Regional Comprehensive Economic Partnership (ASEAN+6)
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.
Moon Jae-in, president of the Republic of Korea (ROK), hailed China’s important role in regional stability, security and development, vowing to deepen cooperation with China in areas such as RCEP and China-ROK-Japan free trade agreement (FTA) negotiations.
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.
President Moon Jae-in pledged to expand South Korea‘s global free trade agreement network to boost its economic growth and fend off protectionism.
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.
Japan may refrain from signing an India-less Regional Comprehensive Economic Partnership (RCEP).
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.
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.
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.
The Philippines’ chief economic manager is still pushing for the massive deal covering Asean and its free-trade partners such as China to sustain fast growth and poverty reduction across the region.
The South Korea Ministry of Trade, Industry and Energy’s strategic goals to facilitate cooperation between South Korea and ASEAN countries include expanding free trade agreement (FTA) networks such as the 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
China’s Belt and Road Initiative seeks to build rail, maritime and road links from Asia to Europe and Africa in a revival of ancient Silk Road trading routes.
India’s existing free trade agreements (FTAs) with Asean, Japan and South Korea already link duty concession to a 35% value addition, according to analysts.
Representatives of workers, farmers, women, indigenous peoples, environment, public health and patient groups, and other civil society organisations demands the release of the RCEP text
India has decided to pull out of the RCEP, an invitation to join later still standing. Even though the reasons provided for this fallout do not mention it, but one of the major contentions was the e-commerce chapter to which India did not relent.
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.