Leaving the Regional Comprehensive Economic Partnership: India's missed opportunity?

In November, India decided to opt out of the Regional Comprehensive Economic Partnership (RCEP), the world"s newest and largest trading bloc, comprising one third of global GDP and trade. Indian industries and farmers"associations have widely hailed this decision. The government"s reasons for opting out of RCEP include a possible flood of cheap imports from China, increasing competition for Indian dairy farmers from New Zealand and Australia, and the existing trade deficit of $100 billion with RCEP countries.