While resolving critical issues on trade deal of RCEP, India steps up to fix trade with China at 35th ASEAN Summit
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New Delhi, November 01: "India is engaged in finding solution to some of the critical issues relating to the proposed trade deal among members of the Regional Comprehensive Economic Partnership", affirmed MEA on Thursday responding to grouping of 16 nations.
While the Prime Minister is travelling to Bangkok on Saturday on a three-day visit to attend the annual ASEAN-India Summit, the East Asia Summit, the RCEP comprising of a 10 member ASEAN bloc and six other countries, India, China, Japan, South Korea, Australia and New Zealand, will be engaged in negotiations for a free trade pact.
Ahead of the summit, Commerce Minister Piyush Goyal today met the Chinese Vice-Minister of Commerce, Wang Shouwen at the 35th ASEAN Summit in Thailand and discussed bringing a trade balance between the two nations while curbing market-distorting trade practices.
"There are some critical issues still outstanding and efforts are being made to resolve them to provide a fair and a transparent trading environment. These issues are extremely important for our economy and livelihood of our people", said Vijay Thakur Singh, Secretary (East) in the Ministry of External Affairs.
"It is, therefore, imperative that these issues are resolved satisfactorily. India remains engaged to find resolutions of these issues", she said adding that India expects greater clarity on the outstanding issues after the ministerial meeting of the RCEP countries over the weekend in Bangkok.
The RCEP negotiations were launched by leaders from 10 ASEAN member states and six ASEAN FTA partners during the 21st ASEAN Summit in Phnom Penh in November 2012. The objective of launching RCEP negotiations is to achieve a modern, comprehensive, high-quality, and mutually beneficial economic partnership agreement among the ASEAN member States and ASEAN's FTA partners.