(Yicai Global) Aug. 5 -- The Regional Comprehensive Economic Partnership, the world's largest intended trade bloc including China, India and Australia, is almost ready for kickoff, according to the Chinese commerce ministry. But an industry insider is more critical. 

The parties have completed more than two-thirds of bilateral negotiations on market access and over 80 percent is agreed on the tertiary sectors of financial, telecoms and professional services, the Ministry of Commerce announced after a two-day meeting in Beijing.

The first negotiations of RCEP began in 2011 and the parties have pledged to reach a deal by the end of this year. The group involves the ten member states of the Association of Southeast Asian Nations, including Indonesia, Thailand and Cambodia, and six free trade agreement partners such as Japan, South Korea and New Zealand. The area covers nearly 48 percent of the global population and almost one-third of global trade. 

Agricultural trade and high-standard free trade zones remain as sensitive topics for the parties, an anonymous person who has rich experience in multilateral negotiations told Yicai Global. India's stance is consistently tough on market access while Japan and South Korea stand against each other in their views, which may block a deal, the expert added. 

The next RCEP meeting will be held in Jakarta later this month and another one in Bangkok in September.

Editor: Emmi Laine, Tang Shihua