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Philippines backs re-entry of India in RCEP bloc

The Philippines has encouraged India to re-enter the Regional Comprehensive Economic Partnership (RCEP) trade bloc after its withdrawal in 2019. The Department of Trade and Industry said the bloc could benefit from having another large market as a member and will boost the economies belonging to it. Trade Assistant Secretary Allan B. Gepty said that the size of India, with a population of 1.3 billion people, would really make RCEP as the world’s largest trading bloc. India backed out of RCEP negotiations in November 2019, amid concerns it will need to open its market to cheap Chinese imports following the gradual removal of tariffs and the effect on its farmers and workers. Gepty added that the re-entry of India will help balance the interests of major economies in RCEP.

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