A Government Official has said that it is important for India to become part of RCEP with a view to stepping up its share of global trade and investment, media reported.
Commenting on the issue, Commerce Secretary Rita Teaotia told the media, "Three large pacts are being negotiated currently -- Regional Comprehensive Economic Partnership (RCEP) agreement, Trans Pacific Partnership (TPP) and Trans-Atlantic Trade and Investment Partnership (TTIP) and it's important for India to be part of at least one."
"It is important for us to be part of at least one of them. And by inherent logic, RCEP is one where we need to be there. This group has 30 per cent of world's trade. So, it is important for us to be part of this," she added.
The 16-member bloc RCEP comprises 10 ASEAN members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six free trade agreement partners - India, China, Japan, Korea, Australia and New Zealand.