The RCEP is touted as a significant step to bring the three largest economies of Asia - China, India and Japan - into a regional trading bloc, along with ASEAN member countries
Swift conclusion of trade negotiations in India's interest
The summit saw nations affirm that 'talks are at final stage'
India was represented by Suresh Prabhu at the ministerial negotiations, to be followed by the Leaders' Summit on Wednesday. Narendra Modi will be participating in the summit
Trade ministers of the 16-member RCEP are meeting to continue efforts to resolve the issues are hindering the conclusion of the negotiations
Minister of State for Commere and Industry C R Chaudhary and senior officials from the ministry will attend the meet, the official said
In a bid to fast-track the deal, most nations have agreed to ease the investor-state-dispute settlement (ISDS) clauses
Called the Regional Comprehensive Economic Partnership (RCEP), the trade accord includes the 10 members of the Association of Southeast Asian Nations (ASEAN) and the world's No.2 economy, China
The country's own history shows that openness to trade builds a competitive industrial sector, boosts exports and promotes growth
The RCEP is a proposed pact between 10 Asean economies
The RCEP is a proposed pact between the 10 Asean economies and six others with which the grouping currently has free-trade agreements
After all, the RCEP is unquestionably the next major frontier in economic integration
The 20th round of negotiations of RCEP will start in Incheon, South Korea
RCEP, is a 16-nation trade pact that includes the ASEAN, along with China
While negotiations on the proposed Regional Comprehensive Economic Partnership (RCEP) Agreement have recently broken through a deadlock, India is now under pressure to update its offers on tariff reduction on goods and services trade before the next meet.The last round of negotiations held last week in Kobe, Japan, have seen India receiving better offers from other nations on tariff reduction and market access in both merchandise as well as services trade. "This represents a forward movement after a significant period of stagnation in talks", a senior Commerce Ministry official said. However, the country is now expected to reciprocate similarly by updating its own offers, he added. The government is now considering the proposals, especially with regards to China, that may be made at the next month's meeting slated to be held in Philippines. The RCEP is a proposed free trade agreement (FTA) between the 10 countries of the Asean (Association of Southeast Asian Nations) and six others ..
RCEP included 10 economies of the ASEAN and six of its free trade partners
RCEP aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights
Country will look to gain a stronger foothold amongst RCEP nations in the next round of talks
RCEP is a proposed free trade agreement between the 10 countries of Asean and six others
Country had earlier offered differential levels of tariff reduction