Context
The Regional Comprehensive Economic Partnership (RCEP) officially came into effect on the first day of the New Year. Even without India, which virtually at the last moment developed cold feet and refused to join the 15-nation trade pact, it is the world’s largest free trade agreement.
Background
Analysis
What is RCEP?
How big is it in size?
What categories are covered in the deal?
Why did India opt out of the deal?
How beneficial is the organization?
Way forward
The ramifications of India’s decision to opt out of RCEP will be tested. When India chose to stay out of the Belt and Road Initiative in 2017, there was much commentary that New Delhi might be isolating itself. Three years later, India’s position has been recognised by like-minded democracies, and many have said that India’s decision was prescient.
Verifying, please be patient.