SINGAPORE -- China is proposing a new Asian free trade agreement that excludes India, throwing a wrench into plans for the 16-country Regional Comprehensive Economic Partnership.
The Association of Southeast Asian Nations is eager to wrap up RCEP talks to create a trade bloc that rivals the 11-nation Trans-Pacific Partnership. But China is deeply frustrated with India, which is at odds with the rest of the RCEP participants over tariff reductions. Beijing's irritation with the "free and open Indo-Pacific" initiative pushed by Japan and the U.S. also appears to be behind its move.
