Asian trade deal to be signed by 2020 despite new demands of India:Thailand


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Asian trade deal to be signed by 2020 despite new demands of India:Thailand

On Sunday, the 3rd of November 2019, Thailand, the hosting country of 35th ASEAN Summit which was being taken place in Bangkok, said that the Southeast Asian nations were committed to seal a trade pact by February 2020 which in effect had every possibility to become the world’s largest trade bloc despite new demands from India which had forged a fresh blow to the progressed made by China.

In point of fact, members of the Association of Southeast Asian Nations (ASEAN) met in the weekend Summit in Bangkok with hopes of a possible conclusion of a negotiation to seal a new 16-nation RCEP (Regional Comprehensive Economic Partnership) trade pact with one-third of world’s trade was expected to be taken place within the pact, prodded by the presence of world’s second-largest economy, China alongside world’s third-largest economy by purchasing power parity (PPP) India, along with their huge consumer bases involving a total of 30 billion people.

Nonetheless, a plausible finalizing of negotiation of RCEP appeared to be met with fresh obstacles following new demands of India. However, adding that a 10-nation grouping had welcomed a “commitment to sign the RCEP Agreement in 2020,” the ASEAN’s Chair of 2019 said in a final statement on Sunday (November 3rd) night, “This will significantly contribute to an open, inclusive and rules-based international trading system and expansion of value chains,” while laying off a cautiously optimistic outlook on an RCEP trade bloc by 2020, China’s foreign ministry said in a statement late on Sunday (November 3rd), “The early conclusion of RCEP negotiations will lay the foundation for East Asia’s economic integration”