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Regional Comprehensive Economic Partnership - RCEP
November 7 , 2019
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- Indian Prime Minister attended the 3rd RCEP summit in Bangkok.
- Also, the Indian government has decided not to join the Partnership, over concerns that it could lead to a potential flood of Chinese imports in the country.
- Under RCEP, India would have been required to eliminate tariffs on 74% of goods from China, Australia and New Zealand, and 90% goods from Japan, South Korea and ASEAN.
- India already has a $57 billion trade deficit with China, which has been a major cause of concern for policymakers.
RCEP
- The RCEP is a trade deal that was under negotiation among 16 countries — the 10 member countries of the Association of Southeast Asian Nations (ASEAN), and the six countries with which the ASEAN bloc has free trade agreements (FTA).
- These included Australia, China, South Korea, Japan and New Zealand.
- It would have been the world’s largest trade pact.
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