India Pulls Out Of RCEP Trade Pact

Blow to Beijing-backed mega deal as New Delhi unsatisfied over market access clauses

- Geeta Mohan

After years of tough negotiations with the ASEAN+5 nations, India on Monday walked out on the crucial ‘Regional Comprehensive Economic Partnership’ (RCEP) agreement at the third Leaders Summit under RCEP held in Bangkok, Thailand.

Announcing India’s decision at a media briefing held in Bangkok after the RCEP summit, Vijay Thakur Singh, secretary (East) said, “India conveyed its decision to the forum not to join the RCEP. This reflects both our assessment of the current global situation as well as of the fairness and balance of the agreement. India had several issues of core interest that remained unresolved.”

Even before Prime Minister Modi left for Bangkok, Thailand, to attend the ASEAN summit and take part in the RCEP forum, there was massive opposition to India joining what has become the world’s largest trading bloc (even without India).