India  Pulled out from RCEP

The Regional Comprehensive Economic Partnership (RCEP) is a trade deal that was being negotiated between 16 countries.

They include the 10 Association of Southeast Asian Nations (ASEAN) members (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam) and the six countries with which the bloc has free trade agreements (FTAs) — India, Australia, China, Korea, Japan, and New Zealand.

The RCEP is billed to be the “largest” regional trading agreement. The countries involved account for almost half of the world’s population, contribute over a quarter of world exports, and makeup around 30% of the global Gross Domestic Product.

India decided to opt-out of the 16-nation Regional Comprehensive Economic Partnership (RCEP) trade deal.

Indian demands were-

-Services – A better deal for Indian services. 

-Base year – Shifting the base year for tariff cuts from 2014 to 2019.

-Import surge – Avoiding a sudden surge in imports from China by including a large number of items in an Auto-trigger mechanism.

-Rules  to prevent dumping   – Stricter rules of origin to prevent dumping from China.

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