A total of 15 countries including ASEAN and 15 countries including China, Japan has entered into a major regional economic agreement (RCEP). India was also invited, but citing the interest of the country, the Modi government decided to stay out of this agreement. But there is confusion in the Congress and its leaders are making different statements about whether India is out of the agreement.
It is being described as the world’s largest agreement. Senior Congress leader Anand Sharma has described India’s stay outside it as “unfortunate and based on wrong advice” and “strategic mistake”. So former Finance Minister P. Chidambaram said that this should have been discussed in Parliament. But later he said that he would say something only after consensus in the party was formed.
On the other hand, former Environment Minister Jairam Ramesh said that RCEP is actually a ‘Regional China Expansion Program’ and India has done the right thing by not joining it.
What is RCEP
A total of 15 countries have entered into a major regional economic agreement (RCEP), including ten countries of ASEAN and 5 other countries including China, Japan. The Regional Comprehensive Economic Partnership (RCEP) Deal is a trade agreement that will give member countries multiple ease of doing business with each other. India was also among the 16 countries that laid the foundation for RCEP.