The Regional Comprehensive Economic Partnership: A Worthwhile Commitment

The Second Regional Comprehensive Economic Partnership (RCEP) Summit concluded in Singapore in November. RCEP involves 10 ASEAN members and six others: Japan, China, South Korea, India, Australia, and New Zealand. Negotiations started in 2011 and, if finalized, it would account for 30% of global GDP and 50% of the global population.

About the role

• Covers goods, services, investment, economic and technological cooperation, competition, and intellectual property rights.
• Significant importance since the US withdrew from the Trans-Pacific Partnership (TPP) in 2017.
• India's participation remains uncertain due to internal politics and trade deficits.
• Concerns include increased import competition, especially for steel and agriculture products.
• Benefits include greater goods integration, enhanced cross-border investment, and preferential access to new export markets.
• Could complement Modi's "Act East" policy and strengthen India's position in the Asia-Pacific region.

Qualifications

• Understanding of trade policies and their impacts on various sectors.
• Knowledge of India's economic landscape and its relationship with the RCEP member countries.
• Ability to analyze data and predict economic outcomes of RCEP membership.