RCEP deal: Trade ministers from 16 countries including India and China to meet in Vietnam

Trade ministers of 16 countries, including India and China, will meet on 21 and 22 May to discuss progress on the negotiations of the proposed RCEP trade deal

PTI May 19, 2017 16:27:32 IST
RCEP deal: Trade ministers from 16 countries including India and China to meet in Vietnam

New Delhi: Trade ministers of 16 countries, including India and China, will meet on 21 and 22 May in Vietnam to discuss progress in the ongoing negotiations of proposed mega trade deal RCEP.

So far, negotiators of the Regional Comprehensive Economic Partnership (RCEP) have held 18 rounds of negotiations.

RCEP deal Trade ministers from 16 countries including India and China to meet in Vietnam

File image from the first round of negotiations for RCEP in Brunei. Getty Images

"This will be a crucial meeting in Hanoi. Ministers would deliberate on the single-tier system of duty relaxations, besides issues related to services and investments," an official said.

Under the single-tier system, the RCEP member countries are trying to finalise the maximum number of goods on which duties will either be eliminated or reduced drastically.

Chief negotiators and senior officials of all the countries recently held discussions in the Philippines on this regard.

The 16-member bloc RCEP comprises 10 ASEAN members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six FTA partners — India, China, Japan, South Korea, Australia and New Zealand.

RCEP is a mega trade deal that aims to cover goods, services, investments, economic and technical co-operation, competition and intellectual property rights.

As the domestic industry has apprehensions over a deluge in imports from countries such as China after the duty cut under the agreement, India may take certain deviations for such countries.

India already has implemented a free trade agreement with the ASEAN, Japan and South Korea. On the other hand, the country is negotiating similar pacts with Australia and New Zealand.

The talks for the pact started in Phnom Penh in November 2012. The 16 countries account for over a quarter of the world's economy, estimated to be more than $ 75 trillion.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Amazon may be on the wrong side of India’s FDI rulebook for multi-brand retail on dispute with Future Retail
Business

Amazon may be on the wrong side of India’s FDI rulebook for multi-brand retail on dispute with Future Retail

By persona, as well as operations, Amazon is an e-commerce entity. Rules disallow FDI investors in multi-brand retail to engage in e-commerce activity.

Indonesian man becomes overnight millionaire after meteorite crashes through his roof
World

Indonesian man becomes overnight millionaire after meteorite crashes through his roof

As per the report, the meteorite is carbonaceous chondrite, an extremely rare variety estimated to be 4.5 billion years old and is worth around £645 per gram

Thailand pro-democracy movement: More than 40 injured in violent protests as MPs debate amendments
India

Thailand pro-democracy movement: More than 40 injured in violent protests as MPs debate amendments

Police used tear gas and water cannons against the student-led demonstrators, who tried to enter the grounds of the legislature on the outskirts of Bangkok