New Zealand’s trade and export growth minister David Parker says, the country plans to push for a bilateral trade agreement with India if New Delhi does not join the China-backed Regional Comprehensive Economic Partnership (RCEP).
India in November decided not to join RCEP as negotiations failed to satisfactorily address New Delhi's ‘outstanding issues and concerns’. However, the possibility of India joining the trade pact is still open provided its concerns are addressed by the member nations.
Noting that New Zealand was disappointed with India’s decision on RCEP, Parker said the disappointment was not only for lost bilateral opportunities but also because the nation believes there is a strategic benefit for India of being on the table when the regional trade rules are made.
The RCEP negotiations were launched by leaders from 10 member states of the Association of Southeast Asian nations and six other countries -- India, China, Japan, South Korea, Australia and New Zealand during the 21st ASEAN Summit in Phnom Penh in November 2012.
