Bangkok: Hardball negotiations to seal a mega deal to create the world's largest free trade area went down to the wire on Sunday with India holding on to its demand for amicable resolution of market access and tariff related issues.
Diplomats from several countries involved in the negotiations for the long-overdue Regional Comprehensive Economic Partnership (RCEP) deal said they were still hoping for a breakthrough ahead of Monday's summit meeting among the grouping's leaders.
The RCEP comprises 10 ASEAN nations and six of its FTA (free trade agreement) partners -- China, India, Japan, South Korea, India, Australia and New Zealand.
If finalised, the RCEP deal will facilitate creation of the biggest free-trade region in the world as the 16-nation grouping is home to 3.6 billion people, or nearly half the world's population.
On Saturday, the trade ministers from 16 RCEP countries failed to resolve the outstanding issues identified by India, though back-channel talks continued on the sidelines of the ASEAN summit to resolve the sticky issues.
Diplomatic sources said the leaders at the RCEP summit are expected to issue a "joint statement" signalling end to the years of negotiations for the deal, leaving the contentious issues to be resolved through talks by the officials within a specified timeline.
Prime Minister Narendra Modi and leaders of 15 other RCEP member countries will deliberate on the deal at a summit on Monday, and officials said a "positive outcome" is expected to emerge from the deliberations.
It is understood that the issue of RCEP deal figured during Modi's separate bilateral meetings with Indonesian President Joko Widodo and Thai Prime Minister Prayut Chan-o-cha.
