Japan is showcasing interest to resolve India’s outstanding issues about the RCEP deal. Japan’s Minister of Foreign Affairs, Atsushi Kaifu, emphasized in a meeting that Japan would not take part in RECP deal if India does not join.
The Tumult in the RECP Deal
Last month, India withdrew itself from China assisted RCEP trade deal. Mainly due to the concern over China dumping cheaper goods as an outcome of the deal. Protection of farmers produce was another major reason for withdrawal. Following the withdrawal, China suggested that the rest 15 countries could sign the deal and India can part-take when it is ready. However, Japan did not oblige to the suggestion thereby opting out until India signs RCEP.
Japan and India Meeting
The Japanese and Indian ministers participated in a meeting last week. One of the main motives of the meeting was persuading India to join the deal. Both the nations are considering a deal with Australia and the US (Quad), a move that affects international relations with other countries. Further, Japan urged India to seek out a compromise with China regarding the concerns to sign the deal.
To induce the trade pact, Japan is focusing to resolve the concerns faced by India regarding the RCEP deal. Accordingly, Japan-India annual summit to take place in India between 15th – 17th of December confirmed MEA.
It is clear that China is accelerating the trade deal to soften the blow its economy is suffering due to the trade war with the US. Despite Japan’s effort, India must acknowledge the pros and cons thoroughly before agreeing to the RCEP deal. As the RCEP deal might later turn into a burden to India’s economy. Therefore, the pace of decision must be slow and apt to benefit the nation.