Regional Comprehensive Economic Partnership (ASEAN+6)
But the EU wants issues such as market access for automobiles, wines, and govt procurement issues resolved first.
The RCEP did not "adequately" address India’s concerns over issues like non-tariff barriers to trade and opaqueness in subsidy regime in some countries, which forced it to back out from the trade deal, the Indian government informed.
India and the EU need to sort out complex issues such as government procurement, labour standards and sustainability as part of the bilateral free trade talks that have been stuck for more than half a decade.
Among the FTAs which have affected Indian domestic industry adversely, the India-Korea CEPA, signed in 2009, has been significant.
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.
The Japanese government will also be worried about a sluggish economy and there will be no appetite for liberalization measures that impose pain on Japanese businesses.
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.
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.