The world's largest trade deal, the Regional Comprehensive Economic Partnership (RCEP), could result in India losing its share of the Asian steel market, sources told Fastmarkets this week.
"It is likely that steel mills in Southeast Asia will benefit from the RCEP trade deal, and India will lose market share in Asia," a Chinese trader told Fastmarkets.
The RCEP was signed by China, the 10 member countries of the Association of Southeast Asian Nations (Asean), Japan, South Korea, Australia and New Zealand virtually
on Sunday.
It will lower tariffs progressively to establish mutually beneficial economic partnerships for the 15 countries, which account for 2.2 billion people and $26.2 trillion - or 30% of the world's gross domestic product.
The agreement aims to improve market access by eliminating tariffs and quotas, and make business more predictable with common rules of origin and more transparent regulations.
Market sources expect steel trade flows between China, Asean, Japan and South...