Asia-Pacific trade deal moves on without India – Asia Times

PHNOM PENH — The world’s proposed biggest free trade agreement was dealt a blow on Monday when India made a last minute but unsurprising withdrawal from seven-year-old negotiations during a series of weekend meetings of Asian governments in Bangkok. The Regional Comprehensive Economic Partnership, or RCEP, would have encompassed all ten members of the Association of Southeast Asian Nations (ASEAN), as well as Australia, China, India, Japan, New Zealand and South Korea. It also would have made for the world’s biggest trade deal measured by population and factoring in the combined gross domestic products (GDPs) of the putative signatories, though India’s withdrawal could see it drop below the Canada-Mexico-United States deal formerly known as NAFTA in combined GDP. India would have been the third largest economy in the tariff-reducing trade deal.