Regional Comprehensive Economic Partnership (ASEAN+6)
Indonesia is eagerly anticipating the signing of the Regional Comprehensive Economic Partnership (RCEP) in November, believing the China-led trade pact could pave the way for more economic activity and a stronger recovery from the Covid-19 pandemic.
South Korea said will push for the conclusion of a mega Asia-Pacific trade deal this year to help boost ailing exports and cope with the growing protectionism around the globe in the face of the new coronavirus pandemic.
Once RCEP is signed, it needs to be ratified by all member states for it to come into force, which could take quite a while.
Fifteen Asia-Pacific countries will sign the RCEP trade pact by the end of 2020 but India will not be among them.
Indonesia and 14 other negotiating countries agreed Tuesday to sign the Regional Comprehensive Economic Partnership (RCEP) this year to help their economies recover from the pandemic-induced downturn.
Trade ministers of the 10-member states of ASEAN and Free Trade Agreement (FTA) Partners (Australia, China, Japan, Korea, and New Zealand) reaffirmed the signing of the RCEP Agreement before end of 2020.
As India distances itself from China following the clash in Ladakh between soldiers of the two countries, the Centre is keen to have another go at negotiating the India-US free trade agreement.
The 15 governments must consider the adverse impact of the mega FTA and put an end to trade agreements such as RCEP as they only increase protection and power of multinational corporations.
Amid the pandemic Covid-19 outbreak with the protocol health of all States, the trade negotiations for the Regional Comprehensive Economic Partnership (RCEP) is still ongoing. The Government should use the momentum of the pandemic to assess thorough draft related agreements RCEP.
India hasn’t shunned efforts to forge “balanced” trade agreements despite renewed push for self-reliance, and talks with key partners, including the US, the EU and Australia, will gain momentum once the impact of the pandemic wanes considerably.
Attempts to woo India back to negotiating table fail, as the country struggles to fight pandemic.
South Korea said it will spare no efforts to conclude a mega Asia-Pacific trade pact by the end of this year in line with efforts to revitalize an extended slump in its exports amid the new coronavirus pandemic.
The 15 member countries of the RCEP grouping have proposed that India defer opening up its market to them, in a move to address New Delhi’s key concern of its burgeoning trade deficit with them especially China.
To urge India back to the negotiations for the Regional Comprehensive Economic Partnership (RCEP), its 15 member countries have offered New Delhi the option of deferring commitments related to opening up its market.
In the middle of a global pandemic Covid-19, Indonesia intensifies the stalled negotiations of the 30th round Negotiations of Regional Comprehensive Economic Partnership (RCEP) held by the virtual, this May.
South Korea will hold the seventh round of talks with China to discuss expanding the scope of their bilateral free trade agreement to better cover the service and investment sectors.
It might be difficult to conclude the Regional Comprehensive Economic Partnership (RCEP) by the end of this year as planned, as parties are moving toward the direction of protecting their supply chains to the detriment of free trade.
China will welcome India back to negotiations on the Regional Comprehensive Economic Partnership (RCEP) at an appropriate time.
Indications remain that the India government is not keen to revisit the RCEP grouping at present.
Under Prime Minister Narendra Modi, India has been walking a tightrope between the United States and China even as it nurses its own ambitions for global leadership. Horimoto Takenori assesses the role of the Japan-India relationship in this dynamic context.