RCEP will be a gamechanger, says Vivian Balakrishnan, urging India to join the mega trade deal

SINGAPORE - Foreign Minister Vivian Balakrishnan on Monday made a pitch for India to keep the faith with"the mother of all trade agreements" which is approaching the final stretch of negotiations between Asean and its six trading partners.

"For India, China and Southeast Asia, the key political question is, can we arrive at a formula that would expand a rising middle class and give their children a sense of optimism," he said, while trading views with his Indian counterpart Subrahmanyam Jaishankar at the inaugural session of India-Singapore Business & Innovation Summit.

The deal had the geo-strategic objective of holding the line against protectionist and unilateral policies, he agreed. Even so, it had to make economic sense, he said. "But even as this rapprochement occurs, what we are trying to offer with RCEP is a multilateral model, a pan-regional model, the centre of gravity in the Indo-Pacific. And if we can sort out the fair rules which will promote trade and economic integration between India, China and South-east Asia, there is enormous opportunity.

"I remain optimistic that because of the nature of the Indian economy and the transformation which Mr Modi is implementing, India can deal with this from a position of confidence," he said.The two-day summit at Marina Bay Sands Expo and Convention Centre coincides with Indian Prime Minister Narendra Modi completing 100 days in office after his re-election in May.

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