Here's Your Five-Point Cheat Sheet On Mega Asian Trade Deal RCEP
The RCEP includes 10 members of Association of Southeast Asian Nations and six FTA (free trade agreement) partners of the bloc - China, India, Japan, South Korea, India, Australia and New Zealand. The RCEP bloc would account for a third of global gross domestic product and nearly half the world's population.
In 2012, ASEAN leaders and six partner countries launched the RCEP trade negotiations during the 21st ASEAN Summit in Phnom Penh. The objective was to achieve a modern, comprehensive, high-quality, and mutually beneficial economic partnership agreement among the member nations of the ASEAN bloc and its partners.
Fresh impetus to complete the RCEP deal, which is backed by Beijing, has come from the US-China trade war that knocked down regional economic growth to its lowest in five years. The 10-member Association of Southeast Asian Nations (ASEAN) has been strongly pushing for quickly sealing the RCEP deal.
Amid concerns of potential flood of Chinese imports, India has been raising the issue of market access as well as protected lists of goods to shield its domestic market.
Prime Minister Narendra Modi, who is on a three-day visit to Thailand, on Saturday said addressing that India's concerns over "unsustainable trade deficits" remained important. "We have put forward reasonable proposals in a clear manner and are engaged in negotiations with sincerity. We would like to see commensurate levels of ambition on services from many of our partners," PM Modi said in an interview to Bangkok Post newspaper.
(With inputs from Reuters, PTI)
Committed To Navigation Freedom, Overflight: India Amid South China Sea Row Rajnath Singh To Visit Indonesia For ASEAN Defence Ministers' Meet On Nov 16 PM Modi Presents 12-Point Proposals To Expand India-ASEAN Cooperation 9 Dead, 2,800 Hurt As Pagers Explode Across Lebanon, Hezbollah Blames Israel 3 Grams Of Explosives Per Pager: Israel's Complex Op To Hurt Hezbollah Donald Trump Says He Will Meet PM Modi Next Week Israel On Alert As Hezbollah Vows Retaliation Over Pager Attacks In Lebanon Video: Brazil Mayoral Candidate Attacks Opponent With Chair On Live TV 3 Grams Of Explosives Per Pager: Israel's Complex Op To Hurt Hezbollah Track Latest News Live on NDTV.com and get news updates from India and around the world.