Topic: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.
5) The Regional Comprehensive Economic partnership (RCEP) agreement has the potential to be a game changer for India. Elucidate.(250 words)
Why this question:
Recently RCEP grouping resolved to conclude negotiations for a free trade agreement by the year end while recognizing that growing protectionism may impact negotiating positions.
Key demand of the question:
One must explain the context of the question and bring out the significance of RCEP to India and its position in global dynamics.
Elucidate – Give a detailed account as to how and why it occurred, or what is the particular context. You must be defining key terms where ever appropriate, and substantiate with relevant associated facts.
Structure of the answer:
Explain in short what is RCEP and countries involved in the RCEP agreement.
Discuss the objectives and functions of RCEP first, the significance of the RCEP trade deal: For example: RCEP is poised to become world’s largest trade deal, covers 40% world trade and 34% of worlds GDP.
Explain in detail about the advantages of RCEP to India- trade, investment and services etc.
Discuss in what way it can be a game changer to India’s stance in the global economy.
Conclude with a positive note for joining RCEP and also suggest what needs to be done to overcome challenges posed by RCEP.