New Delhi Jan 22 (IANS) Commerce and Industry Minister Suresh Prabhu on Monday said that India will "be working closely" with other countries particularly from the Asean region for an early conclusion of the Regional Comprehensive Economic Partnership (RCEP).
"... It is important to address the sensitivities of member countries and their aspirations as negotiations gather momentum. We would all aim to achieve a RCEP that results in the realisation of the potential of the three key pillars of RCEP -- goods services and investments and in a manner that is balanced and collectivist satisfying " Prabhu said.
"Keeping this in view India will be working closely and constructively with all RCEP member countries and particularly Asean towards an early conclusion of negotiations."
The minister spoke on the sidelines of the "Asean-India Business and Investment Meet and Expo" being held here.
The mega free trade agreement -- RCEP -- is currently being negotiated between Asean member states -- Brunei Darussalam Cambodia Indonesia Lao PDR Malaysia Myanmar the Philippines Singapore Thailand and Vietnam -- and Australia China India Japan South Korea and New Zealand.
The RCEP negotiation includes trade in goods trade in services investment economic and technical cooperation intellectual property competition dispute settlement e-commerce small and medium enterprises (SMEs) and other issues.
"We believe RCEP is a logical extension of India s Act East Policy and believe that deeper interaction with RCEP will bring in greater prosperity... " the minister said.
According to the minister the RCEP negotiations are "slow" but only because of the diversity of economic strengthens of the member countries.
The first phase of negotiations began in November 2012.
--IANS
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