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| India not to join Regional Comprehensive Economic Partnership (RCEP) free trade agreement |
India not to join Regional Comprehensive Economic Partnership (RCEP) free trade agreement
India decides not to join Regional Comprehensive Economic Partnership (RCEP) free trade agreement (FTA) as negotiations failed to address concerns.
PM Modi tells RCEP agreement does not reflect its original intent and that the outcome is not fair or balanced.
According to the free trade agreement, the regulations for import and export of goods will be eased. Under this agreement, the member states will have to reduce taxes and build an ecosystem conducive to trade.
The objective of launching RCEP negotiations was to achieve a modern, comprehensive, high-quality, and mutually beneficial economic partnership agreement among the ASEAN member states and its FTA partners.
The Regional Comprehensive Economic Partnership (RCEP) is a proposed free-trade agreement (FTA) among 16 countries.
The countries in RCEP include the 10 ASEAN countries Indonesia, Thailand, Singapore, Malaysia, the Philippines, Vietnam, Myanmar, Brunei, Cambodia, Laos and their largest trading partners Australia, China, India, Japan, New Zealand and Korea.
The RCEP would have become the world's largest free trade area, comprising half of the world population and account for nearly 40 per cent of the global commerce and 35 per cent of the GDP.
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