Topic- Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests
6) Regional agreements such as the BRI could embrace greater trade liberalisation goals. Do you agree. Comment.(250 words)
Why this question
In the face of growing protectionism being witnessed across the globe it is important to evaluate the BRI of China to see how it could positively balance or even overcome the protectionism policies and politics.
Comment- here we have to express our knowledge and understanding of the issue and form an overall opinion thereupon.
Key demand of the question.
The question wants us to express our knowledge and understanding of the Belt and Road initiative of China and form an opinion as to whether such regional agreements could help in achieving greater trade liberalisation goals.
Structure of the answer
Introduction– write a few introductory lines about the trade protectionism witnessed across the world in recent years. E.g write a few introductory lines about the growing protectionist policies and politics of the US and the China.
- Discuss the positive points of the BRI in terms of how it could help embrace greater trade liberalisation goals. E.g There is indeed an ambition to influence the world if not directly control it — by making the rules on which it functions. This normative determination to achieve a far greater objective has hardly been addressed when analysing China’s BRI and its impact; The BRI “shared interest” and “shared growth” hence coexist with Marxism-Leninism and “capitalism with Chinese characteristics” in a country now said to be more trade-friendly than its protectionist American rival, the U.S. Beijing has never been afraid of contradictions in terms and this capacity to ‘Sinicise’ concepts is a signature trait; The BRI indeed develops without any dedicated law, nor is it a comprehensive trade or economic partnership. It is different from conventional trade agreements that seek to eliminate market access barriers, harmonise regulations and impose preconditions for entry; The BRI’s dispute resolution will be predominantly on commercial disputes, involving either projects or contractual obligations. However, with the world trading system passing through a turmoil, the possibility of regional trade agreements or amorphous legal devices such as the BRI embracing greater trade liberalisation goals cannot be entirely ruled out.
Conclusion– based on your discussion, form a fair and a balanced conclusion on the given issue.