The Regional Comprehensive Economic Partnership, or RCEP, has held its 12th round of talks in Perth, Australia.  Countries including China, the ten ASEAN members, and South Korea joined in the negotiations. The RCEP covers 50 percent of the world's population, and accounts for one-third of global GDP. The Ministry of Commerce has announced the latest developments.

"All parties have submitted preliminary price bids for trade in goods and services and investment negative lists. Most countries have submitted preliminary price offers for trade in goods and services. Some countries have submitted preliminary price offers for negative lists,"

"All parties have carried on talks on bilateral or multi-lateral market access rules for trade in services. Talks on investment liberalization based on negative lists were also ongoing," said Shen Danyang, spokesman of Ministry of Commerce.