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Showing posts with the label Impact of RCEP on Indian economy

Should India Reconsider Joining RCEP in 2024? Benefits, Risks, and the Way Forward

The Regional Comprehensive Economic Partnership (RCEP) is one of the world’s largest free trade agreements (FTAs), comprising 15 nations, including major economic powerhouses like China, Japan, South Korea, and Australia. Through the years, RCEP has been devoted to trading better, increasing economic unity, and diminishing the tariffs throughout the Asia-Pacific region. Back in 2019, India had a crucial choice to make: to be a part of the wide economic bloc or to be out of it? After careful consideration, India chose the latter. Then, the negotiations were halted by India according to the apprehension of local industries which might face the negative economic impact and the inflow of too many Chinese products. However, as we move further into 2024, the question arises again: should India reconsider its decision to join RCEP? Recent reports from institutions like the World Bank suggest that rejoining could help India realize its ambitious goal of achieving $1 trillion in exports by 2030...