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04 NOV,2019 | MEDC
India needs to balance its foreign ties with its domestic concerns, and the Regional Comprehensive Economic Partnership (RCEP) will help India expand its economic footprint in the potentially rich Indo-Pacific region. There are differences of opinion over some areas like rules of origin, e-commerce, auto-trigger mechanism and trade remedies, but they need to be amicably resolved through dialogue. India has much to gain by being part of such a grouping, as failure to cooperate on international trade also makes domestic fiscal stimulus less effective. Growth built on strong structural foundations requires a broader approach, involving more governments and firmer multilateral commitments. India is coming of age in the global economy, and it should be able to signal to the world that it is gradually shedding its old fears and insecurities, and is now ready to break the vicious cycle of underinvestment and low growth.
*Photo Credit: Google
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