ISDS Case Map
India
Indian apparel manufacturers are keen on the trade deal as they fear India will lose out to rivals like Bangladesh and Vietnam without a trade pact.
India's focus has shifted to the creation of a strong domestic agricultural and industrial base, and therefore, joining the RCEP no longer appears to be a priority.
The inclination is clearly towards bilateral trade agreements, where India has more flexibility in negotiating terms that it feelss wouldn’t disadvantage domestic manufacturers.
India, which has not signed any trade agreement since 2012, will soon revive talks on the possible free trade agreement (FTA) with the European Union and the US.
India’s decision to stay out of the China-backed Regional Comprehensive Economic Partnership, or RCEP, Asia’s mega free-trade agreement (FTA), has been met both with a sense of approval and disappointment and divided economists on the issue.
India refused to join RCEP citing reservations that goods manufactured by China could come into India. Jaishankar also said India would like a fair and balanced trade deal with the European Union.
India will avoid joining agreements which are actually trade pacts by stealth with China and instead explore trade agreements with developed countries with large markets such as the US and EU where Indian products and services would be competitive unlike ASEAN.
Prime Minister Narendra Modi called for an early review of the ASEAN-India trade in goods agreement that has been pending for a long time at the virtual ASEAN-India Summit.
Ministers from 15 countries in the Regional Comprehensive Economic Partnership agreed Wednesday to sign the long-awaited trade deal at a summit Sunday, leaving the door open for reluctant India to return later.
A victory for Joe Biden in the American presidential election may delay the conclusion of a “limited” trade deal between India and the US that was negotiated for months.
