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By APD writer Rishika Chauhan
India has decided to not join the Regional Comprehensive Economic Partnership (RCEP), though the government hinted that next year they might sign the deal.
Meanwhile, 15 countries have joined RCEP, which is the biggest trade pact in the world. Among the 15 countries there are 10 Asean countries, along with China, Japan, South Korea, Australia and New Zealand
A statement released on Monday after the conclusion of RCEP Summit announced the news.
The statement said, “have concluded text-based negotiations for all 20 chapters and essentially all their market access issues; and tasked legal scrubbing by them to commence for signing in 2020.”
About India, the statement explained that India has “significant outstanding issues, which remain unresolved.”
Indian President Narendra Modi attended the RCEP summit in Bangkok. An official from the Indian Ministry of External Affairs informed the media, “India conveyed its decision at the RCEP Summit not to join the RCEP agreement.”
“This reflects both our assessment of the current global situation as well as of the fairness and balance of the agreement. India had significant issues of core interest that remained unresolved,” he added.
Previously, the deal was opposed in India as many fear that the signing of the agreement would lead to the influx of cheap imports.
However the benefits of signing the deal have also been noticed. The Confederation of Indian Industry, has highlighted the opportunities that would open up for India if India enters the trade pact.
According to many experts after certain changes are made in the RCEP rules, India will join the pact next year.
(ASIA PACIFIC DAILY)
