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This strategic-economic bloc will only tighten the leash
Context:
India walked out from the RCEP and now India along with many of the same countries is getting into Indo-Pacific Economic Framework for Prosperity(IPEF)
The Devil and deep sea
- Issues with China: Its relationship with China has deteriorated. The biggest fear of china was the impact of any trade deal on India’s manufacturing sector.
- Issues with US: The economic issues with the U.S. have been problematic too, e.g. regarding agriculture, intellectual property, labour and environment standards, and the digital economy.
- S. self-interest-driven economic framework: Strategic partnership with the U.S. should not mean accepting a completely U.S. self-interest-driven economic framework that does not suit India’s current economic interests.
Issues with IPEF
- Tariff eliminations: U.S.’s IPEF proposal completely removes the tariff element of typical trade deals, and is entirely about all these other areas.
- Little leeway for domestic policies: The systemic integration caused by the IPEF’s actual long-term impact will leave little leeway for domestic policies to help a country’s own industrialisation.
- Trapping countries: The high-level language of IPEF will unsuspectingly trap countries in economy-wide permanent commitments, with domestic policy-making space considerably compromised.
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