Skip to content
Search

Latest Stories

RCEP to issue joint statement on proposed trade pact  

LEADERS of India and 15 Asia-Pacific countries are expected to announce later on Monday (4) successful conclusion of seven-year negotiations to create the world's largest free-trade region though its formal signing will be pushed to February next year, diplomatic sources said.

The possible delay in firming up the Regional Comprehensive Economic Partnership (RCEP) during the three day ASEAN summit in Bangkok has been attributed to India's "new demands" on market access, and tariff related issues.


Sources said China was forcefully pushing for inking the deal during the RCEP summit later in the day, which was seen as an attempt to counter-balance the impact of its lingering trade war with the US as well as to project the region's economic might to the West.

The proposed free-trade agreement includes 10 member countries of the Association of Southeast Asian Nations (Asean) and six of the bloc's dialogue partners- China, Japan, South Korea, India, Australia and New Zealand.

When finalised, the RCEP would become the world's largest free trade area, comprising half of the world population and will account for nearly 40 per cent of the global commerce and 35 per cent of the GDP.

“The negotiations were conclusive,” Thai commerce minister Jurin Laksanawisit told reporters, adding a joint statement will be issued by the leaders at the RCEP summit later in the day.

Hardball negotiations to address sticky issues went down to the wire on Sunday with India holding on to its demand for amicable resolution of market access and tariff related issues.

On Saturday (2), the trade ministers from 16 RCEP countries failed to resolve the outstanding issues identified by India though back-channel talks continued on the sidelines of the ASEAN summit to resolve the sticky issues.

Prime minister Narendra Modi and leaders of 15 other RCEP member countries will deliberate on the deal at the summit on Monday.

India has been forcefully raising the issue of market access as well as protected lists of goods mainly to shield its domestic market as there have been fears that the country may be flooded with cheap Chinese agricultural and industrial products once it signs the deal.

The sources said except India, all 15 RCEP member countries were on board in finalising the deal at Monday's summit.

Thai prime minister Prayuth Chan-ocha, addressing a press conference at the end of the ASEAN summit, called for concluding the negotiations for the RCEP deal.

The RCEP negotiations were launched by ASEAN leaders and the six other countries during the 21st ASEAN Summit in Phnom Penh in November 2012.

The objective of launching RCEP negotiations was to achieve a modern, comprehensive, high-quality, and mutually beneficial economic partnership agreement among the ASEAN member states and its FTA partners.

When asked whether India will take the plunge and sign the deal, two Indian officials said the country will be guided by its national interests but at the same time noted that the country was in favour of the regional deal.

Modi on Saturday said addressing India's concerns over “unsustainable trade deficits” remained important and that opening the vast Indian market must be matched by openings in some areas where Indian businesses can benefit.

“We have put forward reasonable proposals in a clear manner and are engaged in negotiations with sincerity. We would like to see commensurate levels of ambition on services from many of our partners, even as we are ready to address their sensitivities,” Modi said in an interview to Bangkok Post newspaper.

“Overall, we are clear that a mutually beneficial RCEP, in which all sides gain reasonably, is in interests of India and of all partners in the negotiation,” he said.

(PTI)

More For You

Satya Nadella backs £30bn Microsoft push in UK
Satya Nadella
Satya Nadella

Satya Nadella backs £30bn Microsoft push in UK

MICROSOFT CEO Satya Nadella on Wednesday (17) said the American tech giant is “doubling down” on its investments in Britain as US president Donald Trump began his state visit with the launch of a US-UK Tech Prosperity Deal.

The agreement focuses on advancing fast-growing technologies such as artificial intelligence (AI), quantum computing, and nuclear innovation.

Keep ReadingShow less
Jaguar Land Rover’s factory in Solihull, Britain

FILE PHOTO: A member of staff works on the production line at Jaguar Land Rover’s factory in Solihull, Britain. REUTERS/Phil Noble

Government steps in as JLR cyber attack stalls output

BRITAIN's largest carmaker, Jaguar Land Rover, said a pause in production due to a cyber attack would now stretch to September 24, extending the stoppage at its plants to more than three weeks.

The luxury carmaker, owned by India's Tata Motors, said it shut down its systems in early September to contain the hack that has severely disrupted its retail and manufacturing operations.

Keep ReadingShow less
Modi & Trump

Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.

Reuters

India, US to discuss trade issues after tariff hike

INDIA and the United States will hold trade discussions in New Delhi on Tuesday, officials and Indian media reports said, as the two countries look to resolve a tariff dispute.

India currently faces high US tariffs on most of its exports and has not yet been able to reach a trade deal that would ease the pressure.

Keep ReadingShow less
Piyush Goyal

Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)

Getty Images

Trade talks with US moving forward positively, says Indian minister Goyal

INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.

He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.

Keep ReadingShow less
Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less