India officially signed and ratified the Regional Comprehensive Economic Partnership (RCEP) agreement in 2020 to boost its exports to the ASEAN and East Asian markets.
- True
- False
Answer: False
India participated in the RCEP negotiations for years but ultimately decided to opt-out and did not sign the agreement in 2020. The primary concerns were that a massive reduction in tariffs would lead to a flood of cheap manufactured goods from China and dairy/agricultural products from Australia/New Zealand, which could severely damage domestic Indian industries and farmers.