Nearly a month after India decided against joining the Regional Comprehensive Economic Partnership (RCEP), the remaining 15 member countries Monday decided to sign the proposed free trade pact by 13 March.
Despite India’s decision to walk out of the ASEAN-led 15-nation RCEP Free Trade Agreement last month, officials from India’s Indo-Pacific partners Australia and Japan are still discussing the issue in the hope that the government will rethink the decision.
Outstanding trade issues between India and the U.S. are moving towards resolution, and the first quarter of 2020 will see both countries conclude ongoing talks.
The decision of keeping India out of the Regional Comprehension Economic Partnership (RCEP) has helped crores of farmers and prevented the likely shift shift of India from a self-sufficient milk producer to importer.
India has long had a reputation in Australia as being a challenging negotiator that may not share the same enthusiasm for concluding free trade agreements.
China pushed to finalize the RCEP deal as it faces slowing growth in part due to its trade war with the U.S. But at the very last minute, even after the leaders’ photo was taken, India’s Prime Minister Narendra Modi pulled his country out of the deal.
India’s doubts on issues like exports and its economic relations with China are genuine and crucial for growth. Only when these are resolved, should India consider joining the agreement again.
India, in recent days, is faced with Hamletian dilemma. To join or not to join the Regional Comprehensive Economic Partnership (RCEP), a free trade association consisting of 16 nations including India.
After prevailing upon the Centre to drop out of the RCEP treaty, farmers organizations has urged the MPs to prevail upon the Union government to terminate the other existing FTA inimical to the livelihood of farmers in the country.
Abe seeks to bolster India ties to balance China’s clout.
India opted out of RCEP and now it is Japan, who follows suit. After a long 7 years intensive negotiation among ASEAN 10 + 6 for the world biggest trade block to reign Asia-Pacific region and a challenge to TPP, RCEP is in tailspin before launching. The reason is China’s over-influence in the block.
India and Japan did not make any tangible progress on some of the sticky issues facing both sides, mainly on a breakthrough in the civil nuclear deal, acquisition of Amphibious aircraft or progress in the bullet train project.
The proposed scope of the review of the free trade agreement between India and ASEAN could include issues like customs procedures, further liberalisation of trade in goods and exchange of data
Keen to have India back in the Regional Comprehensive Economic Partnership (RCEP), Japan has reached out to New Delhi to help address its concerns including those on trade deficit.
Reports claimed that foreign investors threatened to drag Andhra Pradesh to international arbitration for ‘cancelling’ renewable power purchase agreements.
India will not negotiate any free trade agreement (FTA) on the "back foot" and will always ensure protection of interest of people and industry, Commerce and Industry Minister Piyush Goyal said on Saturday.
A proposed free-trade agreement between Israel and India has started to "see light at the end of the tunnel", the Israeli envoy here said on Thursday, exuding confidence that the pact will be concluded.
Weeks after India decided not to join RCEP, the government on Wednesday said that it had sought a review of its existing trade agreements with the ASEAN and Japan.
India is working towards concluding a free trade agreement with the United States, particularly after Prime Minister Narendra Modi recently announced in Bangkok that India was dropping out of the China-led Regional Cooperation and Economic Partnership (RCEP).
With India appearing to have exited the Regional Comprehensive Economic Partnership (RCEP), negotiators remain committed to bringing the country back into the fold as an "indispensable" member of the deal