Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
Both China and Russia have been dealt a setback to their global ambitions by India’s recent decision to reject the China-led Regional Comprehensive Economic Partnership (RCEP), a major international free trade agreement.
India’s decision to stay out of the RCEP, which was widely expected to rival the United States-led Trans-Pacific Partnership (TPP), was particularly damaging for China and Russia. India had previously been a vocal advocate for the proposed agreement, which it viewed as an opportunity to expand its international trade reach and influence.
However, India ultimately decided to reject the deal, citing concerns over the agreement’s inadequate protection of its domestic industries. This resulted in many other nations being unable to realize the full potential of the RCEP as envisioned by China and Russia.
China and Russia had hoped that the RCEP would strengthen their economic ties and create a bigger bloc of nations for trade liberalization and economic integration. The rejection of the agreement by India, however, has severely undermined these efforts and calls into doubt the viability of the proposed agreement.
The setback is a major blow for both Beijing and Moscow, who had viewed the huge free trade bloc as an opportunity to counter U.S. financial and economic influence in the region. Additionally, it shows the continuing challenges presented by the global trading environment and the complex nature of international trade negotiations.