RCEP Negotiations

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

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

Why India opted out of RCEP and what are the implications

The latest twist in India's policy on foreign trade may benefit the US

Abe has sought to beef up ties with India across a range of fields to balance China's regional dominance

Some experts, in addition to the government, have maintained that the reason for the walkout is India's adverse trade balance. However, many critics view this as a protectionist step

Talks with major economies like the EU and US, among others, on trade and investment deals are stuck on similar issues

If the US quickly signs a trade deal with India and if India retaliates against Chinese denial of access to Indian goods, the logic of India's retreat from the RCEP will acquire a new dimension

India pulled out at the last minute amid worries that the deal would unleash cheaper imports from countries like China

Modi and his ministers are now selling his refusal to join RCEP as a victory for India's poor

The agreement also touches on services and on protecting intellectual property

'India had significant issues of core interest that remain unresolved' MEA said.

He also said that the deal would be bigger and better with India in it

The statement came days after PM Modi said a mutually beneficial RCEP, in which all sides gain reasonably, is in interests of India and of all the partners

PM Modi is said to have stated that in its present form, the agreement does not fully reflect the basic spirit and the agreed guiding principles of RCEP

The comments threw new doubt over the participation of India in the China-backed 16-nation Regional Comprehensive Economic Partnership

New impetus to reach agreement has come from the US-China trade war, which has helped knock regional economic growth to its lowest in five years.

Not being part of the RCEP will hinder investments from many countries, thus halting its efforts to increase its integration into regional and global chains, CII said.

On India-ASEAN summit, Modi said the focus will be on deepening economic partnerships

If finalised, the RCEP deal will facilitate creation of the biggest free-trade region in the world