Chinese official says breakthrough negotiations have been made in RCEP

China's Foreign Minister said on November 4 that for an Asia-wide trade pact which is also the world's biggest trade deal breakthroughs have been made in negotiations. However, consultations with India are still ongoing. Chinese minister, Le Yucheng also said the announcement of the final deal will be made by the end of the day by the leaders who are attending the Association of Southeast Asian Nations (ASEAN) summit in Bangkok. Moreover, the host country, Thailand had said earlier that the deal would be ready to sign in 2020. 

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Outstanding issues in the deal

According to the Chinese official, India will be welcomed to be on board with the trade deal whenever they are ready while the outstanding issues in the deal will be completed by 2019. The planned bloc includes 10 ASEAN members along with China, South Korea, Japan, India, Australia, and New Zealand. The 16-nation-trade initiative has been pushed ahead with India stepping aside and facing domestic opposition for its market requirements. Other leaders of the country involved in the Regional Comprehensive Economic Partnership said that they all have resolved differences except India. 

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India isn't out of RCEP

While currently, India has chosen to step aside from the RCEP, the Indian Foreign Ministry spokesperson, Garima Paul said that India is not out of the pact. While the pact includes other ASEAN members, the US has also not included in the deal even though America has a $1.9 trillion trade with the region. For many years. The world manufacturers have been trying to strike an investment boost with the Southeast Asian market of 650 million people. The trend has also been fast-forwarded amidst the uncertainty created by the trade and technology disputes between the US and China. Initially, RCEP would have included about 3.6 billion people and encompass nearly third of world trade and global Gross Domestic Product. 

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(With input from agencies)