The Vietnamese side at the videoconference on the RCEP on June 23 (Photo: VNA) Hanoi (VNA) – Ministers from Asia-Pacific countriesnegotiating the Regional Comprehensive Economic Partnership (RCEP) began avideoconference on June 23, with how to bring India back to the talks among thefocuses.
Negotiations on the RCEP, which would lowertariffs and set rules on investment and intellectual property for an areacovering a third of the global economy and half the world population, began in2013, but members have continually failed to meet deadlines for the dealsigning.
At a summit last November, 15 of theparticipating countries – the 10 ASEAN members, China, Japan, the Republic ofKorea, Australia and New Zealand – agreed to work toward signing the agreementby the end of 2020.
However, India, which is reluctant to open upits market due to concern that its trade deficit with China would grow, hasskipped subsequent working-level talks.
The other countries, including ASEAN nations(Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines,Singapore, Thailand and Vietnam), are trying to convince India to return thoughsome are willing to conclude a 15-country deal.
Once implemented, the RCEP is set to raise the15 member countries’ GDP to 137 billion USD, about 80 percent of the figurewhen the bloc has enough 16 members – initially at 171 billion USD./.
VNA
