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