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.
Author Profile
- India Writes Network (www.indiawrites.org) is an emerging think tank and a media-publishing company 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 contributed to India Writes Network, as also “India and the World,” a magazine focused on global affairs. The Global Insights India (TGII) is the research arm of India Writes Network. To subscribe to India and the World, write to editor@indiawrites.org
Latest entries
India and the World2023.05.19With Global South on mind, Modi touches down in Hiroshima for G7 summit
India and the World2023.04.28A Time for Global South in G20
India and the World2023.04.26Continent of Hope: It’s Time for Compact with Africa 2.0
Events/Seminar2023.04.14Inclusion, Global South to guide India’s G20 presidency
