Topic: Bilateral, Regional and Global Groupings and Agreements involving India and/or affecting India’s interests.
1. India’s opting out of RCEP appears more debatable in terms of its economic rationale. Comment. (250 words)
Reference: The Hindu
Why the question:
The question is amidst the recent opting out of RCEP by India.
Key Demand of the question:
Analyse in detail the India’s position in RCEP and the rationale behind it.
Comment– here we have to express our knowledge and understanding of the issue and form an overall opinion thereupon.
Structure of the answer:
Present brief background of RCEP; The Regional Comprehensive Economic Partnership (RCEP) was signed on 15.11.2020 by 15 countries led by China, Japan, South Korea, Australia, New Zealand and the 10-state ASEAN grouping.
Start by addressing the fact that India recently opted out of it, present the reasons – the economic factors; Protecting its economy from burgeoning trade deficits with a majority of the 15 RCEP members. It had cited the grouping’s refusal to accede to its requests on safeguards as a deal breaker.
Present the significance; RCEP members now account for about 30% of the global GDP and a third of the world’s population. The timing of the accord presents a unique opportunity to support economic recovery, inclusive development and job creation.
Discuss both pros and cons.
Suggest way forward.