JAKARTA, Dec. 10 (Xinhua) -- The 16th negotiation round of the countries joined in Regional Comprehensive Economy Partnership (RCEP) has ended in Indonesia Saturday with a settlement on Small, Medium Enterprises (SMEs) chapter reached.
The approved chapter on SMEs marked the second one settled by delegations of 16 signatory economies after the economic and technical cooperation chapter that was approved in the previous round of negotiation in Tianjin, China.
The settlement on SMEs negotiations was based on the fact that it would give significant contribution to the economic growth, employment and innovation in RCEP Participating Countries (RPCs), according to RCEP negotiation document obtained by Xinhua from sources involved in the meetings that commenced on Dec. 6 here.
"The chapter seeks to promote information sharing and cooperation in increasing SMEs ability to utilize and benefit from the opportunities created by the RCEP agreement," the document said.
Other chapters that need to be further negotiated among others are goods, services, investments and movement of labor, are still in stiff negotiation process.
Delegations attending the meetings also emphasized the need to address different levels of development among RPCs while delivering the goal of a modern, comprehensive, high quality and mutually beneficial agreements, the document said.
RCEPs was found in 2012, joined by 16 economies consisted of 10 ASEAN nations plus six of the regional bloc's trade partners: China, India, Japan, South Korea, Australia and New Zealand.
Should the RCEP take into effect, the free-trade deal pact may benefit over 3 billion people that accounts for 45 percent of world's population, vibrate around 30 percent of global trade.
The next round of negotiation was scheduled to be held in Japan in February next year.
