India regards the Regional Comprehensive Economic Partnership (RCEP) grouping as a “logical extension” of its Look East Policy, Commerce Minister Piyush Goyal said on Tuesday.
He added that the last negotiations in Melbourne saw two more chapters of the RCEP deal nearing conclusion.
Mr. Goyal was addressing a meeting with key officials and Ministers associated with the RCEP, including Acting Minister of Commerce of Thailand Chutima Bunyapraphasara, Minister of Trade of Indonesia Enggartiasto Lukita, Secretary General of ASEAN Lim Jock Hoi, and RCEP Trade Negotiating Committee Chair Pak Iman Pambagyo.
“Addressing the meeting, [Mr.] Piyush Goyal said that India looks at RCEP as a logical extension of its Act East Policy and it holds enormous potential for economic growth and stability for the entire region,” the Commerce Ministry said in a statement.
Mr. Goyal acknowledged that the 26th round of RCEP negotiations at the expert level, which recently concluded in Melbourne, saw some progress on issues with member- countries showing a degree of accommodation.
“India too has shown significant flexibility during the negotiations and helped to achieve convergence in few important areas,” he added. “Two more chapters are close to conclusion, which will take the number to 9 of the total 16 chapters.”
Mr. Goyal expressed the hope that the negotiations would achieve even greater convergence during the coming rounds in China and Vietnam.
The Commerce Minister also highlighted Indian industry’s apprehensions regarding India joining RCEP as previous free trade agreements had not achieved the desired results. He also voiced their concern over giving China increased access to Indian markets.
