India flags concern over rising trade deficit with China
India reiterated its reservations regarding its membership of the proposed Regional Comprehensive Economic Partnership (RCEP), mainly due to its trade deficit with China. The deficit has already ballooned to over US$ 57 billion in 2018. Speaking at the inaugural session of India-Singapore Business & Innovation Summit in Singapore, External Affairs Minister S Jaishankar voiced India’s concerns. These included the unfair” market access to Indian products and the “protectionist policies” of Beijing, which India cites as a major reason for the significant trade deficit between the two nations. Also, there are apprehensions that the lowering of tariffs would inundate Indian markets with cheaper Chinese products, thereby harming the interests of the domestic industry.