RCEP countries 'on track for major deal by year-end'

Tokyo

TRADE ministers of 16 countries that account for 30 per cent of global trade have re-affirmed their resolve for a regional trade deal that will benefit economies at different levels of development.

The ambitious deal is on track for a substantial agreement by the end of this year, Singapore's Minister for Trade and Industry Chan Chun Sing said on Sunday, in what will be a major boost for free trade. It comes as the threat of a global trade war looms after the United States imposed tariffs that affect imports from China, Europe and Canada, among others.