China and fourteen other nations including Australia, New Zealand, Japan and South Korea are set to sign the sprawling Regional Comprehensive Economic Partnership (RCEP) today (15 November), Livemint.
RCEP once signed will represent the world's largest trade pact in gross domestic product (GDP) terms. It would create a block of nations which would include 10 ASEAN nations along with the nations already aforementioned.
RCEP is viewed as a China-led initiative and its signing today is being seen as a huge coup for China in the extension of its influence. The deal has taken eight years of intense parleys to reach culmination.
India too was a part of the block of nations negotiating the mega trade deal. However, Prime Minister (PM) Narendra Modi led administration at New Delhi decided to pull out of the trade pact over unfavourable terms. India was concerned with about Chinese goods entering the nation.
Meanwhile, it should be noted that even without India, the pact covers a population of whopping 2.1 billion people, with the member nations accounting for 30 per cent of the global GDP.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.