Chinese minister says India free to join RCEP trade bloc
1 year, 3 months ago

Chinese minister says India free to join RCEP trade bloc

Hindustan Times  

India is free to join the Regional Comprehensive Economic Partnership, China's Vice Commerce Minister Wang Shouwen said on Friday in New Delhi, adding that it would boost trade between India and China which is growing "very fast". The RCEP is the world's largest trade bloc backed by China and groups 15 Asia-Pacific economies, including Australia, Japan, New Zealand and 10 member-states of the Association of Southeast Asian Nations. India's Trade Minister Piyush Goyal, who chaired the discussion, said trade between India and China is growing but "largely skewed in China's favour". Prime Minister Narendra Modi spoke to China's President Xi Jinping about India's concerns over unresolved border issues on the sidelines of the BRICS summit in Johannesburg this week.

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History of this topic

India should reconsider its rejection of the RCEP trade bloc
1 month, 1 week ago

India should reconsider its rejection of the RCEP trade bloc

Live Mint  

Five years ago, on a November morning in Bangkok, just on the verge of signing the Regional Comprehensive Economic Partnership agreement, India abruptly walked out of it. India’s RCEP participation should be based on a broad set of metrics—not merely the trade deficit, but also investment inflows, employment creation and participation in new regional value chains. A 2022 assessment by …

RCEP cooperation to continue growing, forum hears
2 months, 4 weeks ago

RCEP cooperation to continue growing, forum hears

China Daily  

MA XUEJING/CHINA DAILY Cooperation among Regional Comprehensive Economic Partnership economies will continue to flourish and create benefits for the people of the region, a forum in South China's Nanning, Guangxi Zhuang autonomous region, opined on Tuesday. RCEP allows the Association of Southeast Asian Nations to progress toward a new level of regional economic integration, laying the foundation for a thriving …

RCEP High-Level Dialogue on Economic and Trade Cooperation held in Guangxi
2 months, 4 weeks ago

RCEP High-Level Dialogue on Economic and Trade Cooperation held in Guangxi

China Daily  

The RCEP High-Level Dialogue on Economic and Trade Cooperation was held on Monday during the 21st China-ASEAN Expo in Nanning, Guangxi Zhuang autonomous region. RCEP allows the Association of Southeast Asian Nations to progress towards a new level of regional economic integration, laying the foundation for a thriving digital economy and expanding opportunities for traders and businesses across ASEAN and …

RCEP High-Level Dialogue on Economic and Trade Cooperation held in Guangxi
2 months, 4 weeks ago

RCEP High-Level Dialogue on Economic and Trade Cooperation held in Guangxi

China Daily  

The RCEP High-Level Dialogue on Economic and Trade Cooperation was held on Monday during the 21st China-ASEAN Expo in Nanning, Guangxi Zhuang autonomous region. RCEP allows the Association of Southeast Asian Nations to progress towards a new level of regional economic integration, laying the foundation for a thriving digital economy and expanding opportunities for traders and businesses across ASEAN and …

More efforts urged to reap RCEP benefits
3 months, 3 weeks ago

More efforts urged to reap RCEP benefits

China Daily  

Dongguan in South China's Guangdong province is a busy port on the Pearl River. Global experts and leaders called for higher utilization rates under the Regional Comprehensive Economic Partnership, or RCEP, and making collective efforts to unleash the full potential of the framework for economic prosperity for all. "ASEAN members have rather low utilization rates of RCEP, which constrains the …

More efforts urged to reap RCEP benefits
3 months, 3 weeks ago

More efforts urged to reap RCEP benefits

China Daily  

Dongguan in South China's Guangdong province is a busy port on the Pearl River. Global experts and leaders called for higher utilization rates under the Regional Comprehensive Economic Partnership, or RCEP, and making collective efforts to unleash the full potential of the framework for economic prosperity for all. "ASEAN members have rather low utilization rates of RCEP, which constrains the …

India 'not rethinking' on issue of allowing Chinese investment as suggested by Economic survey: Piyush Goyal
4 months, 3 weeks ago

India 'not rethinking' on issue of allowing Chinese investment as suggested by Economic survey: Piyush Goyal

