In a joint statement issued after the regional conference in Thailand, the leaders of nations participating in the negotiations of the Regional Comprehensive Economic Partnership (RCEP) have pledged to sign the largest trade agreement in the world. gender in 2020, showing that countries will continue to negotiate.
The notice stated that 15 countries participating in the RCEP negotiations, excluding India, completed the text-based negotiation phase of the 20 chapters in the agreement and virtually all market access issues and directions. towards the goal of signing the agreement by 2020. However, India still has some issues of concern that have not been resolved and India's decision depends on how to solve these issues satisfactorily.
A lot of information says that India and the remaining 15 countries have not yet agreed on some important issues such as tariffs. Prasar Bharati TV station quoted Indian Prime Minister Narendra Modi as saying that the country has not been able to complete negotiations to join RCEP because of differences in issues such as tariffs, trade deficit with other countries and Non-tariff barriers.
Modi said that the current format of RCEP does not fully reflect the basic spirit and agreed principles, not addressing outstanding issues and concerns raised by India.
Launched by ASEAN in 2012, RCEP is a free trade agreement between 10 ASEAN member countries and 6 partners including China, India, Japan, Korea, Australia and New Zealand. If signed, this agreement will create the largest free trade area in the world, with about 3.5 billion people and about 30% of global gross domestic product.