Apac countries pushing India to removeduties on 90% trade goods

India is under pressure from 15 other Asia-Pacific (APAC) countries to abolish duties on almost 90% of the goods that it trades with them under the Regional Comprehensive Economic Partnership (RCEP). The RCEP is a proposed free trade agreement (FTA) between the ten ASEAN countries and 6 APAC states with which the ASEAN has existing FTAs. RCEP covers a population of 3.4 billion, with a total gross domestic product (GDP) of US$49.5 trillion, or about 39% of the world’s GDP. Thus, the economic prospects of the market covered is exponential.
 
In the face of an impending global economic downturn spurred by the looming trade war between the US and China, the unrest in the Middle East and the implications of Brexit, signing the RCEP conclusively, is imperative to ensure the economic health of the participating countries. The treaty is a purveyor of free markets and open international trade, likely to benefit a burgeoning population in the APAC region.
 
Experts however are divided on whether the RCEP tables sustainable and feasible demands for India.The emphasis on elimination of trade barriers would ensure that India has access to other open markets apart from the ASEAN member countries. However, it would also widen the already existing trade deficit that India has with 10 of the existing RCEP partners.
 
DEPARTMENT OF COMMERCE, GOVERNMENT OF INDIA.
EXPORT-IMPORT DATA BANK FOR THE 10 APAC COUNTRIES INDIA HAS A TRADE DEFICIT WITH (2017-18)
 
(VALUE IN US $ MILLIONS)
 

COUNTRY	EXPORT	IMPORT	TRADE DEFICIT
AUSTRALIA	4,012.33	13,993.75	-9981.42
BRUNEI	63.19	434.83	-371.64
CHINA	13,336.78	76,271.72	-62934.94
INDONESIA	3,963.77	16,438.80	-12475.03
JAPAN	4,734.22	10,973.48	-6239.26
LAOS	25	168.63	-143.63
MALAYASIA	5,700.09	9,011.58	-3311.49
NEWZEALAND	352.85	643.71	-290.86
SOUTH KOREA	4,460.98	16,361.76	-11900.78
THAILAND	3,653.66	7,134.55	-3480.89

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source https://indiaoutbound.org/apac-countries-pushing-india-to-removeduties-on-90-trade-goods/