China says RCEP economies committed to work with India to resolve lingering trade deal issues
- China and 14 other nations from the Asia-Pacific region agreed on the outline of the Regional Comprehensive Economic Partnership (RCEP) on Monday
- Beijing says it is confident that the ‘very few’ remaining obstacles among the RCEP 15 can be settled by the end of the year
China on Wednesday said the small number of issues standing in the way of the Regional Comprehensive Economic Partnership (RCEP) could be resolved by the end of the year, adding member states were also ready to work with India to address outstanding issues.
Fifteen nations from the Asia-Pacific region – the 10 Asean nations plus Japan, China, South Korea, Australia and New Zealand – agreed on the outline of the trade pact on Monday.
Full details of RCEP, including tariff rates, have not yet been disclosed, but if signed early next year, the agreement will be the world’s largest free trade deal.
India pulled out of the deal at the last minute amid concerns its economy could be flooded with cheap Chinese goods and farmers could be hurt by agricultural imports from Australia and New Zealand.
We must, together with India, work hard to solve these problems. And India must decide on the basis of this resolution whether to enter into the agreement
Wang Shouwen, vice-commerce minister and a top Chinese trade negotiator, said China and the 14 other member states respected India had outstanding concerns, but member states were prepared to work together to address them.