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Australia still hopes India will join RCEP
Why is it in news?
- Australia still hopes to see India join the 15-nation ASEAN led Regional Comprehensive Economic Partnership that the government decided to quit last Monday, said former Australian secretary for foreign affairs and trade Peter Varghese.
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- Varghese said ultimately, India’s entry into RCEP was dependent on the ‘India-China’ element, as India’s main concerns over flooding of imports in the market, rules of origin, etc are essentially problems with China.
- Commerce Minister Piyush Goyal had said that the government could reconsider its decision to leave the RCEP grouping — seen as the world’s biggest trade bloc, and due to be signed in February 2020 — if the terms of the grouping for India were amended.
- Mr. Goyal also said that the focus for the moment was on other Free Trade Agreements with the European Union, U.S., existing negotiations with Australia, and a review of FTAs with ASEAN, Japan and Korea.
Source
The Hindu