India TV News  

New Delhii: Commerce and Industry Minister Piyush Goyal said on Tuesday that there is no rethinking in the government to support foreign direct investments from China, as was pitched by the Economic Survey recently. India faces two choices to benefit from the 'China plus one strategy' -- it can integrate into China's supply chain or promote FDI from China. China …

Expanded horizons
5 months, 1 week ago

Expanded horizons

China Daily  

WANG XIAOYING/CHINA DAILY While the renminbi is being more widely used in China's cross-border payments with Regional Comprehensive Economic Partnership member countries, the US dollar remains the dominant currency used in settlements and payments between other RCEP members, and RCEP cross-border clearing mainly relies on the SWIFT system. First, compared with high-standard free trade agreements, the RCEP needs to strengthen …

Expanded horizons
5 months, 1 week ago

Expanded horizons

China Daily  

WANG XIAOYING/CHINA DAILY While the renminbi is being more widely used in China's cross-border payments with Regional Comprehensive Economic Partnership member countries, the US dollar remains the dominant currency used in settlements and payments between other RCEP members, and RCEP cross-border clearing mainly relies on the SWIFT system. First, compared with high-standard free trade agreements, the RCEP needs to strengthen …

Maximizing RCEP's potential
5 months, 2 weeks ago

Maximizing RCEP's potential

China Daily  

MA XUEJING/CHINA DAILY Robust public-private partnerships are key while media and think tanks can direct more resources to help MSMEs fully integrate into the new ecosystems The full implementation of the Regional Comprehensive Economic Partnership agreement by all 15 signatory parties in 2023 marked a key milestone for the establishment of the largest free trade agreement in the world, with …

Building RCEP region into a big market
6 months, 3 weeks ago

Building RCEP region into a big market

China Daily  

JIN DING/CHINA DAILY In the two years since the Regional Comprehensive Economic Partnership agreement came into effect, a new regional cooperation architecture featuring shared dividends and common development has taken preliminary shape. Building the RCEP trade area into a big and high-level regional market will not only help boost regional and global economic growth but also stabilize the global economy …

RCEP fuels regional growth amid economic recovery, challenges
11 months, 2 weeks ago

RCEP fuels regional growth amid economic recovery, challenges

China Daily  

A staff member loads packed durians into a truck at a processing facility in Chumphon, Thailand. Two years on, the world's largest free trade pact in terms of population and trade volume, has unleashed tremendous benefits for regional integration in the Asia-Pacific region and powered up economic recovery. The ASEAN remained China's largest trading partner in the first 11 months …

Sri Lanka, Bangladesh mull over joining RCEP bloc
1 year, 2 months ago

Sri Lanka, Bangladesh mull over joining RCEP bloc

The Hindu  

Four years after India walked out of the Regional Comprehensive Economic Partnership agreement, neighbours Sri Lanka and Bangladesh are now considering their chances of membership in the 15-nation trading bloc. Vast potential The Sri Lankan Presidential Secretariat confirmed the government’s application for RCEP membership in an August statement, saying that it recognised “the potential of this vast trade block comprising …

RCEP boosts confidence in trade, regional cooperation
1 year, 6 months ago

RCEP boosts confidence in trade, regional cooperation

China Daily  

HEFEI - On June 2, the day the Regional Comprehensive Economic Partnership entered into force in the Philippines, Chizhou Customs in East China's Anhui province issued an RCEP Certificate of Origin for a batch of goods exported to the Southeast Asian country. Yang Jun, chairman of Conch Group Co Ltd, a leader in China's cement industry, said on Friday that …

India failed to create positive impression among businesses moving away from China, says House panel report
1 year, 8 months ago

India failed to create positive impression among businesses moving away from China, says House panel report

The Hindu  

Despite resources, India has not been able to create a positive impression among businesses moving away from China, a parliamentary panel on commerce has said in its report tabled in the Rajya Sabha on Friday. The report stated that India has not been able to take advantage of the “China Plus One Strategy,” through which multinationals shifted manufacturing and production …

