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RCEP and India
News - Recently, India has decided not to join Regional Comprehensive Economic Partnership (RCEP) trade deal.
India did not receive any credible assurance on market access and non-tariff barriers.
However, other 15-members will go ahead and sign the deal keeping the door open for India to join at a later date.
Reasons of Withdrawal
India has trade deficit with at least 11 of 15 RCEP countries. It has doubled in the last five years from 54 billion USD in 2013-14 to 105 billion USD in 2018-19. Signing the RCEP will widen trade deficit and foreign exchange reserve of India at a faster rate.
Dumping of less expensive goods by member countries will affect domestic goods market of India
India by not signing the RCEP deal has refused to be a willing dumping ground of China’s trade imperialism.
RCEP and India
News - Recently, India has decided not to join Regional Comprehensive Economic Partnership (RCEP) trade deal.
India did not receive any credible assurance on market access and non-tariff barriers.
However, other 15-members will go ahead and sign the deal keeping the door open for India to join at a later date.
Reasons of Withdrawal
India has trade deficit with at least 11 of 15 RCEP countries. It has doubled in the last five years from 54 billion USD in 2013-14 to 105 billion USD in 2018-19. Signing the RCEP will widen trade deficit and foreign exchange reserve of India at a faster rate.
Dumping of less expensive goods by member countries will affect domestic goods market of India
India by not signing the RCEP deal has refused to be a willing dumping ground of China’s trade imperialism.