Regional Comprehensive Economic Partnership (ASEAN+6)
Rashtriya Swayamsevak Sangh affiliate Swadeshi Jagran Manch has opposed the proposed India-US trade deal in its current form stating that New Delhi can’t meet Washington’s asks on e-commerce, data flows, dairy and patents.
There are those in Japan who insist that the RCEP agreement must be signed even without Indian participation. The signing is scheduled for November in Hanoi.
By opting out of RCEP, PM Modi had already shown the way. This is an opportunity for the domestic economy.
The top minister said that the trade deficit of countries part of the Regional Comprehensive Economic Partnership (RCEP) has nearly doubled over the past 15 years, while their manufacturing levels also remain abysmally low.
The biggest concern of India with RCEP at this juncture is not merely the economic reasons, but more geopolitical: the existence of China.
Australia has reaffirmed its commitment to signing the Regional Comprehensive Economic Partnership (RCEP) trade agreement despite rising political tensions with China.
India said both New Delhi and Washington are now “nearer” to a smaller trade deal than ever before as the US believes a free trade agreement (FTA) is possible even as India has walked out the Regional Comprehensive Economic Partnership (RCEP).
A series of high profile officials in Beijing have recently voiced openness about China joining a trans-Pacific trade pact abandoned by the United States in one of the first acts of Donald Trump’s presidency.
Indonesia is eagerly anticipating the signing of the Regional Comprehensive Economic Partnership (RCEP) in November, believing the China-led trade pact could pave the way for more economic activity and a stronger recovery from the Covid-19 pandemic.
South Korea said will push for the conclusion of a mega Asia-Pacific trade deal this year to help boost ailing exports and cope with the growing protectionism around the globe in the face of the new coronavirus pandemic.
Once RCEP is signed, it needs to be ratified by all member states for it to come into force, which could take quite a while.
Fifteen Asia-Pacific countries will sign the RCEP trade pact by the end of 2020 but India will not be among them.
Indonesia and 14 other negotiating countries agreed Tuesday to sign the Regional Comprehensive Economic Partnership (RCEP) this year to help their economies recover from the pandemic-induced downturn.
Trade ministers of the 10-member states of ASEAN and Free Trade Agreement (FTA) Partners (Australia, China, Japan, Korea, and New Zealand) reaffirmed the signing of the RCEP Agreement before end of 2020.
As India distances itself from China following the clash in Ladakh between soldiers of the two countries, the Centre is keen to have another go at negotiating the India-US free trade agreement.
The 15 governments must consider the adverse impact of the mega FTA and put an end to trade agreements such as RCEP as they only increase protection and power of multinational corporations.
Amid the pandemic Covid-19 outbreak with the protocol health of all States, the trade negotiations for the Regional Comprehensive Economic Partnership (RCEP) is still ongoing. The Government should use the momentum of the pandemic to assess thorough draft related agreements RCEP.
India hasn’t shunned efforts to forge “balanced” trade agreements despite renewed push for self-reliance, and talks with key partners, including the US, the EU and Australia, will gain momentum once the impact of the pandemic wanes considerably.
Attempts to woo India back to negotiating table fail, as the country struggles to fight pandemic.
South Korea said it will spare no efforts to conclude a mega Asia-Pacific trade pact by the end of this year in line with efforts to revitalize an extended slump in its exports amid the new coronavirus pandemic.