In a recent major development in the Asia Pacific region, India declined to join the Asia Pacific trade pact on Monday. The Regional Comprehensive Economic Partnership is a pact between the ten ASIAN countries and six of its largest trading partners, such as China, Australia, Japan, India, South Korea, and New Zealand. The ongoing negotiation for a free trade agreement started in way back in 2013. But the reluctance of India to open up the market looks like a major concern for the pact.
The spokesperson from India, Vijay Thakur Singh- a diplomat for ASIAN countries, revealed the country’s decision not to join the RCEP. India has already revealed the decision to other involved countries. Currently, the leaders of the RCEP is in Thailand for 35th ASIAN summits.
The decision taken by India reflects its assessment of multiple global situations, said the diplomat. India has multiple concerns over the balance and fairness of the agreement, he further added.
As most of India’s problem remains unresolved, joining the agreement will not be wise for the country, he added. India further clarifies that it will strengthen its relationship with the ASIAN countries by investment, trade, and people-people relationship.