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ASEAN member countries of RCEP offer India concession
Nov 08, 2018

Several Asian member countries of the proposed Regional Comprehensive Economic Partnership (RCEP) have offered India a significant concession on the extent to which it needs to open up its markets, in a bid to encourage it to join the partnership quickly, according to a diplomat from Singapore.
 
The RCEP is a proposed trade agreement between the 10 Association of Southeast Asian Nations (ASEAN) countries and their six free trade agreement partners, namely Australia, China, India, Japan, Korea, and New Zealand.
 
The grouping would comprise 25% of global GDP, 30% of global trade, 26% of FDI flows, and 45% of the population.
 
The ASEAN countries are keen to have India as part of the partnership and have made India a concessional offer of opening up only about 83% of its market, as compared to the original 92% that the RCEP agreement stipulated, the Singaporean diplomat said on condition of anonymity.
    

thehindu.com

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