PM: RCEP without India still a major step forward

Prime Minister Lee Hsien Loong has said that even though India is not on board the Regional Comprehensive Economic Partnership (RCEP), the fact that the remaining 15 countries have managed to agree on it was a great achievement.

"It's a pity that India is not yet on board. We hope one day it will come on board," he said.

"But nevertheless, this is a very major step forward for the RCEP. There was tremendous progress for which we have to thank the negotiators from all of the countries."

Speaking to reporters at the end of the 35th Asean Summit, he said there were no hard feelings towards India for being the sole holdout to the Asean-led deal.

"We understand India's position," he said. "(Indian Prime Minister Narendra) Modi has expressed it in forthright terms. And there's no anxiety or rancour.

"We fully understand and appreciate India's point of view. They have made that decision. We respect that decision."

PM Lee said Mr Modi had fundamental concerns from India's point of view that the RCEP did not achieve his objectives. "I think it will be quite some time before those issues can be overcome."

However, PM Lee said he is hopeful India could still be part of the RCEP when it is time to sign the pact next year.

The Straits Times

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