The Regional Comprehensive Economic Partnership (RCEP) negotiations between ASEAN and its dialogue partners are likely to extend into 2016 as officials are still working on it. The ASEAN leaders are expected to make an announcement regarding the extension of the deadline to 2016 when they meet at the 27th ASEAN summit in Kuala Lumpur.
“The negotiations had seen “progress” in recent months but certain aspects of the deal required further discussion,” Malaysia’s International Trade and Industry Minister Datuk Seri Mustapa Mohamed said. ASEAN Trade officials and their dialogue partners met in South Korea to kick-start the deal that looked like hitting a roadblock after three years of negotiations.
Addressing the issue, Mr Mustapa said: “Of course, we want to wait for the announcement by the leaders but although the modalities have been agreed to by all countries, negotiations will likely spill over into 2016.” India which is a dialogue partner is also pushing for the RCEP agreement to be negotiated.
The India-ASEAN RCEP will help in enhancing bilateral trade to USD 200 billion by 2022. An RCEP agreement would complement India’s existing free trade agreements with ASEAN and other countries.
The RCEP is a major platform in forging closer economic integration by removing barriers to trade and investments in the participating countries. The focus on RCEP follows the recent conclusion of talks on the US-led Trans-Pacific Partnership (TPP) trade deal, involving 12 Pacific Rim countries, including Malaysia.
- India Writes Network (www.indiawrites.org) is a pioneering e-magazine and portal focused on international affairs & the India Story. A venture of TGII Media Private Limited, a leading media, publishing and consultancy company, IWN has carved a niche for balanced and exhaustive reporting and analysis of international affairs. Eminent personalities, politicians, diplomats, authors, strategy gurus and news-makers have been interviewed by and have contributed to India Writes Network, as also “India and World,” a magazine focused on global affairs. To subscribe to India and World, write to firstname.lastname@example.org
- News2020.05.30The present and future of 130 crore will never be dictated by an adversity : Modi
- China Connect2020.05.28India-China border stand-off: Chinese envoy calls for settling amicably, invokes close ties
- Diplomacy2020.05.27Trump offers to mediate in India-China border standoff
- Africa Insights2020.05.26Pandemic & Beyond: India, Africa to forge defining partnership of next decades: Rahul Chhabra