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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. 

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