RCEP trade deal: Lost opportunity for India? An explainer
India lost an opportunity to be in the world's biggest trade bloc. With India out, China is practically dominating the trade in the region
- Nov 16, 2020,
- Updated Nov 16, 2020 4:32 PM IST
As many as 15 countries have signed the RCEP agreement, which is touted as the world's biggest-ever trade deal. The members of RCEP are 10-nation bloc ASEAN (Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia), and 5 FTA partners -- China, Japan, South Korea, Australia and New Zealand.
India, too, could have been a part of the mega trade deal but it walked out on November 4 last year as negotiations failed to address India's outstanding issues and concerns, especially relating to China's influence over the bloc. RCEP signatory states have said they will restart negotiations with India for joining the pact once New Delhi submits a written request.
As many as 15 countries have signed the RCEP agreement, which is touted as the world's biggest-ever trade deal. The members of RCEP are 10-nation bloc ASEAN (Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia), and 5 FTA partners -- China, Japan, South Korea, Australia and New Zealand.
India, too, could have been a part of the mega trade deal but it walked out on November 4 last year as negotiations failed to address India's outstanding issues and concerns, especially relating to China's influence over the bloc. RCEP signatory states have said they will restart negotiations with India for joining the pact once New Delhi submits a written request.