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India pulls out of RCEP trade deal

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Christian Fernsby ▼ | November 5, 2019
India has decided against joining the 16-nation Regional Comprehensive Economic Partnership trade deal.
Narendra Modi
Asia   Narendra Modi
India’s Prime Minister Mr Narendra Modi made the announcement that India would not be signing the deal at the East Asia summit, currently being held in Bangkok.

Topics: India RCEP trade deal

Mr Modi said that “The country’s farmers, traders, professionals and industries have stakes in such decisions.

"Equally important are the workers and consumers, who make India a huge market and the third biggest economy in terms of purchasing power parity.

"When I measure the RCEP agreement with respect to the interests of all Indians, I do not get a positive answer.

"Therefore, neither the Talisman of Gandhiji nor my own conscience permits me to join RCEP.”

Negotiations for RCEP went on for seven years.

The RCEP, a proposed free-trade agreement was to be signed by Indonesia, Thailand, Singapore, Malaysia, the Philippines, Vietnam, Myanmar, Brunei, Cambodia, Laos, Australia, China, India, Japan, New Zealand and Korea.

The other 15 countries, which are part of ASEAN and their five free-trade agreement partners, are expected to sign the deal soon.