Regional Comprehensive Economic Partnership
Then President George W Bush announced in 2008 to join trade talks with a group comprising Brunei, Chile, New Zealand, and Singapore that had reached a trade agreement in 2005. Later, in 2008, Australia, Vietnam, Peru Canada, Japan, Malaysia, and Mexico joined the talks, making twelve countries in all, for what became to be called Trans Pacific Partnership (TPP). TPP talks intentionally excluded China.
The TPP was successfully negotiated. But in early 2017 after president Trump pulled out the other 11 members signed the agreement, now called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Meanwhile another group of nations centred around ASEAN and including Australia, China, Japan, Korea and New Zealand, have have agreed to another trade pact, the Regional Comprehensive Economic Partnership (RCEP). India did not sign the agreement though it had participated in the negotiations. The effect of this on the Indian economy is analysed.
(The study has been authored by Manmohan Agarwal)