RCEP members worry over market access to China


Posted on:02 Nov 2016 18:08:36

RCEP members worry over market access to China
02 November 2016 Current Affairs: The 15 Asia-Pacific nations including India of the Regional Comprehensive Economic Partnership (RCEP) are concern to give greater market access to Chinese goods without gaining in return. All these countries in the RCEP grouping are also worried about agreeing to eliminate tariffs altogether, a move that will mainly help China. 

These 15 Asia-Pacific nations including India fear that China may dump its excess capacity in several items including steel, as well as highly subsidised items which may harm local industry of importing countries and distort trade.

Regional Comprehensive Economic Partnership : RCEP is the proposed mega-regional Free Trade Agreement (FTA) between 16 Asia-Pacific countries. It includes India, China, Japan, South Korea, Australia, New Zealand and the 10-member ASEAN bloc. 

The RCEP negotiation process had started in 2013 and is unlikely to be concluded by the end of 2016. The proposed FTA aims to open up trade in goods and services as well as liberalise investment policies. It will cover a market of over 3 billion people in these 16 countries — whose total combined GDP is more than $17 trillion and collectively account for 40% of world trade.

 


Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs June 2017

23 JUNE
NEWS
22 JUNE
NEWS
21 JUNE
NEWS
20 JUNE
NEWS

Current Affairs May 2017

31 MAY
NEWS
30 MAY
NEWS
29 MAY
NEWS
27 MAY
NEWS

Current Affairs April 2017

29 APRIL
NEWS
28 APRIL
NEWS
27 APRIL
NEWS
26 APRIL
NEWS