BANGKOK: Prime Minister Tun Dr Mahathir Mohamad said that he is disappointed with negotiations held for the Regional Comprehensive Economic Partnership (RCEP) at the 35th Asean Summit here, where a long-awaited deal on the world’s largest trade pact failed to materialise.

According to reports, the signing of the trade agreement involving 16 countries has been delayed until Feb 2020.

“I am very disappointed with the negotiation of the RCEP.

“We thought (that in) the first year, we should have concluded the negotiations,” he told the Malaysian media here, today.

Nevertheless, Dr Mahathir acknowledged that it is “not easy” for 16 countries to reach an agreement on a pact.

“We need an agreement from all 16 countries. If one country demands something and we cannot accept it, then there will be no agreement.

Malaysian Prime Minister Tun Dr Mahathir Mohamad speaking at a press conference during the 22nd ASEAN-China Summit here at IMPACT Muang Thong Thani. - Bernama

“Multilateral or even bilateral (agreement) is not easy. It is not just about being nice to each other, or patting your back and saying I agree with what you said and you agree with what I said,” said the Prime Minister, who is leading the Malaysian delegation here.

According to Bernama, the RCEP is a multilateral trade agreement between the 10 member states of Asean – Malaysia, Brunei, Cambodia, Indonesia, Laos, Myanmar, the Philippines, Singapore, Thailand and Vietnam – and its six Free Trade Agreement (FTA) partners: China, Japan, South Korea, Australia, New Zealand and India.

The RCEP, talks on which began in 2012, would combine the gross domestic product (GDP) of the 16 countries – totalling US$49.5 trillion – which comprises 39 per cent of the world’s total global GDP.

Meanwhile, International Trade and Industry Minister Datuk Darell Leiking said the RCEP was discussed during the Asean-China and Asean-India Summit here, today.

He added that only one country is still “not clear” on its position, due to sticky issues at home.

“Most of the terms for the RCEP have been finalised and concluded. Only one country (does not have a) ‘clear’ decision… (we’ll) just wait for the leaders’ statement tomorrow,” Darell added.

It is believed that the 16 countries are still unable to agree on four outstanding chapters of the 20-chapter text – e-investment, e-commerce, rules of origin, and trade remedies.

https://www.nst.com.my/news/nation/2019/11/535514/dr-mahathir-very-disappointed-stalled-rcep-negotiations