India and China hold talks on RCEP
India and China held discussions on the deadlock in RCEP negotiations on June 10 and 11, led by Commerce Secretary Shri Anup Wadhawan and Chinese Vice Minister of Commerce Wang Shouwen. Officials from both sides are attempting to close the gap between the market access demanded by China and what India is able to offer.
Once implemented, the RCEP agreement between the 10-member ASEAN, India, China, Japan, South Korea, Australia and New Zealand, would create the world’s largest free trade bloc that accounts for 45% of the global population, a combined GDP of about US$ 21.3 trillion and 40% of global trade. But India isn’t willing to commit to the level of market access being given by other members like ASEAN, Japan and South Korea.