trade
Arpita Mukherjee, professor at ICRIER, says China now has an advantage vis-à-vis India in the 14 markets of RCEP and more bilateral agreements in the region than India.
The East Asian giant is set to be the only G20 country to have a growing economy this year.
Trump said the US was saving a big trade deal with India for later.
Modi said that "the present form of the RCEP agreement does not fully reflect the basic spirt and the agreed guiding principles of the RCEP".
Modi spoke on this at the informal BRICS leaders’ meeting in Osaka.
The Modi-Trump meeting assumes significance as the US president, championing his ‘America First’ policy, has been a vocal critic of India for levying “tremendously high” duties on US products.
India granted the MFN status to Pakistan way back in in 1996, but the neighbouring country had not yet reciprocated.
The trigger for the latest downturn in trade ties was India’s new rules on e-commerce that restrict the way Amazon.com Inc and Walmart-backed Flipkart do business in a rapidly growing online market set to touch $200 billion by 2027.