India to press for balanced, inclusive outcome of RCEP at Singapore meet 

Regional Comprehensive Economic Partnership (RCEP) is a mega trade pact that aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights.

Published: 30th August 2018 06:23 PM  |   Last Updated: 30th August 2018 06:23 PM   |  A+A-

Suresh Prabhu. (Photo | AFP)

By PTI

NEW DELHI: India will press for a balanced and inclusive outcome of proposed RCEP deal of 16 nations during a trade ministers' meet which began in Singapore today.

Commerce and Industry Minister Suresh Prabhu is leading the Indian delegation to the sixth RCEP trade ministers' meet there.

"India has been constructively engaged in RCEP negotiations with an aim to work towards a high quality, balanced and inclusive outcomes that take into consideration sensitivities and interests of member countries," the commerce ministry said in a statement.

It said the 16 trade ministers will guide trade negotiating committee of RCEP to enable negotiations move forward.

Regional Comprehensive Economic Partnership (RCEP) is a mega trade pact that aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights.

The bloc comprises 10 Asean members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six FTA partners - India, China, Japan, South Korea, Australia and New Zealand.

The meeting also assumes significance as the negotiations are moving at a slow pace even as the talks for the deal started in November 2012.

So far, 23 rounds of talks are completed.

Further, the statement said Prabhu will take part in the 6th East-Asia Economic Ministers' meeting on September 1.

"The ministers will deliberate on the current global economic situation and exchange views on promotion of rule-based multilateral trading system and its importance to the stability and effective functioning of the global economic order," it said.

This will be followed by the India-Asean Economic Ministers' Meeting which will take stock of the current level of trade and economic engagement between India and Asean.

During this meet, Prabhu will take up the issue of initiating the review meeting of the India-Asean free trade agreement to enhance utilisation of the bilateral pact for mutual benefit.

IAsean is among the fastest growing markets in the world and presents substantial trade and investment opportunities for India, it said.

The 10-nation bloc has emerged as the second largest trade partner of India in 2017-18 with bilateral trade valued at USD 81.33 billion.

 

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp