RCEP leaders to issue joint statement on proposed trade pact

Leers of India and 15 Asia-Pacific countries are expected to anunce later on Monday successful conclusion of seven-year negotiations to create world's largest free-tre region though its formal signing will be pushed to February next year, diplomatic sources said. possible delay in firming up Regional Comprehensive Ecomic Partnership (RCEP) during 3-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 deal during RCEP summit later in day, which was seen as an attempt to counter-balance impact of its lingering tre war with US as well as to project region's ecomic might to West. proposed free-tre agreement includes 10 member countries of Association of Souast Asian Nations (Asean) and six of bloc's dialogue partners -- China, Japan, South Korea, India, Australia, and New Zealand. When finalised, RCEP would become world's largest free tre area, comprising half of world population and will account for nearly 40 percent of global commerce and 35 percent of GDP.

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Conclusive negotiations 

negotiations were conclusive, Thai Commerce Minister Jurin Laksanawisit told reporters, ding a joint statement will be issued by leers at RCEP summit later in day. Hardball negotiations to dress sticky issues went down to wire on Sunday with India holding on to its demand for amicable resolution of market access and tariff-related issues. On Saturday, tre ministers from 16 RCEP countries failed to resolve outstanding issues identified by India though back-channel talks continued on sidelines of ASEAN summit to resolve sticky issues. Prime Minister Narendra Modi and leers of 15 or RCEP member countries will deliberate on deal at summit on Monday. India has been forcefully raising issue of market access as well as protected lists of goods mainly to shield its domestic market as re have been fears that country may be flooded with cheap Chinese agricultural and industrial products once it signs deal.

sources said except India, all 15 RCEP member countries were on board in finalising deal at Monday's summit. Thai Prime Minister Prayuth Chan-ocha, dressing a press conference at end of ASEAN summit, called for concluding negotiations for RCEP deal. RCEP negotiations were launched by ASEAN leers and six or countries during 21st ASEAN Summit in Phm Penh in vember 2012. objective of launching RCEP negotiations was to achieve a modern, comprehensive, high-quality, and mutually beneficial ecomic partnership agreement among ASEAN member states and its FTA partners. When asked wher India will take plunge and sign deal, two Indian officials said country will be guided by its national interests but at same time ted that country was in favour of regional deal. Modi on Saturday said dressing India's concerns over unsustainable tre deficits remained important and that opening 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 engd in negotiations with sincerity. We would like to see commensurate levels of ambition on services from many of our partners, even as we are rey to dress ir 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 negotiation, he said. 

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