Prensa Latina (13/12/2018) - Bangkok, Dec 13 (Prensa Latina) Authorities from Thailand and Japan discussed in Bagkok, Thursday, ways to advance the Regional Comprehensive Economic Partnership Agreement (RCEP), a free trade agreement involving 16 Asia-Pacific nations.

During a seminar, jointly organized by the Thai Government and the Japan Foreign Trade Organization (JETRO), both sides agreed to foster greater cooperation to conclude the pact negotiations next year.

The participants highlighted the benefits that RCEP could generate for member nations. According to JETRO President Hiroki Mitsumata, RCEP signing would boost regional integration when protectionist policies and unilateralism are booming.

Mitsumata also stressed the importance of Thailand's participation, which will assume the presidency of the Association of Southeast Asian Nations (ASEAN) next year, to finalize the treaty.

A senior official from the Thai Ministry of Trade told The Jakarta Post the RCEP would reach almost half the world's population and represent 30 percent of the value of world trade.

RCEP will include members from ASEAN, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam as well as Australia, South Korea, China, India, Japan and New Zealand.

RCEP members tried to reach an agreement later this year, but negotiations were postponed to early 2019.

When talks on this pact are concluded, the world's largest trading bloc will have been formed, representing one-third of Global GDP.

The treaty could also eliminate around 80 percent of the tariff barriers between the signatory nations.

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