Get 40% Off
🔥 This hedge fund gained 26.16% in the last month. Get their top stocks with our free stock ideas tool.See stock ideas

Chinese minister says India free to join RCEP trade bloc

Published 08/25/2023, 11:51 AM
Updated 08/25/2023, 11:57 AM
© Reuters. Chinese Vice Minister of Commerce Wang Shouwen speaks at a news conference in Beijing, China March 2, 2023. REUTERS/Florence Lo
ITC
-
600999
-

NEW DELHI (Reuters) - India is free to join the Regional Comprehensive Economic Partnership (RCEP), China's Vice Commerce Minister Wang Shouwen said on Friday in New Delhi, adding that it would boost trade between India and China which is growing "very fast".

The RCEP is the world's largest trade bloc backed by China and groups 15 Asia-Pacific economies, including Australia, Japan, New Zealand and 10 member-states of the Association of Southeast Asian Nations (ASEAN).

Relations have soured between the two nuclear-armed neighbours after clashes at a disputed border site in Ladakh in the western Himalayas resulted in the deaths of 20 Indian and four Chinese soldiers in June 2020.

Shouwen, speaking during a discussion at the 'Business 20 summit' of G20 member nations, said it was India's decision whether to join the RCEP and that the door was "always open".

India's Trade Minister Piyush Goyal, who chaired the discussion, said trade between India and China is growing but "largely skewed in China's favour".

Prime Minister Narendra Modi spoke to China's President Xi Jinping about India's concerns over unresolved border issues on the sidelines of the BRICS summit in Johannesburg this week.

Both sides agreed to intensify efforts to disengage and de-escalate, India's foreign secretary told reporters on Thursday.

Xi told Modi that improving China-India relations served the interests of the two countries and was conducive to peace, stability, and development, according to China's official Xinhua news agency, which said the meeting was at Modi's request.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.