Don’t derail economic pact, Chinese daily tells India

TIL Desk/World/Beijing-India should stop being selfish and not block the Regional Comprehensive Economic Partnership (RCEP), an influential Chinese daily said on Wednesday. The free trade agreement could not only boost India’s economic stamina but also extend the supply chain in Asia and instil new vigour in regional growth.

“Only by seeking greater market liberalization can India sustain economic momentum and prepare to emerge as a regional power,” it said. “It is time for New Delhi to push forward the RCEP and open India to the outside world as Chinese leaders did decades ago when China joined the WTO.” The daily referred to quarrelling among RCEP partners, “especially India (which) is reluctant to open up its markets”.

The 16-member free trade pact links the Association of Southeast Asian nations with China, Japan, South Korea, Australia, New Zealand and India. The daily said it would create one of the world’s largest trading blocs accounting for 40 percent of global trade with a combined GDP of $23 trillion. It said negotiations had dragged on with the initial deadline extended from the end of 2016 to the end of 2017.