Tuesday, March 2, 2021

Featured News

India Will Lose Both Ways After Rejecting RCEP Trade Deal – Chinese State Media

While fifteen Asian countries agreed to terms to the world’s one of the biggest trade pact, India decided to reject the Regional Comprehensive Economic Partnership (RCEP) trade pact. New Delhi delayed its decision on joining and showed an indecisive attitude over one of the greatest initiatives in the region writes the Global Times.

RCEP (Regional Comprehensive Economic Partnership) Deferred to 2019

India insisted to be holding back due to the same concessions they always had. New Delhi said, “the RCEP Agreement does not address satisfactorily India’s outstanding issues and concerns.”

The RCEP Agreement is backed by China and also brings in the 10-member Association of Southeast Asian Nations (ASEAN), and Japan, South Korea, Australia, & New Zealand together.

The Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement in the Asia-Pacific region between the ten member states of the Association of Southeast Asian Nations (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam) and their five FTA partners (Australia, China, Japan, New Zealand, and South Korea).

It was aimed to have an extensive impact on world economics, trade structure, and the geopolitical pattern. Indian industry was, however, apprehensive that the deal would lead to a surge in cheap imports from China with which India already has a trade deficit of over $50 billion.

India’s ‘Act East Policy’ and China’s ‘One Belt One Road’ Compliment Each Other

Since Prime Minister Modi rose to power the government had been more in favor of regionalization and globalization. The government has steadily transformed its foreign policies and actively reformed the “Look East” policy to “Act East” policy and has been the greatest negotiator in the South East and Pacific region.

The RCEP might negatively impact the fragile manufacturing industry in India as well as the country is likely to lose greater market access to China. The RCEP agreement might possibly burden the small workshops and local businessmen and jeopardize the “Make in India” campaign over the three largest producers China, South Korea, and Japan.

It’s been India’s prolonged ambition to become a powerful country with diplomatic discourse. With the drastic reform in policies, India has achieved a balanced profit in the economy as well as the diplomatic relations around the world.

As India-Vietnam Strengthen Relations; Can India Set-Up a Naval Base In Vietnam?

Joining RCEP would drag down India’s dynamism over the years. India is not in a state to agree to the agreement as it stands due to differences over tariffs, its trade deficit with other countries and non-tariff related barriers.

As one of the largest countries with the second largest population, India should take authority and responsibility seriously by continuing to share the dividends brought by multilateralism and maintaining diplomatic ties.

However, India has frequently avoided the conversation to block and delay the RCEP Agreement for its own interest. Instead of supporting the multilateralism brought by the agreement, India has tried to detain the process. In the near future, India might find it difficult to cope up with international development and lose the benefits of protectionism.

Featured News

Can Iran Dominate Middle-East Airspace With Indigenous Version Of MQ-9 Reaper Drones?

Has Iran launched its own version of the US' MQ-9 Reaper drone? The Middle-Eastern nation has unveiled its new Kaman-22 drone, which is said...

Did Russian Iskander Missiles & Indian Radars Fail To Protect Armenia From The Jaws Of Azerbaijan?

Armenian PM Nikol Pashinyan’s remarks on why the Russian-made Iskander ballistic missiles did not explode during the Nagorno-Karabakh conflict created a sensation in the...

US Develops A New Hi-Tech Weapon To ‘SHiELD’ Herself From Russian S-400 Missiles

The US Air Force Research Laboratory (AFRL) is scheduled to receive the first major assembly of its Self-Protect High Energy Laser Demonstrator (SHiELD) weapon...

Chinook vs Stallion: Why Did Israel Overlook Boeing’s CH-47 Chinook For Lockheed’s CH-53K King Stallion Helicopter?

Putting all speculation to rest, Israel's Defense Ministry has finally picked the Lockheed Martin CH-53K 'King Stallion' heavy-lift helicopter for the country's military. It...

India’s Ambitious AK-203 Manufacturing Deal With Kalashnikov Is Hanging Fire

India’s plan to indigenously manufacture AK-203 modern assault rifles is hanging fire, and the government has no answer as to when exactly the production...