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India not to join RCEP
Why is it in the news ?
- India has decided to not join the Regional Comprehensive Economic Partnership (RCEP) agreement over India's concerns not being addressed in the deal.
- India can later join the deal, if the issues it has with RCEP are resolved.
More in the news
- India's Arguments:
(1) India has worked for the cherished objective of striking balance, in the spirit of give and take.
(2) RCEP agreement with China and ASEAN countries does not reflect "its original intent" and the outcome is "not fair or balanced".
- RCEP:
(1) It is a proposed free-trade agreement which includes 10 member countries of the Association of Southeast Asian Nations (Asean) and six of the bloc's dialogue partners- China, Japan, South Korea, India, Australia, and New Zealand.
(2) If finalised, the RCEP would have become the world's largest free trade area.
(3) It comprises nearly half of the world population.
(4) It account for nearly 40 per cent of the global commerce and 35 per cent of the GDP.
- RCEP Negotiations:
(1) The negotiations were launched by ASEAN leaders and the six other countries during the 21st ASEAN Summit 2012.
(2) 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.
Source
The Hindu, ET.