As May 15th passes, which was set as the deadline by the RCEP's (Regional Comprehensive Economic Partnership) "on table" countries to INDIA for having a review on its decesion of not being a part of agreement made and present on November 5th, 2019.
RCEP was/is seen as a global boost to an economic corridor between the ASEAN countries along with those in Asia and Australia which was initiated in "BEJING" because China was kept out of TPPA (Trans Pacific Partnership Agreement) headed by america who also left it in 2016.
RCEP was seen as the biggest of ever done trade agreement which was to cover 1/2 of the population on earth along 1/3 of the global GDP and 1/4 of the world trade.
Narendra Modi said on 5th November that this trade agreement does not satisfy the needs of Indian interest because of a various of reasons which was mainly because of China and our own economic interests.
1. RCEP was seen as the infuse of a huge amount of Chinese goods to the Indian market as the agreement demanded the reduction of tarrif by 80-90%
In 2014, GOI headed by MODI increased the import duty on some of the commodities to safeguard the domestic produce but RCEP asked the prices to be set at pre 2014 rates, this was seen as a negative impact to our economy.
2. There was a vulnerable situations to Dairy, Textile, Marine, Chemicals and iron, steel & non ferrous industries which were already on a crunch due to the economic situations in the nation.
Lately, Japan and Australia were very vocal in admitting that India should be brought in this agreement because of the extent of populations which serves as a huge worldwide market, ignoring such a big market makes this agrement a null if not void.
Recently, 15 countries were back on table to agree on RCEP, and this was decided to asl India to rethink about the agreement with some relaxations and incentives
1. India was allowed to charge the increased tarrif on import which was decided after 2014.
2. Volume Based Safeguard Mechanism was being permitted on selected goods so that we can control the amount of foreign, mostly Chinese good in our market.
2. Volume Based Safeguard Mechanism was being permitted on selected goods so that we can control the amount of foreign, mostly Chinese good in our market.
Now, when India is moving towards "आत्मनिर्भरता", MEA has stated it as their final decision to not join hands with the countries of RCEP and thus it is very clear that we are on the level 2 of process which needs go to level 10, and thus achieved.
Since, we are on a TRADE DEFICIT already with so many countries except 4 out of 15 in RCEP, this makes it much justifiable that we are safeguarding our interests. 
