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India, ASEAN to expand trade despite RCEP walkout
Why is it in news?
- India and ASEAN countries said they would explore ways to increase trade between them despite India’s exit from the 15-nation Regional Comprehensive Economic Partnership (RCEP) agreement.
Details:
- The RCEP free trade agreement, which India walked out from a year ago, is expected to be signed on November 15, between China, Australia, South Korea, Japan, and 10 Association of South East Asian (ASEAN) Nations.
- They are expected to leave in a clause allowing India to rejoin at a later date.
- Modi also announced $1 million contribution to the ASEAN COVID-19 recovery fund.
- India’s “Indo-Pacific policy” considered as an area of convergence for ASEAN and India and rules-based order in the region including through upholding adherence to international law, especially the UNCLOS.