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What's the RCEP and what does India's exit mean for the trade deal?

India pulled out of the deal saying it wanted to protect service workers and farmers

(L to R) India's Prime Minister Narendra Modi, Indonesia's President Joko Widodo, and Japan's Prime Minister Shinzo Abe talk before a group photo during the East Asia summit in Nonthaburi, Thailand, Photo: (AP/PTI)
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(L to R) India's Prime Minister Narendra Modi, Indonesia's President Joko Widodo, and Japan's Prime Minister Shinzo Abe talk before a group photo during the East Asia summit in Nonthaburi, Thailand, Photo: (AP/PTI)

Enda Curran | Bloomberg
When it comes to sweeping global free-trade agreements, President Donald Trump isn’t the only party-pooper. Two years after Trump withdrew the U.S. from a 12-nation deal known as the TPP, Prime Minister Narendra Modi has pulled India out of a 16-nation grouping led by China known as the RCEP. In both cases, protectionism played a part; in both cases, the show goes on.

1. What is the RCEP?

What began in 2012 as a routine harmonizing of agreements between members of the Association of Southeast Asian Nations, or Asean, turned into a deal creating potentially the world’s biggest free trade