Sri Lanka and Bangladesh are now considering their chances of membership in the 15-nation trading bloc.

India walked out of RCEP years ago.

The Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement (FTA) that was signed on November 15, 2020. The agreement involves 15 countries in the Asia-Pacific region, making it the world's largest trading bloc. The participating countries include:

1. Australia
2. Brunei
3. Cambodia
4. China
5. Indonesia
6. Japan
7. Laos
8. Malaysia
9. Myanmar
10. New Zealand
11. Philippines
12. Singapore
13. South Korea
14. Thailand
15. Vietnam

RCEP aims to facilitate trade and investment among member countries, reduce tariffs on goods and services, and establish common rules and standards for the region. It covers a wide range of areas, including trade in goods and services, investment, intellectual property, e-commerce, and more.

The Regional Comprehensive Economic Partnership (RCEP) is a comprehensive free trade agreement (FTA) that covers various aspects of economic cooperation among its member countries.

1. Participating Countries: RCEP involves 15 member countries in the Asia-Pacific region. These countries are Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, Philippines, Singapore, South Korea, Thailand, and Vietnam.
2. Trade in Goods: RCEP aims to eliminate or reduce tariffs on a wide range of goods traded among member countries. The agreement includes commitments to liberalize trade in goods and facilitate customs procedures.
3. Trade in Services: The agreement addresses trade in services, aiming to reduce barriers and promote the liberalization of the services sector among member countries.
4. Investment: RCEP includes provisions related to investment, with an emphasis on facilitating and protecting cross-border investments among member countries.
5. Intellectual Property: The agreement establishes common standards and rules related to intellectual property rights, including patents, copyrights, trademarks, and trade secrets.
6. E-commerce: RCEP addresses the digital economy and e-commerce, with provisions aimed at promoting online trade, electronic transactions, and digital innovation.
7. Rules of Origin: The agreement includes rules of origin to determine the eligibility of goods for preferential tariff treatment. This helps prevent circumvention of trade rules.
8. Customs Procedures: RCEP includes measures to simplify and harmonize customs procedures, reducing the administrative burden on businesses engaged in cross-border trade.
9. Government Procurement: The agreement includes provisions related to government procurement, with the goal of promoting transparency and fair competition in government procurement processes among member countries.
10. Competition Policy: RCEP addresses competition policy, seeking to prevent anticompetitive practices and promote fair competition in the region.
11. Dispute Settlement Mechanism: The agreement establishes a mechanism for the resolution of disputes arising from its interpretation or application. This typically involves consultations and, if necessary, the establishment of dispute resolution panels.
12. Development and Capacity Building: RCEP includes provisions to support the development needs of less developed member countries. This may include technical assistance, capacity building, and other forms of support.
13. Safeguard Measures: The agreement includes provisions for safeguard measures to address situations where a surge in imports threatens domestic industries.

India was initially part of the negotiations for the Regional Comprehensive Economic Partnership (RCEP). However, India decided not to join the agreement and withdrew from the negotiations in November 2019.

India's decision to exit the RCEP was based on concerns related to issues such as:

1. Trade Deficit: India was concerned about the potential for a widening trade deficit with other RCEP members, particularly with China.
2. Agriculture and Dairy: There were concerns about the impact of the agreement on India's agricultural and dairy sectors. Indian farmers and certain industries expressed fears that increased competition from other RCEP countries, especially in these sectors, could harm their interests.
3. Goods and Services: There were concerns about the implications of tariff reductions on both goods and services, and whether India's domestic industries were adequately prepared for increased competition.
4. Economic Imbalances: Some critics argued that the RCEP did not adequately address the existing economic imbalances among member countries.

India's decision not to join the RCEP was seen as a significant development, given the size of India's economy. It was, however, mentioned that India could reconsider its position in the future, depending on negotiations and whether its concerns were addressed.

Critically examine India’s decision not to join the Regional Comprehensive Economic Partnership.