Is the India’s decision not to join the world’s largest trade deal, right decision of the Modi government…
The countries that are part of this trade agreement represent about one third of the global economy. The Regional Comprehensive Economic Partnership (RCEP) comprises 10 countries in Southeast Asia. It also includes South Korea, China, Japan, Australia and New Zealand.
The US is not involved in the trade agreement, which is being led by China. As a result, most economic analysts see it as “China’s growing influence in the region.” The treaty is said to be bigger than the European Union and the US-Mexico-Canada trade agreement.
The United States was previously involved in a trade agreement called the Trans-Pacific (TPP), but President Donald Trump withdrew from the treaty shortly after he took office in 2017.
India is not a part of this agreement. India was part of the RCEP at the time of the deal, but leaved that last year. At the time, the Indian government had argued that “this would lead to a flood of cheap Chinese goods in the country and make it difficult for small scale manufacturers of India to procure goods at the same price, which Will increase a problem for them.”
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