Global Value Chains: Why RCEP mattered for India

Not signing the RCEP could deprive Indian firms of being part of the global and regional value chains.

Prime Minister Narendra Modi during The Association of Southeast Asian Nations ASEAN-India summit in Nonthaburi, Thailand, Sunday, Nov. 3, 2019. (AP Photo: Aijaz Rahi)

In the lead-up to India pulling out of the Regional Comprehensive Economic Partnership (RCEP), some trade experts had been of the view that ignoring the RCEP would be a big mistake by India. That’s because of the fragmented nature of global trade which is best captured in the phrase “Global Value Chain”.