{"id":158382,"date":"2022-01-04T20:15:08","date_gmt":"2022-01-04T14:45:08","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=158382"},"modified":"2022-01-04T20:15:08","modified_gmt":"2022-01-04T14:45:08","slug":"the-future-of-trade","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/the-future-of-trade\/","title":{"rendered":"The future of trade"},"content":{"rendered":"\n

News: Regional comprehensive Economic partnership (RCEP)<\/span><\/b> which was signed in 2020 , <\/span>came into force <\/span><\/b>on New Year’s Day.<\/span> India was part of the\u00a0RCEP process but eventually pulled out of joining.\u00a0<\/span><\/p>\n

RCEP\u2019s arrival is a reminder that the future of the international trading architecture increasingly seems to be coalitions of the willing i.e. plurilateral or regional trade pacts<\/strong>.<\/span>\u00a0<\/span><\/p>\n

Why India didn\u2019t join the RCEP?<\/span><\/b>\u00a0<\/span><\/h5>\n

India has its reasons for not joining the RCEP like, <\/span><\/p>\n

–<\/strong> The excess influence China will have in the pact<\/span><\/p>\n

–<\/strong> Apprehensions regarding its impact on dairy sector\u00a0 <\/span><\/p>\n

–<\/strong> Presence of a broader pessimism about trade may also be an underlying reason<\/span><\/p>\n

However,\u00a0some recent happenings show that India is softening its approach towards trade agreements. <\/span>\u00a0<\/span><\/p>\n\n\n\n
Must Read<\/strong>: India exits RCEP<\/span><\/a><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
What are these positive developments?<\/span><\/b>\u00a0<\/span><\/h5>\n

Renewal of discussion on FTAs<\/a><\/strong><\/span>, such as with the European Union, Israel and the United Arab Emirates, UK.<\/span>\u00a0<\/span><\/p>\n

Attempts at \u201cearly harvest<\/a><\/strong><\/span>\u201d agreements with larger and more problematic trading partners like the UK <\/span><\/p>\n

Though these will have a limited effect as compared to joining a trade pact like RCEP.<\/span>\u00a0<\/span><\/p>\n