RCEP 15 Countries To Complete Negotiations, India Worried About Trade Imbalance Do Not Join

After 7 years of negotiations, the 15 member states of the regional comprehensive economic partnership agreement (RCEP) announced in November 4th (2019) November 4th that 20 chapters and market access negotiations were completed, and that they were ready to be signed in 2020. India did not agree that the agreement did not respond to the concerns of Hong Kong.

The thirty-fifth ASEAN Summit (ASEAN Summit) and related meetings were held on November 2nd to 4 at the IMPACT Exhibition Centre in Beijiao, Bangkok. On the afternoon of 4, the third RCEP summit was held. The summit included members of the 10 ASEAN countries and 6 trade dialogue partners: China, Japan, South Korea, India, Australia and New Zealand.

After the summit, the leaders of the 16 countries issued a joint statement, pointing out that in the face of the rapidly changing global environment, the RCEP negotiations will represent the commitment of everyone to open trade and investment environment. RCEP can promote the future development of the region and contribute positively to the global economy. RCEP can become a pillar of the multilateral trading system.

The statement indicates that 15 RCEP participating countries have completed 20 chapters and all market access negotiations, and are ready to sign in 2020. The statement also mentioned that India has a major problem that has not been solved. All RCEP members' Congress will solve these problems together. India's final decision will depend on how to solve these problems.

RCEP announced the start of negotiations in 2012. Thailand Vice Premier and business minister Zhu Lin (Jurin Laksanawisit) said after the RCEP Ministerial Conference in early October that 14 of the 20 chapters of RCEP had been completed, and that negotiations could be completed at the ASEAN summit in November.

But RCEP is facing a rebound from India. Many Indians worry that after joining the RCEP, there will be a large number of cheap Chinese goods entering the India market, as well as cheap dairy products from New Zealand and Australia, which will expand the already large trade deficit.

The India media reported today (India Today) that the unnamed India government official pointed out that India decided not to join RCEP because of Narendra Modi, the prime minister, and that the worries of India did not manifest in RCEP. The anonymous person said that RCEP did not reflect its original purpose, and the result was unfair and unbalanced.

Anonymous also revealed that China actively promoted the signing of RCEP at the RCEP summit, aimed at countering the Sino US trade war, but India insisted on not signing it.