India must be bold, join regional blocs

India should consider actively pursuing membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to remain competitive in global supply chains, said Rakesh Mohan, a member of the Economic Advisory Council to the Prime Minister.

- Rhik Kundu

The foremost aim must be to strengthen the growth potential and competitiveness of the economy and maintain safeguards as necessary.

In an interview with Mint, Mohan, who is president emeritus and Distinguished Fellow of the Centre for Social and Economic Progress, warned India risks marginalization if it stays outside the regional trade blocs that are reshaping global trade.

With the sidelining of the World Trade Organization amid the ongoing geopolitical rearrangement, global trade is being fragmented into large regional trade blocs: European Union, the US-Mexico-Canada grouping, the Regional Comprehensive Economic Partnership and CPTPP in Asia.