ASEAN
The RCEP did not "adequately" address India’s concerns over issues like non-tariff barriers to trade and opaqueness in subsidy regime in some countries, which forced it to back out from the trade deal, the Indian government informed.
Nearly a month after India decided against joining the Regional Comprehensive Economic Partnership (RCEP), the remaining 15 member countries Monday decided to sign the proposed free trade pact by 13 March.
The proposed scope of the review of the free trade agreement between India and ASEAN could include issues like customs procedures, further liberalisation of trade in goods and exchange of data
In the short- and medium- terms, however, it seems unlikely that those additional rules will facilitate any significant increase in Australian exports to ASEAN.
The Association of South East Asian Nations (Asean) may soon conclude FTA (free-trade agreement) review with India. The aim is to balance China in the Indo-Pacific.
The Philippines, Brunei, Indonesia, Cambodia, and Thailand have expressed interest in signing free trade agreements with the Eurasian Economic Union (EAEU).
Prime Minister Narendra Modi on Sunday said a review of India’s free trade agreement with the Association of Southeast Asian Nations (Asean) will help balance trade between the two.
The Heads of State/Government of the Member States of the Association of Southeast Asian Nations (ASEAN) and Australia, China, India, Japan, Korea, and New Zealand released a statement on the RCEP
India has bargained a nearly 10% advantage over China in tariff elimination during the ongoing RCEP discussions in a move aimed to placate the domestic industry and pave the way for New Delhi to conclude negotiations.
India has proposed locating computing facilities inside the country if it is meant to protect its essential security interests and national interests at the the ongoing negotiations of the proposed RCEP trade agreement.
The secretary-general of Asean, expressed his confidence that the long-awaited RCEP will be completed in principle before Thailand’s chairmanship ends at the end of this year.
India has viewed FTAs as an important tool to enhance its trade and investment, and signed a number of trade agreements with various countries or groups. And India’s experience intrade with its major FTA partners has not been very encouraging.
As governments scramble to save RCEP, peoples from Southeast Asia have consolidated their strong opposition to this ambitious and unjust trade and investment agreement.
President Joko “Jokowi” Widodo’s aggressive efforts to lure more foreign direct investment (FDI) ahead has been warmly met by South Korea.
While there are clearly roadblocks to an agreement, there are also tailwinds — tailwinds that might never be stronger than they are right now.
India’s indecisive stance on the RCEP and agreement to review the FTA with the ASEAN indicates it has been evaluating options outside the larger regional group as well.
India and 10-member bloc of South-East Asian nations have agreed to review their free trade agreement, signed in 2009, to make it more business-friendly and boost economic ties.
The 16 negotiating partners have agreed that they should not lose the long-term vision of deepening and expanding the value chains in the RCEP.
Numerous ASEAN member states called for improvements in the region’s free trade status with Russia at this week’s Far East Economic Forum in Vladivostok.
If the U.S.-China trade war continues or worsens ASEAN countries will also experience a bumpy ride.
