Press Information Bureau

Government of India

Ministry of Commerce & Industry

28-August-2012 17:19 IST

First ASEAN-FTA Partners meet to discuss Regional Comprehensive Economic Partnership

Anand Sharma Leaves for Siem Reap

The Union Minister of Commerce, Industry & Textiles Shri Anand Sharma today left for a four-day visit to Cambodia. Minister Sharma will attend the first ASEAN Economic Ministers (AEM) Plus Economic Ministers of ASEAN’s FTA Partner – India, Australia, China, Japan, Republic of Korea and New Zealand – consultations in Siem Reap. The Consultations will form a key step towards launching the Regional Comprehensive Economic Partnership (RCEP), which could potentially lead to the establishment of a free trade area comprising about 3.33 billion people. Addressing the press after India-China JEG here on Monday Shri Sharma said: “Both Minister Chen Deming and me will be proceeding to Cambodia to participate in the ASEAN and dialogue partners meeting, ministerial meeting. And in the first meeting of its kind ASEAN and its FTA partners would be discussing the regional comprehensive economic partnership (RCEB). There will also be a Ministerial meeting of the East Asia Summit Minister. We will be continuing our discussions on the regional economic discourse or the architecture in Siam Reap in Cambodia.”

Shri Sharma will also attend East Asia Summit (EAS) Economic Ministers meeting, another first meeting of its kind. The East Asia Summit (EAS) is a forum for dialogue on broad strategic, political and economic issues of common interest and concern with the aim of promoting peace, stability and economic prosperity in East Asia. This forum includes the ten ASEAN members along with India, Australia, China, Japan, Republic of Korea, New Zealand, the Russian Federation, and the United States of America.

Minister Sharma will also meet the ASEAN Economic Ministers (AEM) at the 10th AEM-India Consultations on August 31, 2012 in Siem Reap.

The visit will also likely feature Minister Sharma’s bilateral meetings with Japanese Minister of Economy, Trade and Industry (MITI) Mr. Yukio Edano; Mr. Bark Tae Ho, South Korean Minister for Trade; Mr. Hor Namhong, Deputy Prime Minister, Minister Of Foreign Affairs & International Cooperation, Cambodia; and Mr. U Tin Naing Thein, Minister Of National Planning And Economic Development, Myanmar.

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DS/GK

Regional Comprehensive Economic Partnership talks begin with ASEAN and FTA partners to explore creation of a broad free trade area. India participated in inaugural ministerial consultations with ASEAN and FTA partners to initiate the Regional Comprehensive Economic Partnership negotiations exploring a broad free trade area; the Commerce Minister also attended the East Asia Summit Economic Ministers meeting and held bilateral talks to coordinate positions and advance regional economic integration.