Hyderabad RCEP meet provides a push to negotiations: Teaotia

The Dollar Business Bureau

Commerce Ministry said on Monday that the recent round of discussions in Hyderabad for the Regional Comprehensive Economic Partnership (RCEP) would provide a push to the negotiations.

Around 700 officials representing 16 nations including Australia and China, gathered in the city during July 17-28 to negotiate the mega trade deal RCEP.

It is vital that the RCEP provides a forward looking and positive alternative with regards to rising protectionism across the world, Commerce Secretary Rita Teaotia said in a statement.

“India is constructively engaged in RCEP and hopes that the 19th RCEP Round in Hyderabad would find innovative ways to provide impetus to the negotiations,” Teaotia said.

The Commerce Secretary further said that the real success of RCEP will be assessed by its ability to bring economic growth, prosperity, decent living standard, greater business opportunities and creation of jobs for the people of the member nations, in an equitable way.

During the discussions in Hyderabad, the member nations agreed to attain a set of major elements for considerable outcomes by this year-end. In addition, the negotiations emphasised on the need for balanced talks to progress the discussions across all fields, the ministry said.

“During the meeting, all RCEP participating countries agreed that a good agreement has immense potential to deliver on new economic opportunities including job creation that are much needed in today’s world of uncertainty,” it added.

Moreover, the member-nations shared their commitment to work collectively in a cooperative way to push the discussions in an accelerated manner in order to accomplish a comprehensive, modern and mutually beneficial agreement that addresses and balances the sensitivities and aspirations of participating nations.

The RCEP is aimed at liberalising the rules for trade in goods and services and to augment investment amongst 16 member nations.

The RCEP members consist of 10 ASEAN members (Vietnam, Laos, Philippines, Thailand, Singapore, Myanmar, Malaysia, Indonesia, Cambodia and Brunei) and their six FTA partners including Australia, China, India, Japan, South Korea and New Zealand.

The discussions for the agreement started in November 2012 in Phnom Penh. The 16 nations make up for over one-fourth of the global economy, which is expected to be over $75 trillion.