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Multilateral Trade Agreements: TPP, RCEP & their implications on India - General Studies, UPSC Mains Exam Video Lecture
FAQs on Multilateral Trade Agreements: TPP, RCEP & their implications on India - General Studies, UPSC Mains Exam Video Lecture
| 1. What does TPP stand for and what is its implication on India? |  |
Ans. TPP stands for Trans-Pacific Partnership, which was a trade agreement among 12 Pacific Rim countries, including the United States, Japan, and Australia. However, India is not a part of TPP, so it does not have any direct implications on India's trade.
| 2. What is RCEP and how does it affect India? | |
Ans. RCEP stands for Regional Comprehensive Economic Partnership, which is a proposed free trade agreement among 15 Asia-Pacific countries, including India, China, and Japan. If implemented, RCEP can have significant implications on India's trade as it would create a larger regional market and promote trade liberalization. However, there are concerns about the impact on certain sectors of the Indian economy, such as agriculture and manufacturing.
| 3. How do multilateral trade agreements benefit countries like India? | |
Ans. Multilateral trade agreements can benefit countries like India by promoting international trade, creating larger markets for their products, attracting foreign investment, and increasing economic growth. These agreements can also lead to the transfer of technology and knowledge, enhance competitiveness, and provide access to new markets for goods and services.
| 4. What are the potential challenges for India in participating in multilateral trade agreements? | |
Ans. Participating in multilateral trade agreements may pose challenges for India, such as the need to align its domestic policies and regulations with international standards, address concerns related to market access for certain sectors, and manage the impact on domestic industries and employment. Negotiating with multiple countries and finding common ground on various trade issues can also be a complex task.
| 5. How can India leverage multilateral trade agreements to boost its economy? | |
Ans. To leverage multilateral trade agreements, India can focus on enhancing its competitiveness by investing in infrastructure, improving ease of doing business, and promoting innovation and research. It can also negotiate favorable trade terms and market access for its key industries, while simultaneously addressing the concerns of domestic stakeholders. Additionally, India can strengthen its participation in global value chains and diversify its export markets to maximize the benefits of these agreements.
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Nov 23, 2024 Last updated |
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