India is under some pressure to sign the Regional Comprehensive Economic Partnership (RCEP) pact. The country has issues in goods and services. It is of the view that there are many issues that are yet to be resolved, including the extent of commitment India would take in opening up its goods market and what it would get from other members in terms of increase in mobility of professionals.

India does not want to be pushed into taking up commitments it might not be comfortable with and get nothing worthwhile in services. This is a pact India is negotiating with 15 countries, including China. Other members of the RCEP include Japan, South Korea, Australia and New Zealand. Once concluded, the RCEP is likely to result in the largest free trade bloc in the world covering about 3.5 billion people and 30 per cent of the world’s Gross Domestic Product.

Giving substantial concessions to members, especially China, could lead to protests from a large section of the Indian industry which fears competition from cheap imports. The package of deliverables, tentatively agreed to by trade ministers in their last meeting in August in Singapore, comprises four components — markets for goods, services, investment and intellectual property rights.