Five years have passed since the idea of the Regional Comprehensive Economic Partnership was first raised in 2012, but negotiations are yet to conclude on the mega-trade pact involving the 10 member states of the Association of Southeast Asian Nations and China, South Korea, Japan, Australia, New Zealand and India.

The first ever RCEP Summit, which was held in Manila on Tuesday, again highlighted the need to fast-track the negotiations to underscore the countries' commitments to free and open markets.

Few question the potential benefits to be reaped from the creation of the world's largest trade bloc and the positive role it can play in propelling global growth, given that it covers more than 3.5 billion people - almost half the world's population - and accounts for around one-third of the global economy and one-quarter of the world's exports.