RCEP aims to level trade barriers between ASEAN members and six other countries in a bloc encompassing nearly a third of all global trade.
ASEAN also reported progress toward setting a code of conduct with China regarding disputed waters in the South China Sea.
China and its allies in ASEAN, led by Cambodia, have opposed any attempt to use the annual meetings to vilify the Asian economic powerhouse.
ASEAN members include Brunei, Cambodia, Indonesia, Laos, Myanmar, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
The proposed RCEP trade bloc aims to facilitate and set standards for trade among ASEAN and six other nations: China, Japan, India, Australia, New Zealand and South Korea.