India and China said a new committee, headed by senior ministers, will meet at the earliest and discuss ways to pare the $53-billion trade deficit between the two countries.
Reacting to the developments in Thailand, with countries in RCEP negotiations deciding to go ahead for now without India, farmer leaders in India stated that this is a good development, and that India will not lose in any manner.
India and China could look at a bilateral understanding on RCEP, which could mean an opportunity for India to consider joining the pact.
Indian commerce minister will meet his US counterpart Robert Lighthizer, on Nov. 13, days after India exited the RCEP.
Move follows govt. decision to pull out of RCEP; Europe sceptical about timeline.
he EAEU deal may well be championed in India as a game-changer, and in certain sectors it will be. But what India really needs is the motivation and initiative to compete with China.
A Chinese state-run English daily said, “the countries involved in the Regional Comprehensive Economic Partnership shouldn’t lose the chance to include India."
Benny Kuruvilla from Focus on the Global South spoke with trade expert, Prof. Biswajit Dhar from the Jawaharlal Nehru University and Ranja Sengupta, senior economist with the Third World Network.
While India has now opted out of the RCEP negotiations, it has not completely abandoned its policy of pursuing free trade agreements
China aims to press ahead with 15 remaining RCEP members. Japan had sought to balance China by involving India.
But decision to stay out is final for now, says Commerce Minister.
India should hold talks with the European Union for a free trade agreement, the government said on Tuesday, a day after it refused to join a China-backed regional trade pact for fear of a flood of cheap Chinese imports.
The Association of South East Asian Nations (Asean) may soon conclude FTA (free-trade agreement) review with India. The aim is to balance China in the Indo-Pacific.
The disastrous impact of the Indo-Sri Lanka FTA and ASEAN FTA on Indian farmers especially in the plantation sector is well known. RCEP would be worse than ASEAN FTA
A free trade deal that would have created a trading bloc covering half of the world’s population and more than a third of the world’s economic activity will stay on hold until 2020 after India refused to sign up.
India has decided not to join Regional Comprehensive Economic Partnership (RCEP), the mega Asian trade agreement between 16 countries with almost half the world’s population.
Prime Minister Narendra Modi on Sunday said a review of India’s free trade agreement with the Association of Southeast Asian Nations (Asean) will help balance trade between the two.
The Forum for Trade Justice is of the opinion that the Government of India should not agree to the RCEP as it will be a bad deal for democracy, for farmers, workers.
The Congress has decided to hold protests across the State against the Regional Comprehensive Economic Partnership (RCEP) free trade agreement that is expected to be signed by India soon.
Ten Central Trade Unions (CTUs) have called on the Government to withdraw from the RCEP negotiations due to concerns over its possible negative impacts on workers and the economy.