India is currently in talks with Australian officials to develop a bilateral free trade agreement between the two nations.
The news follows India’s decision to exit the Regional Comprehensive Economic Partnership, a China-led trade bloc that comprises 15 Asia-Pacific countries. The bloc is now the largest trading agreement of its kind that excludes the U.S.
India stepped out deal, which was signed last month, to allow it to more freely negotiate its own trade agreement with regional partners. Nevertheless, The Association of Southeast Asian Nations, which comprises much of the bloc, has said that it remains open to renegotiating India’s re-entry into the trade agreement. Read more…..
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Despite India’s refusal, Scott Morrison and 14 other world leaders agree to the terms of the Regional Comprehensive Economic Partnership, a deal which covers about 29 per cent of global economic production and will give Australia better access to the markets of member nations.