This archive report was first published on 4 November 2019.
Published on November 4, 2019, diplomats and officials said that the world's biggest trade deal, the Regional Comprehensive Economic Partnership (RCEP), is likely to move forward without India for the time being.
The RCEP includes 30 percent of global GDP and half of the world's people, making it a significant trade pact. However, India's objections have dashed hopes of signing the deal at the Association of Southeast Asian Nations (ASEAN) summit in Bangkok.
India has raised concerns about market access, fearing its domestic industries could be hard hit if the country is flooded by cheap Made-in-China goods. The other members have agreed on the text of the draft agreement, aiming for the deal to be signed next year.
China's deputy foreign minister, Le Yucheng, said that it is the 15 participating countries that have decided to move forward first. "Whenever India is ready, it is welcome to get on board," he added.
Despite India's holdout, the RCEP has gained new traction amid a bruising US-China trade war that experts fear could drag global growth. The deal includes the 10-nation ASEAN bloc along with China, India, Japan, South Korea, Australia, and New Zealand.
Australian Prime Minister Scott Morrison said that the text of RCEP is done, echoing the deal's open-door policy. "It is important to have India in and that is certainly our preference," he told reporters in Bangkok.
