RCEP Deal

India's decision to opt out of the trade bloc RCEP was strategically sound as the country has the largest trade deficit and trust issues with China, think tank GTRI said on Friday. India's trade deficit with China stood at over USD 85 billion in FY2024. "Had India joined RCEP, the situation could have worsened drastically, as it would face zero-tariff imports from China, risking further imbalance," the Global Trade Research Initiative (GTRI) said. In 2019, India announced that it would not join the China-backed mega free trade agreement -- Regional Comprehensive Economic Partnership (RCEP) as negotiations failed to address New Delhi's outstanding issues and concerns. "India's decision to opt out of the RCEP was strategically sound, as subsequent developments have validated its concerns over potential economic imbalances, which increasingly favours China over other member nations," GTRI founder Ajay Srivastava said. The remarks assume significance as Niti Aayog CEO BVR Subrahmanyam

While India's growth over the past decades has appeared impressive, the contribution of trade to that acceleration has been small and is decreasing

Economic discontent towards China has intensified in Southeast Asia as Chinese companies with surplus inventory are selling goods at give-away prices

The share of its neighbours in India's trade shows signs of weakening from an already low base amid a review of regional trade agreements

However, that Sri Lanka and Bangladesh are veering towards the RCEP compounds an already complex situation for India

India should reconsider its Rcep decision

If India were trading in only goods, a massive deficit of about $150 bn would have forced down the rupee's value, making Indian manufactured goods cheaper in export markets, writes T N Ninan

India has been allowed to join the RCEP anytime and in the meantime participate in meetings as 'observer'

RCEP with China, minus India: Is the trade deal a threat or opportunity?

In this podcast, Business Standard's Subhomoy Bhattacharjee explains what is RCEP, how will it benefit member nations, why did India pull out of RCEP and more

The Regional Comprehensive Economic Partnership (RCEP) will progressively lower tariffs and aims to counter protectionism

The arrangement will in the long term act as a counterweight to current and proposed trading arrangements in the Asia-Pacific region, officials said

With deadlock persisting on a host of issues, US-India trade deal is uncertain

Piyush Goyal said India was exploring trade agreements with the United States and the European Union to allow manufacturing and services sectors to benefit from access to large developed markets

India at a meeting in November last year in Bangkok decided to withdraw from this mega free-trade agreement as its concerns were not addressed adequately by the RCEP

India could have expanded trade and exported more to current partners if it had chosen to stay in the partnership

Being the fourth largest exporter of bovine meat, India can help it grab a $11-billion market in select RCEP countries, says the WTC

On November 4, Prime Minister Narendra Modi announced in Bangkok that India will not join RCEP as negotiations failed to address New Delhi's "outstanding issues and concerns"

Being the basic framework of the RCEP deal, the FTA with the 10-nation grouping came into effect in 2010

What's the strategy to revive the economy? Mere fundamentals will not do the trick

Indian firms wishing to do business abroad must meet internationally accepted standards and have the ability/capacity to adhere to the laws as well as the regulatory requirements in those countries