ASEAN Summit: Negotiators to meet to thrash out RCEP deal issues

The 10 ASEAN member countries and six trading partners remain optimistic about making a breakthrough on the much delayed Regional Comprehensive Economic Partnership (RCEP) deal during the 35th  ASEAN Summit in Bangkok.

Thailand Deputy Prime Minister Jurin Laksanawist said some issues have yet to be agreed upon and negotiators are scheduled to meet today and tomorrow to thrash them out. Union Commerce Minister Piyush Goyal has arrived Bangkok this morning to take part in deliberations.

The Regional Comprehensive Economic Partnership(RCEP) were launched in November 2012. The main objective of



RCEP is deepening economic cooperation between10 ASEAN nations and six trade partners. Trade partners are  India, China, Japan, South Korea, Australia and New Zealand.

If the RCEP is finalized the 16 countries will form a major trading block across domestic product accounting for around one-third of the world’s gross domestic product. Signatory countries to the RCEP have a combined population of about 3.56 billion, with a trading volume 29 per cent of world trade. Once the RCEP comes into effect the agreement will cover nearly half of the world's population.