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Regional Comprehensive Economic Partnership (RCEP);-{b/w ASEAN+6}

Regional Comprehensive Economic Partnership (RCEP);-{b/w ASEAN+6}
~aims to boost goods trade by eliminating most tariff & non-tariff barriers — a move that is expected to provide the region’s consumers greater choice of quality products at affordable rates
•India has expressed its concerns over lowering and elimination of tariffs on products from other countries, as it would negatively affect the domestic agricultural and industrial sector.[it would make its exports price uncompetitive with other RCEP members’ exports]
•India’s trade deficit with the RCEP nations is $105 billion, of which China alone accounts for $54 billion.
•The worry is also over Chinese manufactured goods and dairy products from New Zealand flooding Indian markets, hurting domestic interests.
•Farmers fear that the RCEP will permanently bring down import duties on most agricultural commodities to zero which will lead to countries looking to dump their agricultural produce in India which would lead to a drastic drop in prices

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