India RCEP- India decides to opt out of RCEP | News Cover

India RCEP- India decides to opt out of RCEP:

News Cover: 16 countries of the world are members of the RCEP. The RCEP is an agreement between the various countries. It is about trade, development, and benefits. In 2012, the RCEP countries had gathered for a meeting. The member countries are India, South Korea, China, Australia, and many others discussed the points of the agreement. 

     The main point about this agreement was to remove import duty on 90% of the items or to reduce its rate. It would apply to only 90% of the items. According to the partnership, zero import duty will be levied on items imported from China. This will lead to an increase in imported goods from China. Easy visa rules for work in China and the increase in investment opportunities were the other points mentioned in the agreement. 

India RCEP

    Prime Minister Modi, is attending the ASEAN Summit in Bangkok. It is a summit that focusses on trade in Asian countries. Southeast Asian countries will take part in the meeting. ASEAN countries are also thinking of being a part of the RCEP. PM Modi said that he has studied the RCEP contract in detail. He said that India does not benefit from this at all. If India agrees to be a part of the RCEP and allows zero import duty, India would never benefit. Because China is the main reason. 

      If India agrees to the RCEP, more Chinese goods will be exported to India. They will sell more items because they will be cheaper. Indian businesses will suffer due to this. Farmers, businesses, professionals, etc. will suffer a lot. If India agrees to the RCEP, it will cause major problems in the future. PM Modi said that exporting to the different countries in the world is beneficial for India. When other countries in the world import to India, it does not benefit us. This is why PM Modi has decided to opt-out of the RCEP. This has greatly angered China.