External Affairs Minister Sushma Sawraj along with ASEAN ministers/Heads of Delegation pose for a Family photo during the "Delhi Dialogue" in New Delhi.
India today said the proposed Regional Comprehensive Economic Partnership (RCEP) with ASEAN countries will offer immense possibilities, accounting for about 40% of world trade.
External Affairs Minister Sushma Swaraj said the next round of RCEP meeting will be held in Hyderabad later this month.
The RCEP is a proposed free trade agreement (FTA) between the 10-member states of the Association of Southeast Asian Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam) and the six states with which ASEAN has existing free trade agreements (Australia, China, India, Japan, South Korea and New Zealand).
She said the ASEAN-India FTA has given a major boost to trade in goods and services and its review meeting in Cebu in the Philippines next week will explore means to further enhance our trade and investments flows.
"We are also actively engaged in negotiations on the regional comprehensive economic partnership. We look forward to a positive outcome of the next round of negotiations that will commence in Hyderabad later this month.
"When finalised, RCEP offers immense possibilities as the largest regional trading arrangement, accounting for about 40% of world trade," Swaraj said at Delhi Dialogue, an annual forum aimed at enhancing India's interaction with the ASEAN countries.
Speaking on occasion, Myanmar's Minister in the Ministry of the Office of the State Counsellor, U Kyaw Tint Swe said that the RCEP will significantly enhance the trade volumes between the member countries.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.