Agreement injects impetus into Asia-Pacific trade
1 year, 11 months ago

Agreement injects impetus into Asia-Pacific trade

China Daily  

While most people were enjoying a good rest to usher in the New Year, warehouses in Guangxi Wuzhou Rixin Plastics Industrial Co Ltd were moving into top gear for a new consignment of exports. The RCEP agreement, which entered into force on Jan 1, 2022, comprises 15 Asia-Pacific countries, including 10 ASEAN member states and five major trading partners — …

Chinese exporters see win-win deals as RCEP takes effect in Indonesia
1 year, 11 months ago

Chinese exporters see win-win deals as RCEP takes effect in Indonesia

China Daily  

Engineering machinery is loaded at Yantai Port, Shandong province, for export to Indonesia. Indonesia's new regulations have specified the procedure of obtaining certificates of origin for goods exported from the Southeast Asian country, as part of implementing the RCEP agreement, said Indonesian Trade Minister Zulkifli Hasan. According to Sun's calculations, the new policy could help his company save more than …

At HT Leadership Summit, Piyush Goyal explains why India didn't sign RCEP
2 years, 1 month ago

At HT Leadership Summit, Piyush Goyal explains why India didn't sign RCEP

Hindustan Times  

Union commerce minister Piyush Goyal on Saturday offered an insight into why India opted out of the China-led Regional Comprehensive Economic Partnership, saying it was due to concerns expressed by stakeholders within the MSME and dairy sectors. Union minister Piyush Goyal at the HT Leadership Summit "Modi government does not sign FTAs for the sake of doing so. "… not …

Relations with MNCs being enhanced under RCEP
2 years, 5 months ago

Relations with MNCs being enhanced under RCEP

China Daily  

As a window for China's opening-up, the coastal city of Qingdao in Shandong province is participating in international economic and trade cooperation. Accounting for roughly 30 percent of the world's population, GDP and trade, RCEP countries create the world's largest free trade bloc by economic size, making it the biggest driver of global economic growth. Lu Zhiyuan, deputy Party secretary …

India joins Biden’s new trade initiative for Indo-Pacific, negotiations to begin
2 years, 7 months ago

India joins Biden’s new trade initiative for Indo-Pacific, negotiations to begin

The Hindu  

India signalled its readiness to join a new economic initiative led by the United States for the region, as Prime Minister Narendra Modi joined U.S. President Joe Biden, Japanese Prime Minister Fumio Kishida and leaders of 10 countries, who joined virtually, for the launch of the Indo-Pacific Economic Framework for Prosperity in Tokyo on May 23. U.S. officials made it …

RCEP to help upgrade, boost economic growth
2 years, 7 months ago

RCEP to help upgrade, boost economic growth

China Daily  

Workers operate on a production line for export-bound electronic devices at a factory in Pingxiang, Guangxi Zhuang autonomous region. "As Chinese importers face multiple pressures, the RCEP is expected to provide more growth room for the nation's exports through creating new market demand with tariff concessions," said Zhou Mi, a senior researcher at the Chinese Academy of International Trade and …

RCEP trade to benefit recovery of world economy
2 years, 7 months ago

RCEP trade to benefit recovery of world economy

China Daily  

Benjamas Tanvetyanont, consul-general of Thailand in Nanning, Guangxi Zhuang autonomous region, promotes products via livestreaming in Nanning on March 28. As the RCEP is a trade deal between the 10-member Association of Southeast Asian Nations and China, Japan, the Republic of Korea, Australia and New Zealand, they said the pact will reinforce regional trade and investment and help companies, especially …

RCEP trade to benefit recovery of world economy
2 years, 7 months ago

RCEP trade to benefit recovery of world economy

China Daily  

Benjamas Tanvetyanont, consul-general of Thailand in Nanning, Guangxi Zhuang autonomous region, promotes products via livestreaming in Nanning on March 28. As the RCEP is a trade deal between the 10-member Association of Southeast Asian Nations and China, Japan, the Republic of Korea, Australia and New Zealand, they said the pact will reinforce regional trade and investment and help companies, especially …

Japan still hopes India will re-join RCEP: Japan Cabinet official Noriyuki Shikata
2 years, 9 months ago

Japan still hopes India will re-join RCEP: Japan Cabinet official Noriyuki Shikata

