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Business EconomyPosted at: Nov 14 2020 12:51PM


ASEAN seeks India back in RCEP trade deal to be inked likely Sunday

New Delhi, Nov 14 (UNI) ASEAN countries want India to return to the mega trade deal they are likely to ink on Sunday with their five dialogue partners, officials and media reports said.
Exactly a year ago, India opted out of the Regional Comprehensive Economic Partnership negotiations. "The present form of the RCEP Agreement does not fully reflect the basic spirit and the agreed guiding principles of the RCEP, " Prime Narendra Modi had then said, adding he was concerned the deal would have on the lives and livelihoods of Indians.
India has sought safeguards as it is wary that its domestic manufacturing and agricultural industries will take a hit by imports, especially from China.
"We did not join RCEP as it does not our outstanding issues and concerns" said Riva Ganguly Das, Secretary, East, Ministry of External Affairs.
"However, we remain committed to deepening our trade relations with ASEAN,” she said on Thursday, as reports said that ASEAN states, along with five partners from the wider Indo-Pacific region, concluded on Wednesday negotiations for the RCEP and is expected to be signed on the weekend.
The accord aims at cutting tariffs and establishing common rules for trade, e-commerce and intellectual property.
“Today, we have certainty. Fifteen countries have completed the negotiation. So it is done,” said Indonesian Trade Minister Agus Suparmanto.
“All countries expect to move forward to implement the RCEP,” Agus added.
The negotiation's conclusion ended a series of trade talks that lasted for around eight years, involving the 10 ASEAN member states, with Australia, China, Japan, South Korea and New Zealand.
Experts say the benefits of the trade pact is, however, smaller than initially expected as the negotiation was concluded without India, which withdrew due to concerns about its trade ties with China.
However, the 15 signatories of the RCEP are open to the possibility of India re-joining the trade pact in the future, said Agus.
The trade pact is expected to be the world’s largest free trade agreement (FTA), represents 30.2 per cent of the global economy and 27.4 per cent of global trade, according to data from the International Monetary Fund and the World Bank.
With India, the RCEP represents one-third of global GDP..
Malaysian prime minister Muhyiuddin Yassin said Kuala Lumpur respects India’s decision of not joining RCEP, but remains hopeful that the ASEAN Dialogue Partner will join the trade pact in the future.
In his intervention at the 17th ASEAN-India Summit on Thursday, he expressed his appreciation for India’s active participation and valuable contributions in the RCEP negotiations and forming the RCEP Agreement.
On the withdrawal of India's participation in RCEP, Mohamed Azmin Ali, International Trade Minister, said Malaysia as well as the ASEAN member states and dialogue partners would continue to engage with India as the republic is a very important trading partner not only to Malaysia but also to ASEAN.
Japan is said to have reached out to India. At last month''s ministerial meeting, Japan's trade minister Hiroshi Kajiyama said the inclusion of India would be important even after the signing of the deal.
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