Re-examine trade pacts

India must consider entering CPTPP, RCEP

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Speaking at a forum hosted by an industry body in New Delhi last week, the chief executive officer (CEO) of the government think tank, NITI Aayog, spoke in favour of India reconsidering its options with regard to joining plurilateral trade blocs such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This takes on additional significance because NITI Aayog CEO B V R Subrahmanyam had served as commerce secretary. It can be hoped that this statement indicates that the tides are turning in New Delhi when it comes to evaluating the benefits of large trade blocs such as the RCEP and CPTPP.