The author tries to convince that India needs a strong stance at the Regional Comprehensive economic Partnership agreement (RCEP) to make its hold in the increasing trades and decreasing restrictions for it. The RCEP which is due to be concluded by 2015, is one of the three mega free trade agreements under action. The other two are 'Trans Atlantic Trade and Investment Partnership(TTIP)', and 'Trans Pacific Partnership(TPP)' which have 28 EU members and U.S account for half of the world's GDP with 30% of world trade in goods and services; and six dialogue partners viz. Australia/India/China/Japan/Korea/New Zealand respectively.
These partnership focuses onto decrease the limitations on trading and remove the barriers if any to promote free trade among the partner countries. Though there is limited scope for any more liberalisation but still some industries like footwear, agriculture, textile, automobiles etc can be given more freedom in terms of market access to them.
The author shows his worries to whether these agreements would show any difference in near future, citing the example of the unclosed Doha Round of trade negotiations hanging in since 12 years. 2009 saw U.S enetering the game of trade in Asia, by making its hold on an existing agreement including four small members(Brunei, Chile, New Zealand and Singapore), a place where it was being left out.
India though ready for taking a stance at RCEP, but sill is concerned over its options at TPP and TTIP as it would limit its policy options and demand far more liberalisation than it can afford.
These partnership focuses onto decrease the limitations on trading and remove the barriers if any to promote free trade among the partner countries. Though there is limited scope for any more liberalisation but still some industries like footwear, agriculture, textile, automobiles etc can be given more freedom in terms of market access to them.
The author shows his worries to whether these agreements would show any difference in near future, citing the example of the unclosed Doha Round of trade negotiations hanging in since 12 years. 2009 saw U.S enetering the game of trade in Asia, by making its hold on an existing agreement including four small members(Brunei, Chile, New Zealand and Singapore), a place where it was being left out.
India though ready for taking a stance at RCEP, but sill is concerned over its options at TPP and TTIP as it would limit its policy options and demand far more liberalisation than it can afford.
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