Sri Lanka and Bangladesh are considering approximately joining a exchange understanding called the Territorial Comprehensive Financial Organization (RCEP)
1 min read 10/16/2023, 10:50 PM IST
Sri Lanka and Bangladesh are thinking about joining a trade agreement called the Regional Comprehensive Economic Partnership (RCEP) after India left the agreement in 2019. Sri Lanka has asked to join a group of 15 countries that trade together, and President Ranil Wickremesinghe is planning to ask for other countries’ help in Beijing during a forum about the Belt and Road Initiative.
Meanwhile, Bangladesh is being careful and taking things slowly. The Commerce Ministry of the country has suggested joining RCEP, but the official decision will be made after the national elections in January 2024. Foreign Minister A. K stated The government is thinking about the advantages and consequences of joining RCEP before making a decision.
India decided to leave the RCEP negotiations in 2019 because they were worried about how services could move between countries and the possible situation where lots of Chinese products enter India and have a big impact on their market. As Sri Lanka and Bangladesh think about joining the agreement, they will probably consider these same things and evaluate the possible benefits and drawbacks of being a part of RCEP for their economies.