The Hindu  

Japan has still not given up hope that India might reconsider joining the Regional Comprehensive Economic Partnership that it quit in 2019, a senior Japanese official said, indicating that India-Japan collaborations in other countries may be impacted if India continues to stay out. “RCEP will benefit the Indian economy with a better supply chain, especially with ASEAN countries,” Japan’s Cabinet …

Action taken to ensure foreign trade growth
2 years, 9 months ago

Action taken to ensure foreign trade growth

China Daily  

Vehicles are assembled at Cowin Auto's plant in Yibin, Sichuan province, for export to a total of 10 countries and regions. This huge integrated regional market, with closer ties in production, value and supply chains, will see significant growth in goods and services trade and enhanced economic welfare, thanks to a reduction in trade and investment barriers. The trade pact …

Coastal province to ride wave of expansive trade agreement
2 years, 11 months ago

Coastal province to ride wave of expansive trade agreement

China Daily  

RCEP helps Shandong forge stronger links with booming East Asian economies Coastal Shandong province is poised to play a larger role in economic integration with Japan and South Korea by utilizing opportunities offered by the Regional Comprehensive Economic Partnership agreement, which now encompasses China and the two big East Asian economies in the same free trade framework for the first …

RCEP galvanizes Shinan's high-speed development
2 years, 11 months ago

RCEP galvanizes Shinan's high-speed development

China Daily  

With the Regional Comprehensive Economic Partnership or RCEP trading agreement having come into effect on Jan 1, Shinan district – located in Qingdao city in East China's Shandong province – is tapping its potential and moving to create an attractive and quality environment that will galvanize the development of foreign trade, according to local media reports on Jan 13. Fifteen …

World's largest free trade deal boosts confidence of enterprises
2 years, 11 months ago

World's largest free trade deal boosts confidence of enterprises

China Daily  

BEIJING -- Soon after midnight on New Year's Day, a freight train departed from South China's Guangxi Zhuang autonomous region for Vietnam, a member country of the Regional Comprehensive Economic Partnership. The RCEP -- the world's largest free trade deal -- came into force on Saturday. "The company and overseas partners both benefit a lot from following the trend of …

RCEP comes into effect on first day of 2022
2 years, 11 months ago

RCEP comes into effect on first day of 2022

China Daily  

BEIJING - The Regional Comprehensive Economic Partnership agreement, the world's largest free trade agreement, entered into force on Saturday. After the agreement takes effect, more than 90 percent of merchandise trade among members that have approved the agreement will eventually be subject to zero tariffs. With optimized trade rules among signatories, streamlined procedures and wider opening-up in the sectors of …

Asia looks to China-focused trade bloc for virus recovery
2 years, 11 months ago

Asia looks to China-focused trade bloc for virus recovery

Associated Press  

BANGKOK — Members of a China-centered Asian trade bloc that takes effect Jan. 1 are hoping the initiative, encompassing about a third of world trade and business activity, will help power their recoveries from the pandemic. Beijing is fully prepared for the new trading bloc, having already fulfilled 701 “binding obligations” for RCEP, Chinese vice minister for commerce Ren Hongbin …

RCEP poised to boost trade, investment in Asia-Pacific
3 years, 1 month ago

RCEP poised to boost trade, investment in Asia-Pacific

China Daily  

By ZHAO RUINAN| China Daily| Updated :2021-11-24 The Regional Comprehensive Economic Partnership will facilitate trade and investment in the Asia-Pacific region, boost post-pandemic economic recovery and set an example for regional and multilateral cooperation, analysts said. The trade deal, which is designed to remove tariffs on about 90 percent of goods, will facilitate trade and investment in the region, especially …

RCEP poised to boost trade, investment in Asia-Pacific
3 years, 1 month ago

RCEP poised to boost trade, investment in Asia-Pacific

China Daily  

The Regional Comprehensive Economic Partnership will facilitate trade and investment in the Asia-Pacific region, boost post-pandemic economic recovery and set an example for regional and multilateral cooperation, analysts said. The trade deal, which is designed to remove tariffs on about 90 percent of goods, will facilitate trade and investment in the region, especially as it will follow the past two …

Qingdao hosts RCEP forum for economic and trade cooperation
3 years, 7 months ago

