India and RCEP

✅In the latest development, 15 countries solidifi ed their participation in the Regional Comprehensive Economic Partnership (RCEP).  

✅Even as India opted to stay out after walking out of discussions last year, the new trading bloc has made it clear that the door will remain open for India to return to the negotiating table.

 

▪️Background 

✅The RCEP was first proposed at the 19th ASEAN meet in November 2011 with an aim to create a consolidated market for the 10 member countries and their trade partners. 

✅India pulled out of the agreement last year over concerns about cheap Chinese goods entering the country. It can join at a later date if it chooses.

▪️What is RCEP? 

✅It is described as the “largest” regional trading agreement to this day, RCEP was originally being negotiated between 16 countries ASEAN members and countries with which they have FTAs, namely Australia, China, Korea, Japan, New Zealand and India