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The Economic Times
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| 03 March, 2021, 02:21 PM IST | E-Paper


    Focus on multilateral partnerships to check challenges posed by China: Experts

    The views were expressed by a group of panelists including former Navy Chief Admiral Sunil Lanba during an exchange held virtually on the second day of the Military Literary Festival 2020 on "The Quad: The Emerging Indo-Pacific Naval Alliance".

    View: There's no hurry for India to sign the RCEP, given its unresolved issues with FTAs

    India has FTAs with 13 of the 15 RCEP countries — in...

    China says it will accelerate implementation of RCEP trade deal

    China will push forward the opening up of the goods, services and investment ...

    • In his address at the virtual meeting of the Council of Heads of Government of the Shanghai Cooperation Organisation (SCO) hosted by India, Li said members of the SCO grouping should actively foster a secure and stable environment for development.

      India has walked out of the regional trade alliance. Many in India have criticised India’s decision as the country could lose out the trade block in some areas such as bargaining power to maintaining high exports.

      China’s rapid progress, a contrast to that of slowcoach India, has empowered it to challenge the sovereignty of its neighbours in Southeast and East Asia, and also to threaten India’s immediate Indian Ocean area.

      Last week, 15 countries signed the Regional Comprehensive Economic Partnership (RCEP), and the China-backed accord, which excludes the United States, will loom large over the virtual summit of the Asia-Pacific Economic Cooperation (APEC) hosted by Malaysia. A dozen of APEC's 21 members signed up to RCEP.

      Trump, however impulsive and erratic, understood China’s game. His trade war against China signified the beginning of a struggle for global power. That Japan, Australia and some Asean countries should be ambivalent about this power struggle and pursue hedging strategies in favour of China may have short term advantage but will prove costly for the future.

      The Regional Comprehensive Economic Partnership (RCEP) -- which includes 10 Southeast Asian economies along with China, Japan, South Korea, New Zealand and Australia -- is the world's largest trade pact in terms of GDP, analysts say.

      In the world’s most dynamic region, 15 nations have now signed up for RCEP: the 10-member Asean group, plus their free-trade partners, China, Japan, South Korea, Australia and New Zealand

      The RCEP agreement is open for accession by India from the date of entry into force of the Agreement as provided in Article 20.9 (Accession) of the RCEP Agreement, according to the Ministerial Declaration issued on November 11 that signalled readiness to negotiate with Delhi for its entry into the trade bloc in future.

      The Regional Comprehensive Economic Partnership (RCEP) will progressively lower tariffs and aims to counter protectionism, boost investment and allow freer movement of goods within the region.

      India pulled out of the China-backed trade agreement as negotiations failed to address its core concerns. These were threat of circumvention of rules of origin due to tariff differential, inclusion of fair agreement to address the issues of trade deficits and opening of services.

      RCEP is expected to help reduce costs and time for companies by allowing them to export a product anywhere within the bloc without meeting separate requirements for each country.

      Now the members of RCEP are 10-nation bloc ASEAN (Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia), China, Japan, South Korea, Australia and New Zealand.

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