Logo
Thursday, 25 April 2024
Monday, 04 Nov 2019 12:00 pm

China-backed 16-nation Regional Comprehensive Economic Partnership (RCEP) on Monday

Asia-wide trade pact on course despite India, Thailand says

newsImage
 

Spurred in part by the U.S.-China trade war, Southeast Asian countries hoped to announce at least provisional agreement on the China-backed 16-nation Regional Comprehensive Economic Partnership (RCEP) on Monday.

But last minute demands raised by India meant negotiations among ministers went late into the night alongside a summit of the Association of Southeast Asian Nations (ASEAN) being held in Bangkok, Thailand.

“The negotiation last night was conclusive,” Commerce Minister Jurin Laksanawisit told Reuters on Monday.

“There will be an announcement together on the success of the RCEP agreement by the leaders later today. India is part of this as well and will jointly make the announcement. The signing will be next year.”

RCEP includes the 10-member grouping of Southeast Asian nations, as well as China, South Korea, Japan, India, Australia and New Zealand.

At a separate meeting, Thai Prime Minister Prayuth Chan-ocha said “We welcome the conclusion of the RCEP negotiation and (are) committed to sign the RCEP agreement in 2020.”

But Indian officials at the summit remained tight-lipped and officials from other countries did not comment.

Read here

Southeast Asia’s biggest country, Indonesia, had appealed to India on Sunday to remain part of the agreement.

New impetus ro complete the deal has come from the U.S.-China trade war, which has helped knock regional economic growth to its lowest in five years.

 

Read


Neha Pandey

Aware of her elements, Neha writes the best articles across industries including electronics & semiconductors, automotive & transportation and food & beverages. Being from the finance background she has the ability to understand the dynamics of every industry and analyze the news updates to form insightful articles. Neha is an energetic person interested in music, travel, and entertainment. Since past 5 years, she written extensively on sectors like technology, finance and healthcare.


Smarter Decisions with Smart News

Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.

Subscribe to our newsletter
Get the latest in your inbox weekly Sign up for the fully charged newsletter
© The News and Media Division of The Insight Partners 2024 | All Rights Reserved | Privacy Policy