Leaders from across the Asia-Pacific region agreed Tuesday to start negotiations early next year to create what would be the biggest free-trade area in the world, dpa reported. The commitment to negotiate the Regional Comprehensive Economic Partnership was made at the East Asia Summit in Phnom Penh by members of the Association of South-East Asian Nations (ASEAN), Australia, China, India, Japan, South Korea and New Zealand. The countries aimed to complete negotiations by the end of 2015, according to a declaration by the participating countries. ASEAN Secretary General Surin Pitsuwan said last week that it would be an “umbrella" for five existing free trade agreements. It was not the only free-trade deal discussed at a summit, which was attended by both US President Barack Obama and Chinese Premier Wen Jiabao.
