The China-backed group is expected to represent at least 30% of the global GDP and will emerge as the largest free trade agreement in the world. Modi’s silenceThe mega trade bloc is a landmark trade initiative which is expected to boost commerce among the member-countries spread across the Asia-Pacific region. However, these moves did not influence Japanese and Australian plans regarding RCEP. Experts are interpreting the beginning of RCEP as a major development that will help China and trade in Asia-Pacific region in the post-COVID-19 scenario. It is understood that staying out of RCEP may interfere with India’s bilateral trading with the RCEP member-countries.

Source: The Hindu November 15, 2020 11:13 UTC