Asia economies discuss trade pact amid rising protectionism

Japan's Prime Minister Shinzo Abe today called for an early conclusion of a regional trade pact that ensures free and rules-based commerce in the face of an increasingly protectionist United States under President Donald Trump.

At a meeting of the Regional Comprehensive Economic Partnership, or RCEP, which is co-chaired by Japan and Singapore, trade ministers and officials from 16 countries renewed their commitment to speed up negotiations on outstanding issues by the end of the year.

RCEP also includes Southeast Asia, Australia, New Zealand, India and South Korea.

Japan seeks to take leadership in shaping the pact as an alternative to a Pacific Rim free-trade grouping that Trump abandoned early this year.

At a joint news conference after the talks, Japanese Trade Minister Horoshige Seko and his Singaporean counterpart, Chang Chun Sing, said the 16 participants agreed to reach a basic conclusion at a year-end Singapore meeting.

They noted that the participants see it as a chance to show Asia's commitment to defend free trade.

In a joint statement, the ministers said achieving a pact is important especially "in view of the current global trade environment, which faces serious risks from unilateral trade actions and reactions, as well as their debilitating implications on the multilateral trading system." They also pledged to seek breakthroughs in politically challenging areas.

Earlier today in his opening remarks, Abe said a pact among the countries that together make up half the global population has an enormous growth potential.

"As we are faced with concerns of the rise of protectionism in the world, all of us in Asia must unite, and our future depends on whether we can keep hoisting our flagship principle of free and fair trade," Abe told the meeting in Tokyo. "Let us be as one and achieve a free, fair and rules-based market in this region."