THE RCEP GAMBLE
ON NOVEMBER 4, Prime Minister Narendra Modi will join heads of 15 other nations, negotiating partners of a mega free trade deal, the Regional Comprehensive Economic Partnership (RCEP), in Bangkok for the third Leaders Summit under RCEP. The meeting is expected to mark the finalisation of RCEP, a trade deal being negotiated among the 10-country Association of South East Asian Nations (ASEAN), China, Australia, New Zealand, Japan, South Korea and India for the last seven years. If signed, RCEP, whose countries’ cumulative gross domestic product (GDP) is $49.5 trillion, or approximately 39 per cent of global GDP, will be the world’s largest economic bloc.
One glitch, though.
Unlike most other partners, India is yet to make up its mind on whether or not it should join. As things stand now, it may join immediately, opt out temporarily with a promise to join later or join and not ratify the deal (which will make it inoperational for all practical purposes). In all likelihood, at Bangkok, India will be
