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QUESTION NO.3607 REGIONAL TRADE PACT

August 08, 2018

LOK SABHA
USTARRED QUESTION NO.3607
TO BE ANSWERED ON 08.08.2018

REGIONAL TRADE PACT

3607. SHRI MUTHAMSETTI SRINIVASA RAO (AVANTHI):

Will the Minister of EXTERNAL AFFAIRS be pleased to state:

(a) whether the Foreign Minister of Singapore prodded India to speedily conclude a regional trade pact with South East Asian countries and its partners in East Asia including China against backdrop of a push back against free flowing trade by some countries;

(b) if so, the details thereof and the reaction of the Government thereto; and

(c) the time by which the regional trade pact with these countries would be signed keeping in view India's trade interest?

ANSWER
THE MINISTER OF STATE IN THE MINISTRY OF EXTERNAL AFFAIRS
[GEN. (DR) V. K. SINGH (RETD)]

(a) & (b) Regional Comprehensive Economic Partnership (RCEP) is a proposed Free Trade Agreement (FTA) between sixteen countries namely the 10 countries of ASEAN (Brunei, Cambodia, Indonesia, Lao, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam) and their 6 FTA partners (also known as AFP’s or ASEAN FTA Partners) namely India, Australia, China, Japan, Korea and New Zealand. All member countries are working towards early conclusion of RCEP. India looks forward to conclude a balanced agreement which would enable gains for all participating countries and help synergize complementarities across the region for greater economic growth, development and prosperity for our people. India has been striving to strike a balance across key pillars of the negotiations namely goods, services and investments.

(c) The trade pact would be concluded once an agreement is reached among all member countries.

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