Singapore: In 2013, India took part in the negotiations in regards to the terms and conditions for joining RCEP failed and New Delhi finally decided to decline the offer to join RCEP.
Reports suggested that the primary reason why India refused to join was that there were some disagreements and opposition revolving around some major issues. However, the door remains open for India to rejoin, said the other Member States.
Recent news indicates that India may be more inclined towards joining a bilateral trade agreement instead of joining a “mega” treaty like RCEP.
RCEP is an acronym for Regional Comprehensive Economic Partnership, in short, a free trade agreement between the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, South Korea, Thailand, and Vietnam.
What makes this trade agreement so epic is the fact that “the signing cemented the Regional Comprehensive Economic Partnership (RCEP) as the largest trading bloc globally, covering a market of 2.2 billion people and $26.2 trillion of global output.” However, there are some concerns regarding the treaty as some critics suggest that “the pact is seen as an extension of China’s influence in the region.” Could this be the reason for India not joining the “mega” treaty?
Well! Some might say this statement is an understatement, while others may contradict. Let me know what your thoughts are on this whole RCEP situation and what the future looks like for the member states?