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We should all work concertedly towards early conclusion of talks: Prabhu to RCEP members

Press Trust of India  |  New Delhi 

Thursday called upon all the members of RCEP, a proposed mega trade deal, to work concertedly towards early conclusion of the agreement to boost economic ties.

The (RCEP) is a mega being negotiated by 10 members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, and Vietnam) and their six free trade pact partners - India, China, Japan, South Korea, and

Commerce and Industry said a successful conclusion of will help deal with the challenges of global trade in terms of increasing trade tensions and protectionism.

"is constructively engaged in negotiations and the country believes that will remain central to the economic integration of the Indo-Pacific region through RCEP," he said.

"As negotiations are intensifying, members are now engaged in bilateral pairing to achieve mutually satisfactory and balanced outcome keeping in view each other's sensitivities and aspirations," the said.

The was speaking at the inauguration of the fourth India-Export and Summit 2019 here.

He said that as directed by the leaders of the 16 countries, "we should all work concertedly towards early conclusion of and create a win-win situation for the greater prosperity of the people of the region".

Negotiations for the mega-trade deal RCEP need more rounds of talks to sort out issues pertaining to goods and services, Prabhu had said Tuesday.

The agreement aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights.

The talks are stretched as the member countries have yet to agree on major issues including finalising the number of goods on which duties would be eliminated.

Speaking at the event, Indonesian said all the members need to work together to conclude the negotiations this year.

Sharing similar views, Cambodian also said the agreement is important and "I hope to see this concluding this year".

Further, Prabhu urged the ASEAN members to engage in the review of free with to resolve implementation issues being faced by business of either side.

The bilateral trade between India and ASEAN increased from USD 65 billion in 2015-16 to USD 81.33 billion in 2017-18.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 21 2019. 20:45 IST