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A successful conclusion of the FTA with EU would go a long way in building international market confidence, giving much needed stimulus to the international economy. The loss of revenue from reduction in tariffs should be viewed in gains of transfer of technology, productivity increases and greater competition.
Various estimates show that RCEP’s share in the world GDP may touch 50 per cent by 2050. The fear that India may be left out if it decides not to join the group is real. But given the economic clout of China and other economies, India may find it very difficult to grab a significant share of the this RCEP cake.
British officials have been signalling that Brexit could augur well for trade ties between India and the EU as the two nations would find it easier to conclude a free trade pact without the involvement of the entire panoply of EU member states.
The US-led TPP would face increasing competition as China recently concluded a free trade agreement with Australia (ChAFTA) and South Korea and is pushing for a broader Asia-trade pact - Regional Comprehensive Economic Partnership.
Johnson needs to get Brexit done, sign trade pacts
Trudeau may have rolled the dice but India will now have a big role in determining how it falls.
