RCEP countries make "significant" progress in trade talks
Ministers from 15 Asia-Pacific countries negotiating the Regional Comprehensive Economic Partnership (RCEP) agreement on August 27 said they have made "significant progress" toward the signing of the deal by the end of the year, while whether India will stay on as a member of the framework remains uncertain.
Hanoi (VNA) - Ministers from 15Asia-Pacific countries negotiating the Regional Comprehensive Economic Partnership (RCEP) agreement on August 27 said they have made"significant progress" toward the signing of the deal by the end of the year, while whether Indiawill stay on as a member of the framework remains uncertain.
Following a videoconference held in the absence of India, the ministers released a joint statement saying thatthe deal "remains open for India given that not only had it participated in theRCEP negotiations since they were launched in 2012 but also in recognition ofthe potential of India to contribute to the region's prosperity.”
The statement said the ministers welcomed"the significant progress" made toward finalizing the deal forsigning at the summit of RCEP leaders in November 2020.
With the COVID-19 pandemic disrupting globalsupply chains and hitting regional economies, the ministers also"underscored the significant role that the RCEP agreement could play inpost-pandemic recovery efforts as well as in contributing to the growth andstability of the regional and global economy," it said.
The outlook for theRCEP deal remains unclear after India, which is concerned that opening up itsmarket would cause its trade deficit with China to grow, said last November itwill no longer participate in the negotiations and skipped subsequentworking-level talks.
Besides India, 10members of the Association of Southeast Asian Nations, China, Japan, the Republic of Korea, Australia andNew Zealand are taking part in the talks.
ASEAN groups Brunei,Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore,Thailand and Vietnam.
The RCEP deal aims toestablish common rules for e-commerce, trade and intellectual property. It willcover a third of the global economy and half the world's population, if Indiais included./.
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At the meeting (Photo: VNA) 
