India decides to not join RCEP; 15 other nations to go ahead with trade deal
RCEP is meant to create the biggest free trade region in the world with sixteen countries (including India). These countries represent half the world's population and one-third of the global GDP
- Nov 4, 2019,
- Updated Nov 4, 2019 7:40 PM IST
India has decided to not join the Regional Comprehensive Economic Partnership (RCEP) after negotiations failed to address New Delhi's concerns on the biggest trade deal in the world. The remaining 15 RCEP nations have decided to go ahead without India, according to sources.
Meanwhile, China, that has been a prominent advocate of RCEP, has said that 15 members have agreed to move ahead without India, while leaving the door open for it to join, a deal that has been given new impetus by the United States-China trade war.
Australia, another RCEP nation, echoed China's sentiments. Australian Prime Minister Scott Morrison said that the RCEP deal would be bigger and better with India in it. "It has always been our view, and the view of many who sit around the table, that this is a bigger and better deal with India in it. I think patience is the virtue in this," he added.
RCEP talks made 'inspiring progress' but may not meet everyone's expectations: China
(With agencies' input)
India has decided to not join the Regional Comprehensive Economic Partnership (RCEP) after negotiations failed to address New Delhi's concerns on the biggest trade deal in the world. The remaining 15 RCEP nations have decided to go ahead without India, according to sources.
Meanwhile, China, that has been a prominent advocate of RCEP, has said that 15 members have agreed to move ahead without India, while leaving the door open for it to join, a deal that has been given new impetus by the United States-China trade war.
Australia, another RCEP nation, echoed China's sentiments. Australian Prime Minister Scott Morrison said that the RCEP deal would be bigger and better with India in it. "It has always been our view, and the view of many who sit around the table, that this is a bigger and better deal with India in it. I think patience is the virtue in this," he added.
RCEP talks made 'inspiring progress' but may not meet everyone's expectations: China
(With agencies' input)