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RCEP, World’s largest Trade Deal

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RCEP , World’s largest Trade Deal
Key points:
 
  • RCEP: Regional Comprehensive Economic Partnership
  • RCEP: A free trade agreement of 15 countries.
  • The trade agreement is of one third of world’s total GDP
  • The negotiation of RCEP has started in 2013
  • India declared in November 2019 that it would not participate in RCEP
  • Member Countries of RCEP includes Australia, China, Japan, New Zealand South Korea, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
India’s concern
  • RCEP may open up Indian market for countries like China that would increase the trade deficit with China.
  • Indian goods may not take the markets of other member countries whereas goods from other countries may take up Indian market. As a result Indian brand may incur loss.
  • As the negotiation begun in 2013, the base year proposed to be 2013. India wanted 2019 to be the base year.
  • India wanted auto trigger mechanism to be in place.
  • 13 RCRP nations opposed strict country of origin norms.
  • India wanted exemption on “ratchet” obligations.

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