16 Asian countries close in on mammoth trade agreement at Asean summit, but will India be in?
- Fears mount that New Delhi could be spurned from regional pact after its negotiators issue fresh set of demands amid domestic pressure to protect local industries
- Regional Comprehensive Economic Partnership would create a free-trade zone producing 39 per cent of total global output
The 16 countries negotiating a mammoth trade deal at the centre of this weekend’s Asean summit are likely to announce a “near conclusion” of the pact, the Philippines’ trade minister Ramon Lopez said on Saturday, as he played down fears that India, a holdout during negotiations, would be excluded.
Facing severe domestic pressure, India has sent mixed signals on its commitment to the Regional Comprehensive Economic Partnership (RCEP).
New Delhi’s negotiators piled in fresh demands last week while the other 15 countries were furiously working to conclude talks in time for the meeting of national leaders in Thailand that began on Saturday.
The Indian prime minister in an interview with the Bangkok Post also signalled a lukewarm stance on the pact, saying that “opening the vast Indian market must be matched by opening in some areas where our businesses can also benefit”.
Responding to questions on the possibility that New Delhi could be left out of the deal because of its dithering, the Philippines’ Lopez repeatedly declined to mention India by name, but said “one country” needed to carry out some internal “consultations” on certain issues.
There will be no further meetings among trade ministers and a report on the talks will next be floated up to national leaders ahead of a meeting on Monday.