The summit also welcomed the adoption of a new ASEAN-India Plan of Action for 2021-2025
The ties between India and ASEAN have been on an upswing in the last few years
China is already the biggest source of imports and destination for exports for would-be RCEP members
The 17th India-ASEAN summit will also be co-chaired by Vietnamese Prime Minister Nguyen Xuan Phuc
Vietnamese Minister of Industry and Trade Tran Tuan Anh will chair the ministerial meeting on Regional Comprehensive Economic Partnership (RCEP)
The RCEP is a proposed pact between 10 Asean economies and six others (New Zealand, Australia, China, India, Japan, and South Korea) with which the grouping currently has free-trade agreements
Fifteen other nations, however, went ahead with the deal after the conclusion of the summit in Bangkok, which was also attended by Prime Minister Narendra Modi
In his meeting with Phuc, the prime minister discussed ways to further bolster bilateral strategic cooperation between India and Vietnam
The ASEAN Summit has transformed into one of the most important regional economic and political events
The possible delay in firming up the Regional Comprehensive Economic Partnership (RCEP) during the 3-day ASEAN summit in Bangkok has been attributed to India's 'new demands'
The comments threw new doubt over the participation of India in the China-backed 16-nation Regional Comprehensive Economic Partnership
The prime minister held the meetings on the sidelines of the ASEAN summit. It is learnt that the issue of maritime security cooperation figured in all the three meetings.
Modi arrived here on a three-day visit on Saturday to attend the ASEAN-India, the East Asia and the RCEP summits.
Attracting new investment is key to creating jobs and boosting growth in the economy, which slowed to a six-year low growth rate of 5 per cent in the quarter ended June
Indian Prime Minister Narendra Modi did not even mention the RCEP deal in opening remarks at a meeting with Southeast Asian leaders
If finalised, the RCEP deal will facilitate creation of the biggest free-trade region in the world
The ASEAN declaration will outline broad ideas but it will be up to each country what it would take home to implement
The Prime Minister became the first head of government to deliver the keynote address at Singapore Fintech Festival on November 14
Modi also discussed import of oil and gas worth $4 billion from the US as the two leaders emphasised on the need to enhance energy cooperation
he would also participate in the Regional Comprehensive Economic Partnership Leaders' Meeting