India Refuses to be a Part of Asia-Pacific Trade Pact

India Refuses to be a Part of Asia-Pacific Trade Pact
India Refuses to be a Part of Asia-Pacific Trade Pact

India has shown its reluctance to join an Asia-Pacific Trade Pact which would form a major trading bloc including region’s leading economic partners and cover about one-third of the world’s GDP. The Regional Comprehensive Economic Partnership or RCEP was an agreement amid 10-members that includes the Association of Southeast Asian Nations and six of its great trading partners. The list of these includes countries like China, Japan, South Korea, India, Australia, and New Zealand. The Asia-Pacific Trade Pact had begun back in the year 2013 and India’s decision not to open doors of its markets has been one of the major obstacles since then. Vijay Thakur Singh, a diplomat in-charge of East Asian relations for India had conveyed India’s decision of its denial to be a part of the RCEP agreement along with other member states, who were in Thailand for several summits including 35th ASEAN Summit.

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