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The Big Picture RCEP: India's Stand

A day after the Regional Comprehensive Economic Partnership Agreement (RCEP) was signed by 15 countries — without India — External Affairs Minister S Jaishankar said on Monday that the impact of past pacts has been de-industrialisation and the consequences of future ones would lock India into “global commitments” — many of them not to India’s advantage. He also said that those who argue “stressing openness and efficiency” do not present the full picture, and that this was “equally a world of non-tariff barriers of subsidies and state capitalism”. Fifteen Asia-Pacific nations, including China, on Sunday signed the world's biggest trade agreement, the Regional Comprehensive Economic Partnership (RCEP), sans India with hopes that it will help recover from the shocks of the COVID-19 pandemic. The RCEP was signed after eight years of negotiations at the conclusion of annual summit of Southeast Asian leaders and their regional partners, held virtually this year due to the COVID-19 pandemic. India, one of the leading consumer-driven market in the region, pulled out of talks last year, concerned that the elimination of tariffs would open its markets to a flood of imports that could harm local producers. But other nations have said in the past that the door remains open for India's participation in the RCEP, influenced by China. In this edition of the Big Picture we will analyse India’s stand on RCEP Anchor - Frank Rausan Pereira Producer:- Sagheer Ahmad Jayant Dasgupta, Former Ambassador, WTO Harsh V. Pant, Head, Strategic Studies, Observer Research Foundation Jitendra Nath Misra, Former Ambassador