Singapore's trade minister has that he was hopeful that an Asia-wide trade pact, which is backed by China and excludes the United States, could be sealed by the end of the year.
On a visit to Washington, Trade and Industry Minister Chan Chun Sing Wednesday said that a clearer picture would emerge on the Regional Comprehensive Economic Partnership (RCEP) in May after elections in four countries that are part of it -- India, Australia, Indonesia and Thailand.
"I think the gaps are narrowing and I think we have a fair chance to get it done this year," Chan told the US-ASEAN Business Council.
He said that RCEP, which would be the world's largest trading pact, had both economic and geostrategic benefits as it would mark a strong statement that "we all continue to believe in a rule-based, open trading system."
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