Singapore, other stakeholders reaffirm plans to sign mega-trade deal this year

“India has been an important participant in the RCEP negotiations since the launch in 2012,” these remaining countries have now said in their latest statement. “We believe that India’s participation in RCEP would contribute to the advancement and prosperity of the region.”

The RCEP participants also said that, with the Covid-19 pandemic posing “an unprecedented challenge for trade, investment and global supply chains”, they have agreed to enhance cooperation and coordination to enable recovery and growth after the crisis. The RCEP will be the biggest trade pact in the world when brought to fruition, as it will involve countries that together make up one-third of global gross domestic product.

The Republic is also part of another mega-trade bloc - the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which was inked in 2018 among Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. But, in a blow to regional trade ambitions, US President Donald Trump pulled the US out of the original Trans-Pacific Partnership Agreement in January 2017, soon after his election.For daily updates on weekdays and specially selected content for the weekend. Subscribe to

Source: News Formal (newsformal.com)

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