China has long ago given India a tempting offer of zero tariff, RCEP is its platform. But India is cautious about it. India already has a huge trade deficit with China. India’s trade deficit with China has reached US$ 99.2 billion in the financial year 2024-25. India fears that joining RCEP may lead to a flood of cheap Chinese goods in the country.
When US President Donald Trump put pressure on India with tariffs, China’s eyes fell on India’s huge market. China has invited India to join a huge market with zero tariffs and has lobbied in its favour. But this tempting offer from China can prove to be a bigger tension than US President Donald Trump’s tariffs.
India’s huge market, population of 1.4 billion, strong purchasing power of the middle class makes it an attractive market for any ambitious country in the world. The economic strength of any superpower cannot reach its heights without including India. Therefore, as tensions with the US over tariffs increase, China has once again offered India to join the ‘Regional Comprehensive Economic Partnership’ (RCEP).
China has been trying to get India to join RCEP since 2019. For this, China has lured India with zero tariff in a huge market. But India, recognizing Chinese ambitions, has so far refused to join this organization.
What is RCEP
RCEP or Regional Comprehensive Economic Partnership is a free trade agreement between 15 countries. It includes 10 ASEAN countries and their FTA partners – China, Japan, Korea, Australia and New Zealand.
RCEP is currently the world’s largest trading block, covering about 30% of global GDP and about 3 billion people.
Its objective is to simplify, ease and simplify trade rules among its member countries to promote trade and investment and integrate the markets of all 15 countries. The RCEP agreement came into force in November 2020 and is effective from January 1, 2022.
The main objective of RCEP is to reduce and eliminate tariff and non-tariff barriers and facilitate The main objective of RCEP is to reduce and eliminate tariff and non-tariff barriers and facilitate investment and trade among these member countries.
What the Global Times wrote
China’s state-run newspaper Global Times has written that after the US increased tariffs on India by 50 percent, India’s heavy dependence on the US market for exports is becoming a weakness. The newspaper writes that in such a situation, the possibility of India’s strategic inclination towards Asian markets can not only help reduce these risks, but can also provide India with more dynamism and opportunities for market diversification.
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