(VOVworld) – A ministers meeting of the Regional Comprehensive Economic Partnership (RCEP) took place in Kuala Lumpur on Monday as part of the 47th ASEAN Economic Ministers Meeting and Related Meetings.

The examination of high-quality inox tube at a factory in Ganyu district in China's eastern province of Giangsu. (Source: news.xinhua.net)

Ministers from 16 Asia-Pacific region countries reached agreements on the modality of goods exchange. Under the agreement, ASEAN and its partners have agreed to eliminate 65% of tariff lines once the RCEP comes into force, and it is hoped that number will increase to 80% in the next 10 years. The consensus is considered an historic breakthrough in the negotiation of a regional free trade agreement.

With their import tariff commitment, participants underlined the need to resolve market access and said the RCEP Trade Negotiation Committee should try harder to reach a balanced agreement benefiting all participant nations, developed and less developed countries.