Rcep

India's decision to opt out of RCEP agreement strategically sound: GTRI

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

India should join China-backed Asian trade bloc, says NITI Aayog CEO

In 2019, India decided to not join the bloc, on the grounds that the deal would hurt its farmers, businesses, workers and consumers

India needs more trade, and being inside RCEP is better than staying out

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

World Bank's suggestion to join RCEP based on flawed projections: GTRI

Think tank GTRI on Wednesday said that the World Bank's suggestion for India to reconsider joining RCEP (Regional Comprehensive Economic Partnership) is based on flawed assumptions and outdated projections. For developing countries like India, policy decisions must be rooted in real-world data and a thorough understanding of the long-term implications, it said. The rising trade deficits among RCEP members and the over-reliance on China-centric supply chains underscore the importance of a cautious, well-researched approach, the Global Trade Research Initiative (GTRI) said. India pulled out of the RCEP in 2019 after entering negotiations in 2013. The RCEP bloc comprises 10 Asean group members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six FTA partners - China, Japan, South Korea, Australia and New Zealand. It added that the World Bank should focus on thorough, data-based analysis that considers the specific ...

Rediscovering integration: World Bank argument on trade is worth hearing

Besides the argument that India must re-evaluate its approach to trade pacts, including the RCEP, other in-progress deals like those with the EU and the UK, must be the targets for political attention

Sri Lanka & Bangladesh look east

The shifting sands of the South Asian trade landscape may be worthy of some serious reflection for India's regional trade strategy

A requiem for the WTO

Despite its benefits to global prosperity, the WTO may be on its last legs, unless something changes dramatically

Trade policy calibrated with growth but open for expansion: Piyush Goyal

At Business Standard Manthan, Piyush Goyal added that in America and Europe, there are still high duties for several products

Aatmanirbhar Bharat successful because India stayed out of RCEP: Mahajan

We are not against foreign trade, and neither are we against agreements. But we need to ensure that whatever agreements we sign with other countries are in the best interests of our country, he said

India evaluating implications of FTA as Bangladesh mulls RCEP membership

India is worried because of Bangladesh's greater dependence on China for imports as compared to India and fears it can become an issue if Bangladesh joins RCEP

Will India reassess its position on China-backed Asian trade bloc RCEP?

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

ASEAN wants India to join RCEP for greater market access: Secretary-General

ASEAN Secretary-General Dr Kao Kim Hourn has said that the 10-member bloc of the Southeast Asian countries wants India to join the landmark Regional Comprehensive Economic Partnership (RCEP) for greater market access as he asserted that all partners stand to gain from the inclusive, open and rule-based trade pact. Dr Kao also said that India and ASEAN have been working together across different sectors - from space to investment, to tourism, to the defence sector and counter-terrorism, among others - and advocated expanding such cooperation in new sectors. Talking to a select group of Indian journalists here on Monday evening, Dr Kao said joining the Regional Comprehensive Economic Partnership (RCEP) would benefit India as the agreement would provide greater market access. He added that all partners will gain from the inclusive, open and rule-based trade pact. The RCEP is a free trade area (FTA) consisting of 10 ASEAN members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapo

Piyush Goyal quizzes Chinese trade minister Showen on dumping of goods

To the Chinese trade minister, Wang Showen, Goyal inquired whether China regretted India's decision not to join the Regional Comprehensive Economic Partnership (RCEP) trade deal

New Zealand seeks trade with India outside FTA, milk: Damien O'Connor

'We are very big in wood logs, which is among the single biggest items of export to India'

Staying out of IPEF's trade pillar: There are two sides to this debate

There is no meeting ground between politics which is looking at the elections this year, and economics, which is looking at the next decade

India opts out of joining IPEF trade pillar, to wait for final contours

India to wait for final contours before formally associating with IPEF trade pillar, says Goyal

India-US Trade Policy Forum meeting expected soon, says Piyush Goyal

Asserts Indian exports not impacted by GSP, says India looking to have very contemporary and modern digital laws, while maintaining high levels of data privacy

Macroeconomic challenges revisited

Policies are moving in the right direction, but vulnerabilities remain

Limited gains

India should review its position on RCEP

India is open for biz; to expand global footprint, says Piyush Goyal

PM Modi's government looks at a trade deal very seriously, examining its potential for the next 50 years, says Goyal