News Buzz

India-China dents pan-Asian deal

After sustaining seven years of talks, Trade ministers from 16 Asia-Pacific countries (which together account for about a third of all global trade), have vouched to wrap them up before a Regional Comprehensive Economic Partnership summit in November. But a major hurdle in the conclusion of these talks is tension between India and China over the amount of goods with preferential tariffs as well as India’s mounting trade deficit with RCEP members, especially China. India is also not very happy with the position of Southeast Asian countries on the free movement of professionals, particularly in the IT sector, and is weighing whether to be part of the deal at all.