Trade Ministers of 16 countries, including India and China, will meet in Kuala Lumpur this month to resolve issues related to goods and services, besides reviewing progress in talks on proposed RCEP trade deal.
The 16-member Regional Comprehensive Economic Partnership (RCEP) consists of 10 ASEAN members and its six FTA partners, namely India, China, Japan, Korea, Australia and New Zealand.
"Negotiations are moving, but some issues related to goods and services need to be discussed at the ministerial level. To resolve these differences, all the 16 Trade Ministers will meet in Kuala Lumpur," an official said.
Steel and foreign direct investment are likely to figure in the meeting.
The domestic steel industry has raised concerns over China and Japan, leading steel exporters, being members of this arrangement. It feels that steel should be kept out of it.
India imported 5.44 million tonnes of steel in 2013-14. A good part of that basket came from these countries.
Pressure is mounting on India to relax FDI conditions in the e-commerce sector, with the campaign being spearheaded by Japan and a few other members. The policy restricts e-commerce companies from offering services directly to retail consumers. However, 100 per cent FDI is allowed in business-to-business e-commerce.
The 16 economies in question account for over a quarter of the world economy. RCEP negotiations were launched in Phnom Penh in November 2012.
The mega trade deal aims to cover goods and services, investments, economic and technical cooperation, competition and intellectual property.
