Regional Comprehensive Economic Partnership (ASEAN+6)
Stepping into the role that the United States could have had at the helm of TPP, Beijing has offered a deal that puts it firmly in a leadership role. Through RCEP, the future of the broader Asia-Pacific economy has a diminished role for the United States.
India sat out the latest round of negotiations for an envisioned 16-nation regional free trade agreement.
China’s economy is expected to grow this year, it is capable of generating the jobs and trade needed for recovery, and looks ready to lead. In contrast, the US economy is shrinking and champions of free trade and investment are lacking.
India plans to resume discussion on “outstanding trade issues” with China, including those related to the RCEP, once the Covid-19 situation stabilises.
Regional Comprehensive Economic Partnership (RCEP) dialogue partners are advancing the review of legal texts, expecting the process to finish in July so the pact can be signed later in the year during the Asean Summit as scheduled.
With the new coronavirus pandemic hindering the progress of talks for the world’s biggest free trade pact involving 16 Asia-Pacific countries, Japan may be forced to give up reaching the deal this year in the face of domestic opposition.
Besides to the European Union, a schedule of negotiations of trade for the year is also the plan will be reviewed.
China’s Ministry of Commerce has announced that it will continue plans for the signing of the Regional Comprehensive Economic Partnership (RCEP) by the end of the year, as scheduled.
China is working with other parties to push for the Regional Comprehensive Economic Partnership (RCEP) to be signed as scheduled.
Despite India’s decision to withdraw from the final stages of negotiations to form the Regional Comprehensive Economic Partnership (RCEP), the remaining parties hope to get the free trade agreement (FTA) signed off by the end of the year.
Asean nations have agreed to try and persuade India to return to the negotiating table for the 16 nation Regional Comprehensive Economic Partnership (RCEP) trade deal.
Trade Ministers of both countries are working on what they can offer each other.
The Trump Administration has called on the Morrison Government to extend its "step-up" strategy in the Pacific to South-East Asia, as Washington grapples with China’s rising regional influence.
The RCEP deal is expected to be signed at the end of this year, ASEAN Secretary-General Dato Lim Jock Hoi said on the sideline of the 26th Meeting of ASEAN Economic Ministers Retreat.
Moving out of the RCEP was in the interest of India’s business, External Affairs Minister S Jaishankar said on Saturday.
New Zealand will look forward to a bilateral trade agreement with India if New Delhi does not join the China-backed Regional Comprehensive Economic Partnership (RCEP).
The feeling now in global trade negotiating circles is that India is a recalcitrant partner, difficult to negotiate with.
Pressure on India to join the Regional Comprehensive Economic Partnership (RCEP) has continued, including most recently from Oceania.
New Zealand on Thursday said it will look forward to a bilateral trade agreement with India in case New Delhi does not join the China-backed mega trade deal RCEP.
New Zealand strongly encourages India to become a full participant in RCEP as its absence is neither in the economic nor the strategic interest of the region, Deputy Prime Minister of New Zealand Winston Peters said on Wednesday.