India keeps making last-minute requests after it agreed to terms for the world’s largest regional trade agreement, potentially preventing Asian leaders from announcing a breakthrough on the 16-nation pact during a summit in Bangkok next week, people familiar with the situation said.
In recent days, India angered other negotiators by making additional requests on the China-backed pact covering half the world’s population, said the people, who asked not to be identified because the talks are private. Leaders of the countries had planned to announce a preliminary deal on Nov 4 when leaders gather for meetings hosted by the Association of Southeast Asian Nations, they said.
Chief negotiators are still confident they can reach a broad agreement on the deal, known as the Regional Comprehensive Economic Partnership (RCEP), during a planned meeting on Thursday in Bangkok, the people said. Any announcement would pave the way for nations to finalize the details on the legal framework in the coming months.
A breakthrough after seven years of talks would mark a win for trade liberalization in an era of rising tariffs and resurgent nationalism. The deal would also further integrate Asia’s economies with China at a time when US President Donald Trump is seeking to convince the region to shun Chinese infrastructure loans and 5G technology.
India, which has raised some tariffs under Prime Minister Narendra Modi, has long been the main holdout on an RCEP deal due to strong domestic opposition over fears the country would be flooded with cheap Chinese goods.India DemandsModi, who is fresh off a landslide re-election win in May, agreed to move ahead with the deal after receiving personal assurances from Chinese President Xi Jinping in an informal seaside meeting earlier this month, an Indian official said...READ MORE
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