India China Trade Deficit & The RCEP Gamble: World News |
Indian Economy & PM Modi government faces a bold choice: should India join the China-backed RCEP trade pact or safeguard its economy? Experts warn this trade pact could flood Indian markets with cheap Chinese goods, threatening MSMEs and increasing India’s $85 Billion trade deficit with CHina. But with the Modi government having firmly rejected the RCEP in the past, does New Delhi even need to reconsider RCEP in order to thrive? What’s your take, how can this trade pact impact India China trade deficit and India vs China tensions? Watch this Inconnect News report for more details!
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India China Trade Imbalance And RCEP Gamble: World News |
In a recent development, a warning has emerged regarding India’s potential participation in the China-led Regional Comprehensive Economic Partnership (RCEP), which could worsen the already significant India China trade deficit. A report from the Global Trade Research Initiative (GTRI) urges India to avoid entering into any free trade agreement (FTA) with China, citing the risk of flooding the Indian market with cheap Chinese goods. In more India China news, the bilateral relations have been tense, especially after the India China border fight at the LAC in Ladakh, and the warning comes just days after Niti Aayog CEO BVR Subrahmanyam suggested reconsidering India’s rejection of RCEP in 2019.
The India China trade imbalance has been growing for years, with India’s trade deficit with China reaching USD 85 billion in FY24. The GTRI report claims that joining RCEP could exacerbate this issue, allowing China to flood the Indian market with low-cost goods, which could hurt Indian economy growth. Small manufacturers, especially in the MSME sector, would be unable to compete with China's mass production capabilities. This situation highlights ongoing concerns within the Indian government about India vs China trade dynamics.
Despite these risks, the report counters the argument that joining RCEP would open up new trade opportunities for India. In fact, India already has trade agreements with 13 of the 15 RCEP nations. PM Modi and other leaders have consistently resisted efforts to enter into FTAs with China, citing concerns over China’s opaque trade policies. India-China trade tensions are often highlighted in china news and business news, with experts emphasizing that India must prioritize its India GDP growth over trade agreements that may compromise its economy.
World news outlets have reported the growing global concern over China’s dominance in trade, and world affairs discussions now center on whether India can navigate its trade war with China without falling into a detrimental deal like RCEP. Will India’s stance remain unchanged, or will India and China manage to reset their economic ties?
For more on the evolving India China trade relationship, stay tuned to Inconnect News Insights.
Here are a few questions, leave a comment and have your say:
Can India afford to ignore China’s growing influence in global trade?
Will India’s rejection of RCEP hurt or help its relationship with China?
Is India’s trade deficit with China worrisome for its economy?
How will India’s stance on RCEP impact its future with China?
Should India continue to stand firm against China, or reconsider its strategy?
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