BANGKOK: Fifteen out of 16 nations have concluded “text-based” negotiations for what could be the world's largest trade deal, with formal signing now expected in 2020, said a joint statement by leaders issued on Monday (Nov 4).
“We noted 15 RCEP Participating Countries have concluded text-based negotiations for all 20 chapters and essentially all their market access issues; and tasked legal scrubbing by them to commence for signing in 2020,” said the joint leaders’ statement.
AdvertisementAdvertisement“India has significant outstanding issues, which remain unresolved. All RCEP Participating Countries will work together to resolve these outstanding issues in a mutually satisfactory way. India’s final decision will depend on satisfactory resolution of these issues,” the statement added.
This statement follows 28 rounds of negotiations and 18 ministerial meetings spanning about seven years.
[h=3]READ: Asia-wide trade pact on course despite India, Thailand says[/h]The 16-nation RCEP accounts for a third of global gross domestic product and nearly half the world's population.
AdvertisementAdvertisementRCEP includes the 10-member grouping of Southeast Asian nations, as well as China, South Korea, Japan, India, Australia and New Zealand.
New impetus to complete the deal has come from the US-China trade war, which has helped knock regional economic growth to its lowest in five years.
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