PM Modi holds constructive dialogue with RCEP members for facilitating free trade

Indian Prime Minister Narendra Modi on Tuesday held a constructive dialogue with the members of the proposed Regional Comprehensive Economic Partnership (RCEP) for facilitating free trade in Asia-Pacific region.

"Roadmap of progress & prosperity. PM @narendramodi holds constructive dialogue with the members of the proposed Regional Comprehensive Economic Partnership, for facilitating free trade in Asia-Pacific region," Ministry of External Affairs' (MEA) official spokesperson Raveesh Kumar tweeted.

Leaders from 10 member states of the Association of Southeast Asian Nations (ASEAN) and six ASEAN dialogue partners met here on Tuesday to seek an early conclusion of the Regional Comprehensive Economic Partnership (RCEP) negotiations.

(RCEP) is a proposed free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam) and the six states with which ASEAN has existing free trade agreements (Australia, China, India, Japan, South Korea and New Zealand).

RCEP could potentially transform the region into the world's largest trade bloc, comprising over 3.5 billion people and covering nearly one third of the global economy.

Earlier, Prime Minister Narendra Modi attended the 12th East Asia Summit in Manila and reiterated his commitment to work with member states to address the political, security and economic issues of the region.

Prime Minister Modi also held held bilateral meetings with Japanese Prime Minister Shinzo Abe, New Zealand Prime Minister Jacinda Ardern, his Vietnamese counterpart Nguyen Xuan Phuc and Australian counterpart Malcolm Turnbull on the sidelines of the 31st ASEAN Summit in Manila.

The Indian Prime Minister arrived in the Philippine capital on Sunday for a three-day visit.