The reports that India would conclude negotiations for the Regional Comprehensive Economic Partnership (RCEP) agreement with Asean and five other Asian nations including Japan and China by the end of the year to launch one of the biggest free trade zones in the world is welcome. The free trade zone consisting of 16 countries will have a GDP of more than $ 21 trillion and cater to a population of 3.4 billion.
RCEP is seen as China’s response to Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP), two agreements which sought to strengthen the economic relationship between the US and its Asia Pacific allies and the EU respectively. The global crisis and the consequent slowdown seems to have certainly pushed the two global powers into a race to sew up new trade agreements and revive growth.
This has been excerpted from the 14 September 2015 edition of The Times of India and is available in its entirety at:
http://blogs.timesofindia.indiatimes.com/minorityview/time-for-indian-industry-to-gird-up-for-zero-duty-imports-from-china/