Chinese official: RCEP delivers prominent dividends
Trade between China and the other 14 Regional Comprehensive Economic Partnership members reached $1.20 trillion in the first eight months of this year.
Trade between China and the other 14 Regional Comprehensive Economic Partnership members reached $1.20 trillion in the first eight months of this year.
In light of the current geopolitical scenario wherein the China-USA rivalry is playing out in the Asia-Pacific, the RCEP holds great significance for Beijing and for foreign investors.
RCEP includes 10 Southeast Asian economies along with China, Japan, South Korea, New Zealand and Australia, with members accounting for around 30 per cent of global GDP.
Unfair competition always hurts, but the real issue is whether we have done enough to make our industries internationally competitive to expand our export base. The protection provided to domestic firms against competition only leads to inefficiency, making unproductive firms survive at the cost of more productive ones.
After years of negotiations, India had pulled out of the China-backed mega RCEP over unresolved 'core concerns'
It augurs well that there was convergence among the major political parties with regard to RCEP negation, although the thrust may differ in terms of objectives and emphasis.
Despite his bonhomie with Beijing, Mr Narendra Modi said as much after refusing to put ink to paper, expressing dissatisfaction over the lack of openings that Indian services and producers would find after the deal, while conceding that India believes in “a mutually beneficial RCEP”.
India's decision to drop out of Regional Comprehensive Economic Cooperation came as Opposition leaders'criticism grew over cheap Chinese goods flooding the domestic market affecting the local businesses.
The Congress has opposed the RCEP agreement and said that any trade agreement with China is not feasible in current economic situation.
The biggest takeaway of the summit is the vision document 'ASEAN's Outlook on the Indo-Pacific that was issued. This has been widely welcomed. The document recognizes that Indo-Pacific is a seamless maritime space, one that encompasses the Asia-Pacific and Indian Ocean regions and is a closely integrated and interconnected region'.
