- Market Access: Owing to its size, it is expected to provide market access for India’s goods and services exports and encourage greater investments and technology into India.
- Alternative to APEC: RCEP offers alternative to Asia-Pacific Economic Co-operation (APEC) on economic front in which India has been attempting to join APEC since 1993, but still has not got the membership.
- FDI gains: The arrangement is expected to harmonise the trade-related rules, investment and competition regimes of India with those of other countries in the group. There would be a boost to inward and outward foreign direct investment, particularly export-oriented FDI.
- Aligned with India’s initiative: India wants its ‘Make in India’ to become a global success, it must participate positively to become a part of the Asian value and supply chain which either begins or ends in India. It also aligns with Act East Policy which make both economic and strategic sense for India to be the part of the agreement.
- Growth of supply chains: Signing the RCEP treaty will enable India to enter the global supply chain as it will be helped by frictionless movement between 16 members.
An initiative by Avinash Agarwal to provide comprehensive and accurate information, resources, and support for individuals preparing for the UPSC Civil Services Examination.
Tuesday, August 6
5 Benefits of RCEP to India
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