India 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 Regional Comprehensive Economic Partnership (RCEP) is a mega trade agreement being negotiated by 10 ASEAN members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six free trade pact partners - India, China, Japan, South Korea, Australia and New Zealand.
"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 minister said.
He said that as directed by the leaders of the 16 countries, "we should all work concertedly towards early conclusion of RCEP 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.
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.)