May 27, 2020

India picks up the world's largest trade agreement

India took off this Monday from the world's largest trade agreement, while 15 other countries in Asia and Oceania decided to continue negotiations for ratification next year.

This follows from a statement from the leaders of the Regional Integral Economic Association (RCEP) at the end of a meeting north of Bangkok in the framework of the summit of the Association of Southeast Asian Nations (ASEAN).

"Fifteen participating countries of the RCEP have concluded negotiations of the text for its 20 chapters," says the statement, adding that "India has pending issues that remain unsolved."

The negotiating countries, including China, Japan, South Korea, Australia, New Zealand and the 10 ASEAN nations, pledged to continue negotiating with India to resolve outstanding issues "satisfactorily."

This agreement, which seeks to counteract the slowdown caused in part by the trade war between Washington and Beijing, would combine with India about one third of world GDP and not include the US. Among its members.

Among the obstacles that have delayed the negotiations are the fears of the Government of New Delhi that the RCEP ends up damaging local manufacturing and agriculture and that India is flooded by products made in China.

The Regional Integral Economic Association emerged as Beijing's response to the Trans-Pacific Economic Cooperation Agreement (TPP), supported by Washington and whose negotiations were completed in October 2015.

The arrival of Donald Trump to the presidency of the United States, on January 20, 2017, marked a shift towards protectionism in US economic policy and four days after entering the Oval Office he signed the order to withdraw the US country from the TPP .

In the current context of uncertainty in the global economy, marked by the trade war between the United States and China, Beijing attempts to fill the gap left by Washington and has emerged as one of the strongest advocates of economic multilateralism.

ASEAN is made up of Burma (Myanmar), Brunei, Cambodia, the Philippines, Indonesia, Laos, Malaysia, Singapore, Thailand and Vietnam.

. (tagsToTranslate) India (t) off-hook (t) major (t) treated (t) commercial

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