India with member countries aim at “mutually beneficial and fair conclusion” of trade negotiations by year end

Singapore, September 1: Being constructively engaged in the RCEP negotiations, India aims to work towards a high quality, balanced and inclusive outcomes with mutual interests of member countries. Representing India, Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, took part in the RCEP ministerial meeting and 6th East-Asia Economic Ministers’ Meeting (EAS-EMM), attended by Trade and Economic Ministers of 10 ASEAN countries.

 

Members of the Regional Comprehensive Economic Partnership (RCEP), including India and China, have finalized an early-harvest “package” with the aim of concluding trade negotiations by the year-end.

Trade ministers of the 16-member grouping at the two-day Singapore ministerial that concluded on Friday, tasked negotiators to influence on the positive momentum to expeditiously bring negotiations to a “mutually beneficial and fair conclusion”, in what is being seen as a major breakthrough in the trade negotiations.

A joint statement issued after the conclusion of the two-day RCEP ministerial meeting in Singapore yesterday said the progress of the negotiations was discussed during the 6th RCEP Meeting.

The statement said the ministers adopted a package of year-end deliverables developed by the trade negotiating committee and welcomed the plans to achieve the targets set out in the package. The statement also said that the ministers agreed to keep the lines of communication open to provide prompt guidance and support to the negotiations, including through intensified domestic consultations, so as to achieve the targets set out in the package.

The Ministers in the summit underscored the significance of establishing the world’s largest free trade area among 16 diverse participating countries under RCEP amidst the escalating trade frictions. To this end, the Ministers reaffirmed the commitment to see RCEP through its conclusion and achieve a comprehensive, high-quality and mutually beneficial economic partnership agreement, notwithstanding rising uncertainties in the global trade environment.

During the meeting, the Indian Commerce Minister also spoke on the issue of initiating the review meeting of the India-ASEAN Free Trade Agreement with a view to enhancing utilization of the bilateral FTA for mutual benefit.

With this context, Ministers Suresh Prabhu & S. Iswaran launched the 3rd review of India-Singapore CECA, 2 months after completing 2nd Review. Shaping CECA in our strengths and preparing our ties for the future economy.

ASEAN is amongst the fastest growing markets in the world and presents substantial trade and investments opportunities for India. ASEAN has emerged as the second largest trade partner of India in 2017-18 with bilateral trade valued at US$ 81.33 billion, comprising 10.58% of India’s total trade with the world.