India decides not to join RCEP what is RCEP
According to the times of India, on November 4, India officially announced that it would not join the regional comprehensive economic partnership (RCEP) launched by the ten ASEAN countries, saying that "we will not compromise on core interests, and the RCEP agreement does not reflect its original intention".
&# 8203;&# 8203;&# 8203; What is the regional comprehensive economic partnership agreement (RCEP) and what is its significance to Global trade liberalization?
RCEP was initiated by 10 ASEAN countries in 2012 and invited 16 parties including China, Japan, South Korea, India, Australia and New Zealand to jointly formulate an agreement to establish a free trade agreement between 16 countries to open their markets, implement regional economic integration and unify their markets by reducing tariff and non-tariff barriers.
The 16 countries involved account for 32.2% of the global GDP; Total foreign trade accounts for 29.1% of the world; Covering more than 3.5 billion people, accounting for half of the world, it will be the most populous and potential free trade area in the world. Under the background of rising protectionism and successive trade disputes, RCEP will be an important mechanism to maintain global trade liberalization.