Skip to main content

India retreats from RCEP

 India not joined china-backed Regional Comphensive Economic Partnership (RCEP), this year over concerns cheap Chinese goods entering the country. 

RCEP, was formed in 2012 aimed at regional cooperation in the Asian- pacific region. The 15 members RCEP consists of 10 membered ASEAN plus  China, Australia, South Korea, Japan and New Zealand. 

The trade pact signed without India does not means,India can not be the member of this group in future, a special resolution was passes by the members in which it is mentioned that India can join the group at any time. This reflects the importance of India in the group. 

India withdrew last year in the 3rd RCEP summit held in Bankok,Thailand concerns over cheap Chinese goods entering the country. Pressure from oppositions were mounting on the Modi-led government and PM welcoming the suggestions of democracy decided to not join RCEP. He stated,  neither the Talisman of Gandhiji nor my own conscience permit me to join RCEP. 

RCEP can be vital for India as it accounts for 25% of global GDP, 30% global trade, 26% of FDI flows, and 45% of the total population. 

But India's long experience with foreign trade agreement(FTA) has not been good and it's trade deficit with major FTA partners has increased significantly. India has been trade deficit with China in minus$ 53 billion, and also deficit with south korea ,Indonesia, Australia and Japan. 

Comments

Post a Comment

thank you

Popular posts from this blog

News headlines for school morning assembly | News in english for school morning assembly.

News headlines for school morning assembly News in english for school morning assembly. 24 October 2024. National news. 1. Two meetings in 3 months reflect deep friendship. - PM Modi held bilateral meeting with his counterpart Vladimir Putin which has strengthened bilateral cooperation in every field. - Modi said the opening of India's new consulate in Kazan will further strengthen ties between India and the Russian city. 2. Disputes over two key LAC points resolved. - India and China have achieved a break through in negotiations to resolve their stand off in Deepsang and Damchok the two remaining flash points in still Ladakh where the two armies have been eyeball to eyeball for almost 4 and a half years. International news. 1. Peru's ex-president Toledo gets 20 years for corruption. - peruvian court on Monday sentenced former Alejandro Toledo to more than 20 years in prison for accepting multi million bribes from a scandal heat Brazilian construction conglomerate. 2. North Kor...
Post a Comment
Read more

News in School Assembly | News Headlines for Feb 7

News in School Assembly | News Headlines for Feb 7 National News 1. Finance Minister dismissed charges of the government favouring the Adani Group, arguing that everything was awarded through open tender. 2. The Rajendra Prasad Central Agricultural University, Pusa, gets "Mushroom Samosa" patent. International News. 1. Pakistan former President and Kargil war architech, Paweez Musharaff dies in Dubai. He was on exile. 2. The U.S. military has downed the suspected Chinese spy ballon over the Atlantic Ocean and launched a mission to recover all the equipment from its debris. Sports News. 1. Retired India legend Jhulan Goswami has been appointed as a team mentor of Mumbai Indians.
Post a Comment
Read more

Difference between National party and State Party.

Difference between National party and State Party. hello friend in this topic we shall try to know the difference between national party and state party.  A political party to be called state or national, this decision is taken by Election Commission of India. How a state party or regional party become a national party, will be discussed in this content. first of all we will see the four conditions for being a state party. 1.  A party gets 8% of the total valid votes in a state legislative assembly election.  2. If a party gets 6% of the total valid votes in a state legislative assembly election + 2 MLA 3. If a party gets 6% of the total valid votes in a state legislative assembly election + 1 MP 4. If a party get 3% of the total seats of the state legislative assembly. If a party full fill anyone of the above conditions, then it is eligible to become a state or regional party. Condition to become a national party. 1. A party must be a state party. 2. A state party must f...
Post a Comment
Read more