RCEP keen to have India join the trade block
At a time when the Covid-19 pandemic has left an indelible dent on the global economy, the current members of Regional Comprehensive Economic Partnership (RCEP) are keen to welcome India’s return to the negotiating table for entering the trade bloc. The statement comes after the 29th RCEP Trade Negotiating Committee Meeting was held via video conference on 20, 22 and 24 April.
“The 15 RPCs reaffirmed their commitment to sign the RCEP agreement in 2020, stressing that as a region-wide free trade area, RCEP will provide a more stable and predictable economic environment to support the much-needed recovery of trade and investment in the region, which has been adversely affected by the COVID-19 pandemic. The 15 RPCs also agreed to step up cooperation and accelerate global efforts to enable a swift and resilient economic recorvery from the crisis brought about by the COVID COVID-19,” as per the Joint Statement.
Back in November 2019, India walked out of the RCEP agreement because concerns about getting swamped by imports under the agreement — putting its domestic industry and agriculture at risk were not satisfactorily addressed. At the moment, however, it is not known how will the Indian government react to this offer.