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free trade agreementCNBC
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88% Informative
The RCEP is the world's largest trade deal, making up about 30% of global GDP.
India 's commerce and industry minister Piyush Goyal said it is not in the country's interest to be part of a free trade agreement with China .
The minister also made a strong case for India to become a Taiwan "plus one" semiconductor country.
India aims to establish itself as a major chips hub similar to the U.S. and Taiwan .
As of 2024 , Taiwan , the world's chipmaking powerhouse, is expected to hold around 44% of global market share, followed by China with 28% and South Korea with 12% .
The U.S. and Japan account for 6% and 2% , respectively.
In 2021 , the government approved a $10 billion incentive program for the sector.
VR Score
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93
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