Japan has still not given up hope that India might reconsider joining the Regional Comprehensive Economic Partnership (RCEP) from which it opted out in 2019, a senior Japanese official said.
About:
This indicated that India-Japan collaborations in other countries may be impacted if India continues to stay out.
The RCEP “Rules of Origin” clause could also make it more difficult for products that have an Indian component to be sold easily among the 15-member grouping countries in future.
RCEP
The 15-nation RCEP is the world’s largest trade deal and includes China, Japan, South Korea, Australia and New Zealand and 10 members of the Association of South East Asian Nations (ASEAN), and represents about 30% of global GDP and population.
It came into force on January 1, 2022.
India was a founding member at the negotiations that began in 2012, but PM Modi announced his government was walking out of the agreement in 2019, after being unable to resolve concerns on dumping from China and allowing Indian services free access in the region.
Since then, Japan and Australia, two countries that continue to convene the trilateral trade dialogue they started during RCEP negotiations with India, have said that they would welcome India back to the agreement if it decides to re-join, which was accepted by the RCEP grouping as well.
Dear Student,
You have still not entered your mailing address. Please enter the address where all the study materials will be sent to you. (If applicable).
