Joining RCEP should be seen as an extension of New Delhi’s Look East policy | The Indian Express

Joining RCEP should be seen as an extension of New Delhi’s Look East policy | The Indian Express

Written by Alok Bansal |Updated: September 20, 2019 11:45:31 am

The writer is a former naval officer and is currently director, India Foundation and adjunct professor at New Delhi Institute of Management.

Joining RCEP should be seen as an extension of New Delhi’s Look East policy

There is a tendency in Indian industry to seek protection, whenever any steps towards globalisation are taken. However, it is an acknowledged fact that globalisation did benefit the Indian economy, brought in newer technology and made Indian industry far more competitive.

In a big grouping like this, China is unlikely to have its way, nor is it going to antagonise everyone

The Regional Comprehensive Economic Partnership (RCEP) aims to bring the 10 countries of ASEAN with Australia, New Zealand, South Korea, India, China and Japan to create the world’s largest trading block. If it comes into being, RCEP will constitute more than 40 per cent of the global population and almost half of world’s economy. It consists of three of the six largest economies of the world, especially, the two fastest growing large economies — India and China. Out of the top 16 countries with the largest GDP, six belong to the proposed RCEP.