{"id":13089,"date":"2020-11-17T11:54:38","date_gmt":"2020-11-17T06:24:38","guid":{"rendered":"https:\/\/www.ecoleglobale.com\/blog\/?p=13089"},"modified":"2021-02-02T15:49:46","modified_gmt":"2021-02-02T10:19:46","slug":"what-are-the-economic-implications-of-india-opting-out-of-rcep","status":"publish","type":"post","link":"https:\/\/www.ecoleglobale.com\/blog\/what-are-the-economic-implications-of-india-opting-out-of-rcep\/","title":{"rendered":"WHAT ARE THE ECONOMIC IMPLICATIONS OF INDIA OPTING OUT OF RCEP?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">On 15 November 2020, the Regional Comprehensive Economic Partnership (RCEP) was signed by 15 countries, India has decided to opt out from RCEP. India had taken this decision last year after walking out of discussion last year. Well the doors for India will remain open but first let\u2019s know how RCEP will impact our country?<\/span><\/p>\n<h2><span style=\"font-weight: 400\">WHAT IS RCEP?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">RCEP is said to be the largest regional trading agreement, which was originally negotiated between 16 countries<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">ASEAN members<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Countries with which ASEAN members have Free Trade Agreement (FTAs) which are<\/span>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Australia<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">China<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Korea<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Japan<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">New Zealand<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">India<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400\">PURPOSE OF RCEP<\/span><\/h3>\n<p><span style=\"font-weight: 400\">RCEP was initiated to make the products and services of these countries available across the region in an easier way. The negotiations of this deal started in 2013 and India was going to be a part of this deal until last November when it decided to opt out from RCEP.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">WHY DID INDIA OPT OUT FROM RCEP?<\/span><\/h3>\n<p><span style=\"font-weight: 400\">On 4 November 2019, India decided to exit the discussions over significant outstanding issues. As per government officials, India has been consistently raising fundamental issues throughout the negotiations and was prompted to take this decision as the points raised by India were not resolved by the deadline to commit to signing the deal. The decision taken by India was in interest to safeguard agriculture and airy industries and to give an advantage to the service sector.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The current structure of RCEP still does not address these concerns.<\/span><\/p>\n<h3><span style=\"font-weight: 400\">HOW WOULD THIS DECISION IMPACT INDIA?<\/span><\/h3>\n<p><span style=\"font-weight: 400\">As\u00a0 the countries involved in the deal account for over 2 billion population of the world, it&#8217;s been speculated that this decision would impact India\u2019s bilateral ties with RCEP member nations as they may be more inclined towards the countries who signed the deal. This would leave India with very less scope to target large markets.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Some countries like Japan are trying to get India back in the deal so there are also concerns that this would also impact India\u2019s Australia-India-Japan network in the Indo pacific<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 15 November 2020, the Regional Comprehensive Economic Partnership (RCEP) was signed by 15 countries, India has decided to opt out from RCEP. India had taken this decision last year after walking out of discussion last year. Well the doors for India will remain open but first let\u2019s know how RCEP will impact our country? 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