How could India have gained from signing the RCEP?

Being a member of RCEP would have kept India at par with the regional and global value chains and given it the opportunity to strengthen economic growth through an established trading system. This would have signaled India’s commitment towards trade liberalisation and regional integration in the midst of the pandemic.

Who are the 15 countries in RCEP?

The Regional Comprehensive Economic Partnership (RCEP /ˈɑːrsɛp/ AR-sep) is a free trade agreement among the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.

Why does China want RCEP?

China said the RCEP would help to expand consumer markets and investment within the region, consolidate supply chains and boost prospects for Chinese investment and made-in-China products.

Why did India withdraw from RCEP?

According to a TOI report, India pulled out of the China-backed trade agreement as negotiations failed to address its core concerns. These were threats of circumvention of rules of origin due to tariff differential, inclusion of fair agreement to address the issues of trade deficits and opening of services.

Why did India opted out of RCEP?

India felt the agreement would force it to extend benefits given to other countries for sensitive sectors like defence to all RCEP members. RCEP also lacked clear assurance over market access issues in countries such as China and non-tariff barriers on Indian companies.

Why did India withdraw from the RCEP?

Why did India withdrew from RCEP?

India was unable to ensure countermeasures like an auto-trigger mechanism to raise tariffs on products when their imports crossed a certain threshold. RCEP also lacked clear assurance over market access issues in countries such as China and non-tariff barriers on Indian companies.

Who signed RCEP agreement?

The Regional Comprehensive Economic Partnership or RCEP was signed last year by 15 Asia-Pacific countries. 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.

What is China’s largest export?

Computers
List of exports of China