Regional Comprehensive Economic Partnership (RCEP)

The Regional Comprehensive Economic Partnership (RCEP) is the world’s largest Free Trade Agreement, covering 15 Asia-Pacific nations and representing roughly 30% of global GDP.

India's Withdrawal and Opportunity Costs

  • India withdrew from RCEP negotiations in 2019, citing concerns over unfavorable balance of trade and inadequate protection.
  • Critical "auto-trigger" mechanisms for import surges from China were not sufficiently addressed in negotiations.
  • Staying out risks marginalization from regional value chains and losing competitive access to 2.3 billion consumers.

Impact on Asia-Pacific Supply Chains

  • RCEP harmonises "Rules of Origin," allowing products to qualify for tariffs using components from any member.
  • Unified standards reduce regional trade costs, ....
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