India opts out of Regional Comprehensive Economic Partnership (RCEP)
As reported by media, India has decided not to join the Regional Comprehensive Economic Partnership (RCEP) deal as negotiations failed to address New Delhi’s outstanding issues and concerns.
RCEP is being negotiated between 16 countries, that includes the 10 ASEAN members — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam — and their six trade partners — Australia, China, Japan, South Korea, New Zealand and India, which has now opted out.
“India has significant outstanding issues, which remain unresolved. All RCEP participating countries will work together to resolve these outstanding issues in a mutually satisfactory way. India’s final decision will depend on satisfactory resolution of these issues.”
[Image Credits: The Hindu]