{"id":205902,"date":"2022-09-14T20:13:41","date_gmt":"2022-09-14T14:43:41","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=205902"},"modified":"2022-09-14T20:13:41","modified_gmt":"2022-09-14T14:43:41","slug":"on-india-opting-out-of-ipef-india-must-actively-pursue-trade-agreements-not-only-bilateral-ones-but-also-plurilateral-pacts","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/on-india-opting-out-of-ipef-india-must-actively-pursue-trade-agreements-not-only-bilateral-ones-but-also-plurilateral-pacts\/","title":{"rendered":"On India opting out of IPEF: India must actively pursue trade agreements, not only bilateral ones but also plurilateral pacts"},"content":{"rendered":"\n

Source<\/strong>: The post is based on an article\u00a0\u201c<\/strong>On India opting out of IPEF: India must actively pursue trade agreements, not only bilateral ones but also plurilateral pacts\u201d <\/strong>published in\u00a0The Indian Express<\/strong>\u00a0on\u00a014th<\/sup> September 2022<\/strong>.<\/p>\n

Syllabus: <\/strong>GS 2 – Bilateral, regional and global groupings and agreements involving India<\/strong><\/p>\n

News: <\/strong>\u00a0<\/strong>India has recently decided to stay away from the trade pillar of Indo-Pacific Economic Framework (IPEF).<\/p>\n

India also decided to opt out of the Regional Comprehensive Economic Partnership (RCEP) in 2019.<\/p>\n

The decision of India from staying away from such multi-trade agreements may be a concern to its trade development.<\/p>\n

What is Indo-Pacific Economic Framework (IPEF)<\/strong><\/h5>\n

Read More about\u00a0 <\/strong>IPEF<\/strong><\/a><\/p>\n

IPEF offers member countries the option to not participate in all of the given pillars.<\/p>\n

Therefore, India has joined the other three pillars (supply chains, tax and anti-corruption and clean energy) and stayed away from the trade pillar.<\/p>\n

Why has India decided to stay away from the trade pillar of IPEF?<\/strong><\/h5>\n

The government has said that there are several areas of concern such as labor to environmental standards, digital trade, and public procurement.<\/p>\n

Further, the terms of the agreements and the benefits that the member countries will get, are also not clear.<\/p>\n

These are important concerns however these important concerns should not prevent India to stay away from the trade pillar of the IPEF.<\/p>\n

These term and can also be sought in other bilateral agreements.<\/p>\n

What are the challenges involved with India staying away from trade component?<\/strong><\/h5>\n

This decision of India to opt out of the trade pillar has come at a time when the global economic environment is uncertain and challenging.<\/p>\n

The International Monetary Fund has lowered its forecast for global growth and world trade in goods and services<\/strong> this year. The issue is low demand and tightening policy of central banks to tackle increasing\u00a0inflation. This slowdown in trade has already become visible in India\u2019s trade statistics.<\/p>\n

The export growth of India slowed down after the country witnessed unexpected exports growth in the first quarter of 2021-22.<\/p>\n

What can be the course of action?<\/strong><\/h5>\n

India must take part in the trade agreement of both bilateral and multilateral. It will help in improving trade and exports of the nation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on an article\u00a0\u201cOn India opting out of IPEF: India must actively pursue trade agreements, not only bilateral ones but also plurilateral pacts\u201d published in\u00a0The Indian Express\u00a0on\u00a014th September 2022. Syllabus: GS 2 – Bilateral, regional and global groupings and agreements involving India News: \u00a0India has recently decided to stay away from… Continue reading On India opting out of IPEF: India must actively pursue trade agreements, not only bilateral ones but also plurilateral pacts<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[212,10500],"class_list":["post-205902","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-2","tag-indian-express","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":1700784441,"cached_date":1704790601},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/205902","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=205902"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/205902\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=205902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=205902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=205902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}