Breakthroughs in Asia trade talks could lead to world's largest trade deal
Breakthroughs have been made in negotiations for an Asia-wide trade pact that would be the world's biggest trade deal, though consultations with India are still ongoing.
Leaders of the 16 countries involved in the Regional Comprehensive Economic Partnership (RCEP) said overnight that they had resolved differences but India was not in agreement.
Seven years after talks began, the signing of a final deal is now expected next year.
Signatories RCEP include the 10 ASEAN members, plus China, Japan, South Korea, Australia, New Zealand and, maybe, India. AAP
India has balked at exposing its farmers and factories to more foreign competition, especially from China.
A statement issued after leaders met said, "India has significant outstanding issues, which remain unresolved."
It said talks would continue to try to mend those differences. India's final decision "will depend on satisfactory resolution of these issues."
Australian Prime Minister Scott Morrison (right) with the Prime Minister of India Narendra Modi during the ASEAN East Asia Summit, 2019. India has balked at exposing its farmers and factories to more foreign competition, especially from China. AAP
RCEP includes the 10 ASEAN members, plus China, Japan, South Korea, Australia, New Zealand and, maybe, India.
Trade Minister Simon Birmingham said the agreement to quickly finalise the deal was a boon for Australian businesses and would create more local jobs.
"Substantial progress has been made with 15 of the 16 RCEP countries committing to finalise minor outstanding matters within months and proceeding to signing this deal next year," he said.
"These countries account for nine of Australia's top 15 trading partners, 58 per cent of our trade and 66 per cent of our exports."
Prime Minister Scott Morrison (right) shakes hands with the President of Indonesia, Joko Widodo. Indonesia is one of the 10 member nations of ASEAN. AAP
Mr Birmingham said Australia would work with India to try to convince it to sign the deal.
"As RCEP economies develop and their middle classes grow, this deal will open up new doors for Australian businesses and investors across our region."
He said benefits of the RCEP would include opening up trade in the region across telecommunications, professional and financial services, giving scope to enhancing current free trade agreements, providing rules on e-commerce to make it easier for businesses to trade online, and creating a common set of rules on intellectual property.
– with wires.
Prime Minister Scott Morrison during the ASEAN East Asia Summit, 2019. AAP
Share a tip-off, video or photo with us
