The RCEP is the world’s largest trade deal, making up about 30% of global GDP.
India's commerce and industry minister ruled out the idea of joining the Regional Comprehensive Economic Partnership, maintaining that it is not in the country's interest to be part of a free trade agreement with China.
"It was not in our farmers' interest, RCEP did not reflect the aspirations of our small and micro medium industries and sector, and in some form, was nothing but a free trade agreement with China," he said. Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly
"China Plus One" is a phrase used to describe a supply chain strategy that sees companies diversifying manufacturing and sourcing, by continuing operations in the mainland while also expanding into other countries. This approach aims to reduce risks linked to complete reliance on a single country's market or supply chain.
"We expect the demand for semiconductor products to be about $100 billion by 2030, and will grow exponentially thereafter," he said, adding that interest in India's semiconductor industry is expanding"by leaps and bounds."similar to the U.S., Taiwan, and South Korea, actively seeking foreign companies to set up their operations in the country., bringing the total count of plants under development in India to four.
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