*New Delhi: **A worst economic and diplomatic blow to India from World’slargest trading bloc.*
India decided against joininglinktheRegional Comprehensive Economic Partnership (RCEP) due to unfavourablecircumstances against it.
The remaining 15 member countries Monday decided to sign the proposed freetrade pact by 13 March, ThePrint has learnt.
The announcement was made at the ongoing 4th ASEAN (Association ofSoutheast Asian Nations) Economic Integration Forum in Bangkok.
“RCEP countries have decided to pen down the agreement on 13 March 2020without India. The world’s largest trade bloc will emerge in the absence ofIndia.
Read Top Stories
India may join later once ready or continue with its regional and bilateralagreements with ASEAN and other RCEP members,” said a diplomatic sourcerepresenting one of the member countries.
The Narendra Modi government has been informed about the signing of thetrade deal but it has shown “no interest” in “working towards resolving theoutstanding issues”, the source added.
The proposed free trade agreement is between 10 ASEAN member states(Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines,Singapore, Thailand, and Vietnam) and their six free trade partners (China,India, South Korea, Japan, New Zealand and Australia). The member nationsaccount for a third of the world’s gross domestic product (GDP) and nearlyhalf of the world’s population.
