RCEP trade deal set to be inked this year; door remains open for India

Singapore

SINGAPORE and other stakeholders have reiterated that they plan to sign the Regional Comprehensive Economic Partnership (RCEP) mega-trade deal this year, even as the deadly novel coronavirus pandemic throws the global economy into disarray.

The countries involved also stressed, after their latest virtual ministerial meeting, that "the RCEP remains open for India", which backed out of talks last November while citing unresolved "significant issues".

That's according to a joint statement on Tuesday from Australia, China, Japan, South Korea, New Zealand, and the 10-state Asean, which includes Singapore as a member.

Saying that the importance of the RCEP has grown amid the pandemic, these governments added that getting it signed "will serve as a clear signal of our unwavering support for the multilateral trading system, regional integration as well as economic development across the region".

After India's departure from the negotiating table, Singapore Minister-in-charge of Trade Relations S Iswaran called for other parties to "keep the door open for India to come in at the appropriate time, but without compromising the disciplines and protocols that we have all agreed to".

"India has been an important participant in the RCEP negotiations since the launch in 2012," the countries said in their latest statement. "We believe that India's participation in RCEP would contribute to the advancement and prosperity of the region."

With the Covid-19 pandemic posing "an unprecedented challenge for trade, investment and global supply chains", the RCEP participants added that they have agreed to enhance cooperation and coordination to enable recovery and growth after the crisis.

The RCEP will be the biggest trade pact in the world when brought to fruition, as it will involve countries that together make up one-third of global gross domestic product.