Asean committed to conclude RCEP talks this year
NEW DELHI: Members of Asean are committed to concluding talks on the Regional Comprehensive Economic Partnership (RCEP) this year as mandated by the Southeast Asian bloc’s leaders, Secretary-General, Datuk Lim Jock Hoi said.
The RCEP is a free trade deal involving the 10-member regional grouping and six of its existing free trade partners, namely Australia, China, India, Japan, South Korea and New Zealand.
“Asean reiterates its full commitment and priority to bringing RCEP negotiations to conclusion this year,” Lim told an Asean-India business conference in New Delhi on Tuesday.
The RCEP talks started in 2012 and will create a free trade area covering 3.5 billion people when
Asean reiterates its full commitment and priority to bringing RCEP negotiations to conclusion this year. Datuk Lim Jock Hoi, Southeast Asian bloc’s leaders, Secretary-General
concluded.
Lim said India is Asean’s sixth largest trading partner and the grouping’s trade would receive a significant boost from the RCEP. Reducing tariffs is a key area of the proposed pact.
“The ongoing negotiations of the RCEP stand at the centre of Asean’s external relations,” Lim said.
He also said with the 16 participating countries accounting for half the world’s population, about 30 per cent of trade, and a fifth of global investment flows, the RCEP offers tremendous potential to generate employment, enhance growth and inclusive development, and promote innovation.
India as part of its ‘ Act East’ policy of developing close relations with Asean is keen to boost its export of services to Southeast Asia and wants to attract more Asian investments.
Asean- India trade almost doubled between 2006 and 2016.
According to official Indian figures, the country’s trade with Asean increased to US$70 billion in the 2016 to 2017 financial year from US$65 billion in 2015-2016.