RCEP pact put off un­til next year

India Business Journal - - GLOBAL WRAP-UP -

Trade Min­is­ters from 16mem­ber coun­tries ne­go­ti­at­ing

the Re­gional Com­pre­hen­sive Eco­nomic Part­ner­ship (RCEP) agree­ment, in­clud­ing In­dia, China and the ASEAN, have de­cided to push the year-end tar­get for a "sub­stan­tial con­clu­sion" of the talks by a year due to dif­fer­ences on key is­sues.

The RCEP also in­cludes Ja­pan, South Korea, New Zealand and Aus­tralia and to­gether the 16 na­tions ac­count for 40 per cent of world trade. While most mem­bers, in­clud­ing many of the ASEAN coun­tries, were keen to have a part-con­clu­sion of the RCEP pact by the year-end, In­dia, backed by Malaysia, the Philip­pines and Viet­nam, was of the opin­ion that mar­ket ac­cess is­sues needed to be ironed out both in goods and ser­vices and there was need for more time.

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