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 to be part of the global supply chain if the country keeps increasing tariffs. Ahluwalia blamed substantial lobbying by small and inefficient industries for India’s decision to pull out of the RCEP. The RCEP deal signed in November comprised 10 member countries of the Association of Southeast Asian Nations and five of the bloc’s dialogue partners — China, Japan, South Korea, Australia and New Zealand.

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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 …

Sanjaya Baru | India and East Asia: It’s a return to geo-economics
1 month, 1 week ago

Sanjaya Baru | India and East Asia: It’s a return to geo-economics

Deccan Chronicle  

Something interesting is happening on the external economic policy front. Following up the suggestion made in the Union finance ministry’s Economic Survey 2023-24, that India should welcome foreign direct investment from China, the chief executive officer of the Niti Ayog, the Union government’s economic policy think tank, has publicly advocated India joining the Regional Comprehensive Economic Partnership trade bloc. However, …

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 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 …

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 …

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 …

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 …

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 …

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 …

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. …

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 …

Was India right to leave the RCEP trade deal? | The Hindu In Focus podcast
4 years, 1 month ago

Was India right to leave the RCEP trade deal? | The Hindu In Focus podcast

The Hindu  

The Regional Comprehensive Economic Partnership, the world’s largest 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. The day after the signing, External Affairs Minister S. Jaishankar criticised past trade agreements for …

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 …

Trade pacts: Jaishankar’s views reflect language used in 1970s, says Chidambaram
4 years, 1 month ago

Trade pacts: Jaishankar’s views reflect language used in 1970s, says Chidambaram

The Hindu  

Former Finance Minister P. Chidambaram on Tuesday said External Affairs Minister S. Jaishankar’s views on trade agreements were similar to the language used in the 1970s and claimed that several English newspapers have noted that India would be “better off” by being a part of the regional trade bloc, the Regional Comprehensive Economic Partnership. I would reserve a final view …

RCEP shifts Indo-Pacific dynamics, blow to Delhi
4 years, 1 month ago

RCEP shifts Indo-Pacific dynamics, blow to Delhi

Deccan Chronicle  

While the entire world was focused on the American presidential election, the signing on November 15 of the Regional Comprehensive Economic Partnership has significantly altered the Indo-Pacific strategic environment. Therefore, while US President-elect Joe Biden’s path to office is now clear, despite the Trumpian Twitter tantrums, he faces a more complex scenario in the Indo-Pacific region. The RCEP’s signing by …

Threat or treat: on RCEP trade deal
4 years, 1 month ago

Threat or treat: on RCEP trade deal

The Hindu  

The Regional Comprehensive Economic Partnership was signed into existence on Sunday by 15 countries led by China, Japan, South Korea, Australia, New Zealand and the 10-state ASEAN grouping, creating one of the world’s largest trading blocs. With global trade and the economy foundering on the shoals of the COVID-19 pandemic, especially as new infections in Europe and the U.S. prompt …

A day after RCEP, Jaishankar slams trade pacts, globalisation
4 years, 1 month ago

A day after RCEP, Jaishankar slams trade pacts, globalisation

The Hindu  

India has allowed other countries “unfair” trade and manufacturing advantages “in the name of openness”, asserted External Affairs Minister S. Jaishankar, in a speech criticising the effects of globalisation on Monday. Speaking just a day after the 15-nation Regional Comprehensive Economic Partnership was signed, Mr. Jaishankar was particularly scathing of trade agreements, which he said had forced India to “deindustrialise”. …

Deccan Dialogue: EAM Jaishankar explains RCEP stance, lauds India's Vande Bharat Mission
4 years, 1 month ago

Deccan Dialogue: EAM Jaishankar explains RCEP stance, lauds India's Vande Bharat Mission

India Today  

External Affairs Minister S Jaishankar virtually addressed the Deccan Dialogue organised by ISB, Hyderabad, on Monday. Indian and RCEP trading bloc One of the original negotiating participants, India walked out of the RCEP talks in 2019 citing "outstanding issues". As one of the 16 original participating countries, India's accession to the RCEP Agreement would be welcome in view of its …

China-led mega trade bloc RCEP takes off
4 years, 1 month ago

China-led mega trade bloc RCEP takes off

The Hindu  

The Regional Comprehensive Economic Partnership, a mega trade bloc comprising 15 countries led by China that came into existence on Sunday, said India would have to write expressing “intention” to join the organisation to restart negotiation for membership. “The RCEP signatory states will commence negotiations with India at any time after the signing of the RCEP Agreement once India submits …

RCEP Signatories Ready for Negotiations Once India Gives Written Request to Join Pact
4 years, 1 month ago

RCEP Signatories Ready for Negotiations Once India Gives Written Request to Join Pact

News 18  

Countries that have signed the RCEP agreement can start negotiations with India for joining the pact once New Delhi submits a written request stating its intention for the same, according to a declaration. On November 4 last year, India walked out of mega free trade agreement RCEP as negotiations failed to address New Delhi’s outstanding issues and concerns. The remaining …

India and ASEAN to expand trade despite RCEP walkout
4 years, 1 month ago

India and ASEAN to expand trade despite RCEP walkout

The Hindu  

November 12, 2020 05:35 pm | Updated 09:45 pm IST - New Delhi India and ASEAN countries said they would explore ways to increase trade between them despite India’s exit from the 15-nation Regional Comprehensive Economic Partnership agreement. The RCEP free trade agreement, which India walked out from a year ago, is expected to be signed on November 15th, between …

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