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ASEAN believes RCEP makes tremendous progress despite India’s absence

ASEAN believes RCEP makes tremendous progress despite India’s absence

20 Sept 04:27 Key points summarised by AI
  • ASEAN leaders announced "tremendous progress" on the Regional Comprehensive Economic Partnership (RCEP), moving closer to establishing one of the world's largest free trade agreements.
  • India chose not to join RCEP, citing unresolved "significant outstanding issues" and concerns that the agreement did not reflect its original intent or provide a fair outcome.
  • Despite India's absence, ASEAN nations, led by Singapore's PM Lee Hsien Loong, expressed understanding and respect for India's decision, hoping for its future participation without "hard feelings."
  • If finalized by the 15 participating countries, RCEP would form the world's largest free trade area, encompassing nearly 40% of global commerce and 35% of GDP.
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