2.4. RCEP Negotiations: From Trade to Economic Partnership

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2.4. RCEP Negotiations: From Trade to Economic Partnership

♤ While the India-ASEAN Trade in Goods Agreement was inked and enforced from January 1,

2010, India’s goods trade deficit with ASEAN widened from $4.98 billion in 2010-11 to

$14.75 billion in 2015-16, and then narrowed to $9.56 billion in 2016-17.

♤ The huge goods trade deficit has led to questions on whether the pact is only helping ASEAN nations and not benefiting India.♤ The RCEP involves negotiations in goods, services, investment, economic and technical cooperation, intellectual property rights, competition, dispute settlement and other issues like Rules of Origin, customs procedures and trade facilitation measures.♤ The economies of countries involved in RCEP negotiations account for about half of the world's population, and about 30% of the global GDP.o It will deepen its ties with the ASEAN further.2.4.2. RCEP and India’s Current Concerns ♤ India has said no to e-commerce negotiations at the WTO and any difference in its stance at the RCEP is likely to have repercussions.♤ In 2017 the Ministry of External Affairs (MEA) has taken a strong stand that the country should restrain itself from concluding any such pact from which it would not gain in the medium term.

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