ISDS Case Map
India
Piyush Goyal said the government took the bold decision in the national interest because clearly, the RCEP had become nothing but an India-China FTA which "nobody wants".
But the EU wants issues such as market access for automobiles, wines, and govt procurement issues resolved first.
The European Union said it was hopeful of forward movement in negotiations with India on the long-pending free trade agreement, and favoured opening separate talks for an investment protection treaty.
The RCEP did not "adequately" address India's concerns over issues like non-tariff barriers to trade and opaqueness in subsidy regime in some countries, which forced it to back out from the trade deal, the Indian government informed.
India and the EU need to sort out complex issues such as government procurement, labour standards and sustainability as part of the bilateral free trade talks that have been stuck for more than half a decade.
Among the FTAs which have affected Indian domestic industry adversely, the India-Korea CEPA, signed in 2009, has been significant.
South Korean state owned power utility Kowepo has begun international arbitration proceedings against India in Singapore for not honouring a fuel supply commitment to its Maharashtra power plant.
Nearly a month after India decided against joining the Regional Comprehensive Economic Partnership (RCEP), the remaining 15 member countries Monday decided to sign the proposed free trade pact by 13 March.
Despite India’s decision to walk out of the ASEAN-led 15-nation RCEP Free Trade Agreement last month, officials from India’s Indo-Pacific partners Australia and Japan are still discussing the issue in the hope that the government will rethink the decision.
Outstanding trade issues between India and the U.S. are moving towards resolution, and the first quarter of 2020 will see both countries conclude ongoing talks.
