India Opts out of RCEP

Narendra Modi, PM, India

Indian government has decided not to be part of the Regional Comprehensive Economic Partnership(RCEP), the decision for this was announced by Prime Minister Narendra Modi at the RCEP summit at Bangkok in Thailand. The PM said that negotiations for failed to address India’s concerns and outstanding issues. The RCEP negotiations have been in progress since 2012 the plan was to form a 16 member free trade zone which would consist of China, Japan, South Korea, 10 ASEAN countries, Australia, New Zealand and India, this would in effect have been the largest free trade zone in the world having approximately half of the world’s population and 39% of the global GDP and 30% of the Global trade. Inside India there were widespread fears regarding the RCEP as possibility of Indian market being flooded by cheap agricultural and Industrial Products from China loomed large, opposition parties led by the Congress urged the government not to sign the agreement Swadeshi Jagran Manch, an affiliate of The Rashtriya Swayamsevak Sangh also opposed the RCEP.

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