Countries that have signed the Regional Comprehensive Economic Partnership (RCEP) agreement can initiate negotiations with India for joining the agreement once New Delhi submits a written request stating its intention for the same, as per a declaration. On November 4 last year, India walked out of mega free trade agreement RCEP as negotiations failed to address New Delhi’s outstanding issues and concerns.
The remaining 15 member countries have signed RCEP agreement and have stated that the pact would remain open to India. Now the members of RCEP are ten-nation bloc ASEAN (Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia), China, Japan, South Korea, Australia and New Zealand.
“The RCEP signatory states will staert negotiations with India at any time after the signing of RCEP agreement once India submits a request in writing of its intention to accede to RCEP agreement to the depositary of the RCEP agreement, taking into consideration the latest status of India’s participation in RCEP negotiations and any new development thereafter,” according to the Ministers’ Declaration on India’s Participation in RCEP. The declaration is dated November 11. It states the pact is open for accession by India from the date of entry into force of the agreement. It also stated that any time prior to its accession, India can participate in RCEP meetings as an observer and in economic cooperation activities undertaken by the signatory states, on terms and conditions to be jointly decided upon by the 15 countries.
FM welcomes public suggestions for union Budget 2021 from today, November 15
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