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Australian High Commissioner to India Barry O’Farrell says countries looking to create new & resilient supply chains, CECA trade pact will move forward.
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Tariffs will be eliminated on at least 92% of traded goods among the 15 nations that signed the RCEP. Meanwhile, some of India’s top 10 exports will face erosion in market share.
In episode 625 of #CutTheClutter, ThePrint's Editor-in-Chief Shekhar Gupta talks about what RCEP is and why India chose to stay out of it.
It’s unrealistic to expect manufacturing to be 25% of India’s GDP by 2030. ‘Atmanirbhar’ concept is Nehruvian, and India’s competitiveness has to be improved.
India hasn’t signed the RCEP, leading to concerns that it will get isolated. But it’s a China-centric deal that would have few advantages for India’s exports.
Joining a China-led trade arrangement because the US is unwilling to provide an alternative is a strategic equivalent of cutting your nose to spite your face.
New Delhi: After eight years of negotiations, 15 Asia-Pacific nations have finally signed the Regional Comprehensive Economic Partnership (RCEP), hailed as one of the biggest free trade deals in history. It covers over 2.2 billion people and accounts for 30 per cent of the world's economy. India chose to opt out of this trade agreement that was signed Sunday (15 November) among 10 Association of Southeast Asian Nations (ASEAN) members — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam — and their six trade partners — Australia, China, Japan, South Korea and New Zealand. Prime Minister Narendra Modi had in November last year said the decision to not be a part of RCEP was guided by the impact it will have on the “lives and livelihood of all Indians, especially vulnerable sections of the society”. ThePrint explains what RCEP represents, how it was conceived and ways in which this...
To engage in economic coercion of your trading partners while simultaneously joining them in a new trading bloc is an appropriate emblem of our times.
PM Modi had said he pulled out over concerns about how RCEP would affect Indians' livelihoods. But India will be allowed to rejoin the pact.