Catch-22

India finds itself in an unenviable position, as it weighs the pros and cons of joining RCEP.

The four letters - RCEP - have been drawing sharp reactions from trade and industry across the country. There are widespread protests against Regional Comprehensive Economic Partnership (RCEP) - the abbreviated form that ends up into the dreaded four letters - from farmers, industrialists and traders.

Voices against the proposed, world's largest trading bloc are growing louder as the controversial trade agreement is set to be finalised on November 4 in Bangkok. Indian officials are working overtime to conclude negotiations with their counterparts in the Thai capital city.

According to sources, the Indian officials have concluded negotiations on over 21 of the 25 chapters of the 16-nation, mega-trade agreement. They are learnt to be narrowing the gaps during their negotiations, including putting inadequate protection against cheap Chinese imports that are feared to flood India in large numbers once the RCEP is inked. Differences over some areas, such as rules of origin, e-commerce, auto-trigger mechanism and trade remedies, are being smoothed over by officials ahead of the summit.

"Let me assure each one of you that India will no more sign any FTA in a rush. India will enter into an FTA or comprehensive partnerships on India's terms," stresses Commerce and Industry Minister Piyush Goyal, who was in Bangkok last month, pushing India's interests at the negotiating table.

Big gains The RCEP - the negotiations for which began in 2013 - is a proposed free trade agreement (FTA) between the 10-member States of the ASEAN -(Association of South-East Asian Nations) Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam - and its six FTA partners - China, Japan, India, South Korea, Australia and New Zealand.