India overcame resistance from China to become a part of the Regional Comprehensive Economic Partnership (RCEP) agreement, an Asean + 6 group, which is set to emerge as one of the most significant free trading blocs in the world. Despite Beijing’s reservations, India participated in the first round of negotiations held recently for RCEP because of support from several Asean nations led by Malaysia, which insisted on India’s involvement. The RCEP comprises China, India, Australia, New Zealand, Japan and South Korea apart from the 10-member Asean.
According to government sources, there were certain issues raised by China over India’s participation but Beijing had no option but to acquiesce after it noticed popular support for India.
The second round of negotiations for RCEP will be held in Australia in September. The agreement is likely to come into effect in 2015.
After it was first proposed in the 2011 Asean summit, RCEP has been looked upon by Malaysia and other nations in the region as one of the most ambitious regional economic integration initiatives meant to integrate Asean economy with the global economy.
According to government sources, there were certain issues raised by China over India’s participation but Beijing had no option but to acquiesce after it noticed popular support for India.
The second round of negotiations for RCEP will be held in Australia in September. The agreement is likely to come into effect in 2015.
After it was first proposed in the 2011 Asean summit, RCEP has been looked upon by Malaysia and other nations in the region as one of the most ambitious regional economic integration initiatives meant to integrate Asean economy with the global economy.
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