China PM Li Keqiang asks for early conclusions on Mega Free Trade

Before the bilateral talks between China and the Association of Southeast Asian Nations (ASEAN), the Chinese Prime Minister Li Keqiang reflected on the talks of the mega free-trade pact and tried to push for early conclusions. The proposal comes amid confusion regarding the multilateral agreement which requires approval from the 10 ASEAN countries along with their trading partners. 

Prime Minister Li Keqiang asks for early conclusion on Mega trade pact

Prime Minister Li Keqiang raised his concerns before the bilateral meeting which is scheduled to be held on November 4 between China and the ASEAN apart from the current annual summit. Delegates from the 10 ASEAN countries along with several other nations are attending the annual summit organized at Thai to further strengthen their partnerships with the regional bloc. The summit comes amid the trade tensions between the United States and China, having a greater impact on the global economy. 

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The Mega Trade by the pact to be signed by 16 nations 

During the talk, the Chinese Prime Minister listed out his expectations from the Mega Trade free pact which will inculcate trade partnership among 16-nations. The pact will bring together half of the world’s population and one-third of the global GDP, which will be beneficial for the development of the South Asian countries. According to him, the process needs to speed up and he expects the pact to be signed by all the nations by next year. The pact includes Japan, India, New Zealand, China, Australia, South Korea, and the ASEAN nations; Cambodia, the Philippines, Burma, Brunei, Indonesia, Laos, Thailand,  Malaysia, Singapore, and Vietnam.

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India refuses to sign any trade agreement

On the other hand, India has refused to sign any agreement in a hurry. Hence, China might exclude India from the mega trade agreement. The Ministry of External Affairs has questioned the Commerce Ministry on China’s proposal. One of the officials said that this similar proposal was earlier rejected by Japan and now China seeks it to pressurize India and ask for concessions similar to those given by other countries under  Regional Comprehensive Economic Partnership (RCEP).

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