India
The European Union said it was hopeful of forward movement in negotiations with India on the long-pending free trade agreement, and favoured opening separate talks for an investment protection treaty.
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.
India and the EU need to sort out complex issues such as government procurement, labour standards and sustainability as part of the bilateral free trade talks that have been stuck for more than half a decade.
Among the FTAs which have affected Indian domestic industry adversely, the India-Korea CEPA, signed in 2009, has been significant.
South Korean state owned power utility Kowepo has begun international arbitration proceedings against India in Singapore for not honouring a fuel supply commitment to its Maharashtra power plant.
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.
Despite India’s decision to walk out of the ASEAN-led 15-nation RCEP Free Trade Agreement last month, officials from India’s Indo-Pacific partners Australia and Japan are still discussing the issue in the hope that the government will rethink the decision.
Outstanding trade issues between India and the U.S. are moving towards resolution, and the first quarter of 2020 will see both countries conclude ongoing talks.
The decision of keeping India out of the Regional Comprehension Economic Partnership (RCEP) has helped crores of farmers and prevented the likely shift shift of India from a self-sufficient milk producer to importer.
India has long had a reputation in Australia as being a challenging negotiator that may not share the same enthusiasm for concluding free trade agreements.
China pushed to finalize the RCEP deal as it faces slowing growth in part due to its trade war with the U.S. But at the very last minute, even after the leaders’ photo was taken, India’s Prime Minister Narendra Modi pulled his country out of the deal.
India’s doubts on issues like exports and its economic relations with China are genuine and crucial for growth. Only when these are resolved, should India consider joining the agreement again.
India, in recent days, is faced with Hamletian dilemma. To join or not to join the Regional Comprehensive Economic Partnership (RCEP), a free trade association consisting of 16 nations including India.
After prevailing upon the Centre to drop out of the RCEP treaty, farmers organizations has urged the MPs to prevail upon the Union government to terminate the other existing FTA inimical to the livelihood of farmers in the country.
Abe seeks to bolster India ties to balance China’s clout.
India opted out of RCEP and now it is Japan, who follows suit. After a long 7 years intensive negotiation among ASEAN 10 + 6 for the world biggest trade block to reign Asia-Pacific region and a challenge to TPP, RCEP is in tailspin before launching. The reason is China’s over-influence in the block.
India and Japan did not make any tangible progress on some of the sticky issues facing both sides, mainly on a breakthrough in the civil nuclear deal, acquisition of Amphibious aircraft or progress in the bullet train project.
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
Keen to have India back in the Regional Comprehensive Economic Partnership (RCEP), Japan has reached out to New Delhi to help address its concerns including those on trade deficit.
Reports claimed that foreign investors threatened to drag Andhra Pradesh to international arbitration for ‘cancelling’ renewable power purchase agreements.
