Many were hoping that some 'substantial conclusion' to the years-long negotiations over the 16-member Regional Comprehensive Economic Partnership would be reached in Bangkok.
If all 16 countries come together to form a trading bloc, it would cover about a third of the world's gross domestic product and provide new market access for goods and services as well as investment opportunities for companies.
India is worried that the agreement, which requires the gradual elimination of tariffs, will open up the country's domestic markets to a flood of cheap Chinese goods and agricultural produce from Australia and New Zealand that will harm its local producers.did not mention the ongoing RCEP negotiations. Instead, he spoke about the ASEAN-India partnership and the decision to review his country's trade agreement with the bloc.
Some consider RCEP to be a less restrictive version of the now-defunct U.S.-led Trans-Pacific Partnership. The U.S. pulled out of the 12-member TPP in January 2017. As much as we'd like to see RCEP done, we'd like to see our administration focus on getting deals done for the United States.
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