Prime Minister Narendra Modi has called for an “early conclusion” of negotiations on the Regional Comprehensive Economic Partnership (RCEP) even as his Singapore counterpart warned that the trade deal will lose credibility if discussions are further prolonged. Modi joined other leaders of RCEP, which includes 10 Association of Southeast Asian Nations (Asean) members and China, Japan, Australia, New Zealand and South Korea, in Singapore to take stock of negotiations that began in 2012 and to give the mandate to trade ministers to take things forward.
RCEP aims to create world's largest free trade area and will lead to the largest regional trade bloc, accounting for 30 per cent of global trade, once implemented. In convening talks among RCEP leaders, Singapore PM Lee Hsien Loong said a final agreement on the deal, expected to cover nearly half the world's population and 40 per cent of world trade, would be delayed until 2019. “Further prolonging negotiations puts the RCEP at risk of losing credibility and support from our stakeholders,” he said.
India's Additional Secretary in the Commerce Ministry, Sudhanshu Pandey, addressed the media in Singapore, and said Modi called on fellow RCEP leaders to give mandate to trade ministers and negotiators to take the economic grouping forward. Financial inclusion has become a reality for 1.3 billion Indians with the government launching a number of people-friendly digital platforms. Modi said as he pitched India as the “best” investment destination for tech firms at the prestigious Fintech Festival in Singapore.
