The Association of Southeast Asian Nations (ASEAN) and Japan are lookingforward to concluding negotiations on the Regional ComprehensiveEconomic Partnership (RCEP) on schedule by the end of 2015.

Accordingto a statement at the ASEAN-Japan Summit in Nay Pyi Taw, Myanmar onNovember 12, both sides acknowledged the progress in negotiations forthe RCEP which will contribute to regional economic integration, as wellas enhancing economic cooperation among participating countries.

TheRCEP is a Proposed Free Trade Agreement (FTA) between ASEAN’s tenmember countries and Australia, China, India, Japan, the Republic ofKorea and New Zealand, with which the regional grouping has existingfree trade agreements.

RCEP negotiations were formally launched in November 2012 at the ASEAN Summit in Cambodia.

ASEAN and Japan also reiterated their commitment to double trade and investment flows by 2022.

Bilateral ASEAN-Japan trade reached 240.9 billion USD in 2013, accounting for 9.6 percent of the bloc’s total trade.

Foreigndirect investment (FDI) from Japan into ASEAN reached 22.9 billion USDin 2013. It made the East Asian nation the second largest source of FDIfor ASEAN with 18.7 percent of the total inflows in 2013.

On thesame day, the importance of the RCEP was emphasised as a key instrumentin realising the ASEAN Economic Community at the 12th ASEAN-IndiaSummit.

Both sides stressed the need to expedite the ongoingRCEP negotiations and timely implementation of the ASEAN-India FreeTrade Agreement.

Total trade between ASEAN and India reached 67.9billion USD in 2013 with both reaffirming commitments to reach the 100billion USD target by 2015.

The next round of negotiations for the RCEP is scheduled for December in New Delhi.-VNA