to get this done," he told Reuters.
Auramon Supthaweethum, director-general of Thailand’s Department of Trade Negotiations was quoted recently as saying: “We still have a good feeling that all 16 members, including India, are willing to try to solve the remaining differences. Our target is still to have a good deal by the end of this year.”
However, negotiations have to overcome some sticking points especially India's concern about being flooded with cheaper 'made in China' products while Australia and New Zealand wanted better labour and environmental rights.
Meanwhile, Philippines Foreign Affairs Assistant Secretary for Asean Affairs, Junever Mahilum-West was quoted by the Philippine Star as saying that there are about 40 anticipated outcome documents at the end of the summit but the South China Sea issue is not expected to progress.
He said, while President Rodrigo Duterte might raise the issue during the summit especially on the Code of Conduct (COC), 'Asean leaders are unlikely to discuss the matter thoroughly.'
So far, only the Philippines and Vietnam have voiced concern about finding an amicable solution, referring to COC progress but with the US distracted, the pressure on China will not be as intense with RCEP more in focus.