NEW DELHI, Jan 23 - In a significant development, India today said it will work �closely and constructively� with all the members of the Regional Comprehensive Economic Partnership (RCEP) for early conclusion of the negotiations for a mega trade deal.
Speaking at the ASEAN-India Business and Investment Meet and Expo here, Union Commerce and Industry Minister Suresh Prabhu said the negotiations have been on for the last five years and they are slow because of the diversity of economic strength of all the countries. He underscored the importance of addressing sensitivities and aspirations of all the 16 member countries of the RCEP.
The RCEP is a mega trade pact among these countries and aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights.
The ASEAN-India Business and Investment Meet and Expo was jointly inaugurated by Prabhu with the ASEAN ministers and Minister of State for External Affairs Gen VK Singh (retd).
The ministers from ASEAN countries included Brunei Minister at the Prime Minister�s office and Second Minister of Foreign Affairs and Trade Lim Jock Seng, Indonesia Minister of Trade Enggartiasto Lukita, Myanmar Union Minister of Industry U Khin Maung Cho, Cambodia Secretary of State in the Ministry of Commerce Chhuon Dara, the Philippines Under Secretary of Department of Trade and Industry Nora Kakilala Terado, Thailand Deputy Minister of Commerce Chutima Bunyapraphasara, Vietnam Vice Minister of Industry and Trade Cao Quoc Hung. ASEAN Secretary General Lim Jock Hoi also attended the event.
The inaugural plenary on the theme �Promoting Mutual Trade and Investment for Shared Prosperity� covered discussions on strengthening India�s economic relations with the countries in the East with both sides aiming to scale up bilateral trade and investment in the region. Prabhu stressed that India is looking forward to �further deepening our engagement with the ASEAN, with all the special commemorative events lined up for the next few days, celebrating our shared values and common destiny.�
