India pushes greater Asean cooperation

NEW DELHI — Delegates attending the Delhi Dialogues VIII here have expressed mixed reactions of hope and skepticism over the impact of Regional Comprehensive Economic Partnership (RCEP) and the US-led Trans-Pacific Partnership to the Association of Southeast Asian Nations (ASEAN).

Anil Wadhwa, Secretary for the East of India’s Ministry of External Affairs, vowed to work closely with the ASEAN to further boost India’s “greater engagement with ASEAN-member states.”

In his speech at the inaugural session of Delhi Dialogue VIII in The Oberoi Hotel Wednesday, Wadhwa remains optimistic discussions will “collectively shape” the ASEAN and India’s post-2015 agenda for greater progress and prosperity in the region. “Our efforts at promoting cross border trade at the microlevel need to be supplemented at the macro level by enhancing physical connectivity,” he said, announcing that the Indian government is rolling out a line of credit of $1-billion to promote projects that support physical and digital connectivity between ASEAN and India.

Wadhwa pushed for the need for better trade and economic cooperation among ASEAN countries under the RCEP as its government sees a realization of the agreement anytime soon.

RCEP negotiations were launched in Phnom Penh in November. The 16 countries would account for over a quarter of the world’s economy, estimated to be more than $75 trillion, reports said.

While the RCEP and TPP along with Trans- Atlantic Trade and Investment Partnership all aim to boost trade development between ASEAN and other countries, other officials dub the so-called mega-trade blocs as a “tussle for regional influence in Asia.”

The US-led TPP is dubbed as a potentially historic trade agreement linking US, Japan and 10 other countries, leaving out China in the picture.

Meanwhile, China has been promoting RCEP, which excludes the United States, and would place China and Japan at the center of trade investments in the region.

In the case of the Philippines, the RCEP as treaty will have to be ratified by the Senate.

Amalia Adininggar Widsayasanti, director of trading investment and International Economic Cooperation, Ministry of National Development Planning of Indonesia, pointed out that “too many agreements” make a lot of confusion among trade partners.

In the same forum, Widsayasanti recommended that trade pacts must be made simpler.