Qingdao hosts RCEP forum for economic and trade cooperation

China Daily  

The RCEP Qingdao Pilot Innovation Base for Economic and Trade Cooperation starts construction on Jan 18. The Regional Comprehensive Economic Partnership High-level Forum for Economic and Trade Cooperation was launched in the eastern coastal city of Qingdao, Shandong province on April 25. Lin Yuhui, secretary-general of ASEAN Secretariat, said that the RCEP agreement has led to modern, comprehensive, high-quality, and …

China emerges as India's top trade partner in 2020 despite souring relations
3 years, 10 months ago

China emerges as India's top trade partner in 2020 despite souring relations

India Today  

China has pipped the United States to emerge as India’s biggest trade partner in 2020 yet again. According to news agency Bloomberg, China regained its position as India’s top trade partner as New Delhi continued to rely on imported machinery. Although the two-way trade amount in 2020 is lower than the previous year’s $85.5 billion, the Bloomberg report said it …

Shandong to seize RCEP opportunities in new era
3 years, 10 months ago

Shandong to seize RCEP opportunities in new era

China Daily  

Shandong's top officials highlighted the need to seize opportunities arising from the signing of the Regional Comprehensive Economic Partnership agreement and explore new areas for international trade and commerce during the fifth session of the 13th Shandong Provincial People's Congress. According to this year's Shandong provincial government work report, the province will build an RCEP pilot zone for local economic …

China still ‘largest source of critical items’ for India
3 years, 10 months ago

China still ‘largest source of critical items’ for India

The Hindu  

China still remains the largest source of critical imports for India, from mobile phone components to pharmaceutical ingredients, and India is working on a multi-pronged strategy to reduce this reliance, which is a bigger concern than the imbalance in trade. When somebody controls your production, that is a sentiment which raises concern.” PLI scheme Mr. Chadha said that India was …

Tianjin envisions growing importance with signing of RCEP
4 years ago

Tianjin envisions growing importance with signing of RCEP

China Daily  

The recent formal signing of the Regional Comprehensive Economic Partnership agreement by 15 states, marking the birth of the world's largest free trade area, will increase Tianjin’s importance as the international shipment spot in northern China. By lowering tariffs and non-tariff barriers between the members and expanding market access to services and investment, the deal promotes regional trade and investment …

Tianjin envisions growing importance with signing of RCEP
4 years ago

Tianjin envisions growing importance with signing of RCEP

China Daily  

The recent formal signing of the Regional Comprehensive Economic Partnership agreement by 15 states, marking the birth of the world's largest free trade area, will increase Tianjin’s importance as the international shipment spot in northern China. By lowering tariffs and non-tariff barriers between the members and expanding market access to services and investment, the deal promotes regional trade and investment …

Significant stepping stone
4 years ago

Significant stepping stone

China Daily  

The Regional Comprehensive Economic Partnership will likely shape the future of trade in Asia and beyond CAI MENG/CHINA DAILY The signing of the Regional Comprehensive Economic Partnership agreement on Nov 15 concluded eight years of negotiations among the members of the Association of Southeast Asian Nations, Australia, China, Japan, the Republic of Korea and New Zealand. In 2018, the overall …

Pulling Out of RCEP a Mistake, India Should Join Bloc as Soon as Possible: Montek Singh Ahluwalia
4 years ago

Pulling Out of RCEP a Mistake, India Should Join Bloc as Soon as Possible: Montek Singh Ahluwalia

News 18  

Terming India’s decision to pull out of the Regional Comprehensive Economic Partnership as a ‘mistake’, former deputy chairman of the now-defunct Planning Commission Montek Singh Ahluwalia on Thursday said the country should join the trading bloc ‘as soon as possible’. Addressing a virtual event organised by the Centre for Social and Economic Progress, Ahluwalia further said India is not going …

RCEP and China: A deal that can make a difference
4 years ago

RCEP and China: A deal that can make a difference

The Hindu  

Amonth after the signing of the Regional Comprehensive Economic Partnership agreement by 15 countries in the Asia-Pacific region, speculation on what its economic and strategic fallout could be has waned. Moreover, other than reducing tariffs from already low levels and harmonising clauses relating to different aspects of trade in the different agreements that rule in the region, the new deal …

India in Talks with Australia for Bilateral Free Trade Pact, Says Jaishankar
4 years ago

