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10 APR,2022 | MEDC
India needs to separate economic and political considerations in its larger national interest. If the importance of free trade is now better understood, it is unclear why India still hesitates to join the Regional Comprehensive Economic Partnership (RCEP). The apparent reason behind it is that the RCEP is essentially a China-led and China-dominated bloc. We need to remember that there are some other prominent members of the RCEP (like Australia), who are not on the best of terms with China, but have still managed to maximize their economic interests via that route. India needs to have a more pragmatic approach in this regard, as it may be difficult for piecemeal and isolated trade deals to align together in a broader strategy to boost our exports and enhance domestic consumer welfare. India should avoid developing closer trade ties with only those economies which are in some way complementary to ours. In an increasingly globalized world that approach may produce limited gains, and could even end up counterproductive.
*Picture Credit: Google
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Interactive Meeting with Mr. Jaykumar Rawal Hon'ble Minister for Tourism & Employment Guarantee Scheme Govt. of Maharashtra