RCEP SUMMIT. Leaders of Asean and partner states hold each other's hands at the end of the 3rd Regional Comprehensive Economic Partnership (RCEP) Summit in Nonthaburi, Thailand on Monday (Nov. 4, 2019). In a joint statement, the regional bloc said that while India has "significant outstanding issues" regarding the deal which remain unresolved, all RCEP participating countries will work together to resolve these outstanding issues in a mutually satisfactory way. (Contributed photo)
NONTHABURI, Thailand – India continues to have “unresolved” issues in the proposed 16-country free trade agreement but leaders from the Association of Southeast Asian Nations (ASEAN) and their five trading partner countries concluded the text-based negotiations on Monday.
In a joint statement on the Regional Comprehensive Economic Partnership (RCEP), Asean leaders said all 20 chapters of the text-based chapters, which include initial provisions, trade in goods, rules of origin, customs procedures and trade facilitation, and sanitary and phytosanitary measures have been concluded.
“Legal scrubbing by them (the participating countries) to commence for signing in 2020,” it said.
The statement was issued after the 3rd RCEP Summit, which is part of the 35th Asean Summit and Related Summits held here from Saturday to Monday.
The statement explained that although “India has significant outstanding issues, which remain unresolved” “all RCEP Participating Countries will work together to resolve these outstanding issues in a mutually satisfactory way.”
“India’s final decision will depend on the satisfactory resolution of these issues,” it said.
The five trading partners of the 10-member regional bloc that approved the proposed mega free trade deal are Australia, China, Japan, South Korea and New Zealand.
RCEP negotiations were launched during the 21st Asean Summit and Related Summits in Phnom Penh, Cambodia in 2012, wherein the group committed for “a modern, comprehensive, high-quality, and mutually beneficial economic partnership agreement.”
The statement noted that “against the backdrop of a fast-changing global environment, the completion of the RCEP negotiations will demonstrate our collective commitment to an open trade and investment environment across the region.”
“We are negotiating an Agreement intended to further expand and deepen regional value chains for the benefits of our businesses, including small and medium enterprises, as well as our workers, producers, and consumers,” it said.
It added that the proposed agreement “will significantly boost the region’s future growth prospects and contribute positively to the global economy while serving as a supporting pillar to a strong multilateral trading system and promoting development in economies across the region.” (PNA)
