India will not be joining the Regional Comprehensive Economic Partnership (RCEP), Prime Minister Narendra Modi announced on November 4, at the conclusion of the three-day Association of Southeast Asian Nations (ASEAN) summit in Bangkok. Modi had been facing fierce criticism at home from opposition political parties, local industry associations, and agricultural lobbies.
The RCEP is a proposed trade pact between the 10 ASEAN member countries, Australia, New Zealand, Japan, South Korea, China, and India. India was set to join the 16-member trade grouping this week but finally backed out after failing to receive any assurances on its concerns over market access, tariff relaxations, and non-tariff barriers.