RCEP Flashcards
Members of RCEP?
ASEAN Members FTA Partners Indonesia Australia Malaysia China Philippines Japan Singapore New Zealand Thailand South Korea Brunei Vietnam Laos Myanmar Cambodia
What is aim of RCEP?
cover the trade in goods and services, investment, economic and technical cooperation, intellectual property and dispute resolution.
What is the spread & coverage of RCEP?
- Almost half of the world’s population
- quarter of world exports
- 30% of the global GDP.
Why India didn’t sign?
- India’s trade deficit with the RCEP nations is $105 billion. Further relaxations would enhance the deficit.
- Chinese manufactured goods and dairy products from New Zealand might have hurt local markets
- seen as being detrimental to the government’s Make in India initiative
- India was also worried about keeping 2014 as the base year for tariff reductions.
5.India was looking for specific rules of origin to ensure the trade pact wasn’t abused by non-partner countries.Rules of origin are the criteria used to determine the national source of a product.
Current provisions in the deal reportedly do not prevent countries from routing, through other countries, products on which India would maintain higher tariffs.
6.auto-trigger mechanism to protect it from a surge in imports.->Auto-trigger Mechanism would have allowed India to raise tariffs on products in instances where imports cross a certain threshold.
However, other countries in the RCEP were against this proposal.
7.Ecommerce and trade remedies were among other key areas of concern that failed to find satisfactory redressal.