India in Talks with Australia for Bilateral Free Trade Pact, Says Jaishankar

News 18  

India and Australia are in discussions for a bilateral free trade agreement, Indian Foreign Minister Subrahmanyam Jaishankar said on Wednesday, following New Delhi's decision to walk out of a China-backed trade bloc. "There is a discussion on a free trade agreement, a bilateral free trade agreement as well because, as you know, we didn't sign the RCEP," Jaishankar said in …

Hope India Would Revisit Merits of Joining RCEP, Says Singapore PM Lee Hsien Loong
4 years ago

Hope India Would Revisit Merits of Joining RCEP, Says Singapore PM Lee Hsien Loong

News 18  

Singapore looks forward to deepening the partnership between India and the ASEAN, Prime Minister Lee Hsien Loong said on Monday as he expressed hope that New Delhi would revisit the merits of joining the Regional Comprehensive Economic Partnership in the future. India's Act East policy expresses Prime Minister Narendra Modi's intention to unlock India's full potential through greater openness and …

Abhijit Bhattacharyya | RECP: Why India must be firm on staying out
4 years ago

Abhijit Bhattacharyya | RECP: Why India must be firm on staying out

Deccan Chronicle  

The “real” world of trade, commerce and diplomacy fructify on the facts. When a former Indian commerce minister and a former foreign secretary express anguish over New Delhi committing a “historical blunder”, which they feel would negatively impact the nation’s progress and prosperity and lead to “international isolation” diplomatically, one needs a scrutiny of the facts. And while India’s total …

Sreeram Chaulia | Beyond the RCEP: India matters in Indo-Pacific
4 years, 1 month ago

Sreeram Chaulia | Beyond the RCEP: India matters in Indo-Pacific

Deccan Chronicle  

Since the signing of the Regional Comprehensive Economic Partnership agreement by 15 nations on November 15, criticism of India for sitting out the mega free trade pact has arisen in some quarters. Signing these FTAs did increase overall trade volumes between India and its partner countries, but India’s market became more open to imports without reciprocal benefits for Indian exports. …

The Hindu Explains | Why did India stay out of the RCEP deal?
4 years, 1 month ago

The Hindu Explains | Why did India stay out of the RCEP deal?

The Hindu  

November 22, 2020 02:00 am | Updated December 04, 2021 10:32 pm IST The story so far: On November 15, the Regional Comprehensive Economic Partnership was signed by 15 countries led by China, Japan, South Korea, Australia, New Zealand, and the 10-country ASEAN group. After long negotiations, India exited the grouping last November, saying it wanted to protect its economy …

India’s no to RCEP could still be a no
4 years, 1 month ago

India’s no to RCEP could still be a no

The Hindu  

Last week, 15 East Asian countries agreed to take their economic integration several notches higher by forging the Regional Comprehensive Economic Partnership, the largest free trade agreement ever. These countries had adopted a resolution “to establish an ASEAN-led process by setting out principles” that would allow ASEAN members to “engage interested ASEAN FTA partners in establishing a regional comprehensive economic …

Joining RCEP Would Have Had Negative Consequences for Indian Economy, Says S Jaishankar
4 years, 1 month ago

Joining RCEP Would Have Had Negative Consequences for Indian Economy, Says S Jaishankar

News 18  

India pulled out of the Regional Comprehensive Economic Partnership last year as joining it would have resulted in fairly negative consequences for the country’s economy, External Affairs Minister S Jaishankar said on Wednesday. In an address at an online discussion organised by the Centre for European Policy Studies, Jaishankar also forcefully pressed for reform of the United Nations, saying one …

Leaving RCEP was a short-sighted decision, says former Foreign Secretary Shyam Saran
4 years, 1 month ago

Leaving RCEP was a short-sighted decision, says former Foreign Secretary Shyam Saran

The Hindu  

The Regional Comprehensive Economic Partnership, a trade bloc of 15 countries including the 10 ASEAN members, China, Japan, South Korea, Australia and New Zealand, was signed on November 15 without India, which was part of the long-running negotiations until it withdrew last year. In an interview with The Hindu, former Foreign Secretary Shyam Saran says the decision to opt out …

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