INSUBCONTINENT EXCLUSIVE:
Monday for what could be the world's biggest trade pact, they said in a statement, but India delayed its decision on joining because of
significant differences over tariffs and other issues.The Regional Comprehensive Economic Partnership (RCEP) is backed by China and also
brings in the 10-member Association of Southeast Asian Nations (ASEAN), Japan, South Korea, Australia and New Zealand.Participating
countries met in Bangkok alongside a meeting of Southeast Asian leaders."We noted 15 RCEP Participating Countries have concluded text-based
negotiations for all 20 chapters and essentially all their market access issues," the statement from the leaders said, to allow for signing
next year."India has significant outstanding issues, which remain unresolved India's final decision will depend on satisfactory resolution
of these issues," it said.The United States-China trade war has given new impetus to years of discussions on the trade bloc.But India
decided not to agree to it as it stands due to differences over tariffs, its trade deficit with other countries and non-tariff related
barriers, Prime Minister Narendra Modi was quoted as saying."Present form of the RCEP Agreement does not fully reflect the basic spirit and
agreed guiding principles of RCEP," PM Modi was quoted as saying by public broadcaster Prasar Bharati News Services in a tweet
"It does not address satisfactorily India's outstanding issues and concerns."India has been worried that the agreement, which requires the
gradual elimination of tariffs, would open its markets to a flood of cheap Chinese goods and agricultural produce from Australia and New
Zealand that would harm local producers.Get Breaking news, live coverage, and Latest News from India and around the world on
TheIndianSubcontinent.com
Catch all the Live TV action on TheIndianSubcontinent 24x7 and TheIndianSubcontinent India
Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.
