Need for early conclusion of balanced RCEP: Minister

The central government on Wednesday outlined the need for an early conclusion of a "balanced Regional Comprehensive Economic Partnership".

According to Minister of State for Commerce and Industry C.R. Chaudhary, an "early conclusion" of a balanced Regional Comprehensive Economic Partnership (RCEP) will boost India-Asean trade and investment.

The mega free trade agreement -- RCEP -- is currently being negotiated between Asean member states -- Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam -- and Australia, China, India, Japan, South Korea and New Zealand.

The RCEP negotiation includes trade in goods, trade in services, investment, economic and technical cooperation, intellectual property, competition, dispute settlement, e-commerce, small and medium enterprises (SMEs) and other issues.

Speaking at the "Asean India Business Council Forum" organised by industry body Ficci and the Ministry of Commerce and Industry, Chaudhary pointed out that India has offered a $1 billion line of credit to enhance physical and digital connectivity with the Asean region.

--IANS

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