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What is the Rcep deal?

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What is the Rcep deal?

The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement (FTA) that will create the world’s largest trading bloc and mark a significant achievement for China as it battles the U.S. for influence and economic supremacy in the Asia-Pacific region.

What could be the purpose of establishing Rcep agreement?

The objective of the RCEP Agreement is to establish a modern, comprehensive, high-quality, and mutually beneficial economic partnership that will facilitate the expansion of regional trade and investment and contribute to global economic growth and development.

What is RCEP for the free trade agreements in China who are the members?

The countries are the 10 members of the Association of Southeast Asian Nations and five of their largest trading partners China, Japan, South Korea, Australia and New Zealand. RCEP will be in force 60 days after a minimum of six ASEAN members and three non-ASEAN signatories ratify the agreement.

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Why is RCEP a concern for India?

India feared the agreement would become a free trade deal with China through the back door, even through other countries, which is one of the reasons New Delhi is currently reviewing a number of FTAs in the region. How will not joining RCEP affect India?

Is there room for India to win concessions in RCEP negotiations?

“India’s current stance is consistent with this prescription. There is room on the Indian side to give up on some of its current demands, but there is also room for India to win concessions on other demands. Statements by other 15 RCEP countries on India’s position have been conciliatory and neither side has closed the door on further negotiations.

What is the RCEP trade deal?

The Regional Comprehensive Economic Partnership (RCEP) is a trade deal that is currently under negotiation among 16 countries — the 10 member countries of the Association of Southeast Asian Nations (ASEAN), and the six countries with which the ASEAN bloc has free trade agreements (FTA).

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Is India’s RCEP trade deficit with other countries increasing?

India has trade deficits with 11 of the 15 RCEP countries, and some experts feel that India has been unable to leverage its existing bilateral free trade agreements with several RCEP members to increase exports. “You don’t get into FTAs merely to provide your market to your partner countries.