Are we really ready for RCEP?
I had blogged a year ago about our approach to RCEP . My views at that time is reflected in this article of Business standard . At that time, the debate in the media was not vibrant about the RCEP topic. Now it has heated up. To sum up, from various articles here , here and here : India has taken the normal approach of hard-negotiating behind high tariff walls. India doesn't have much choice as we are, among the RCEP nations, stuck with high tariff barriers due to legacy revenue generation issues. India has calculated that it stands to lose 1.6% of GDP in revenue if she gives up on some of these high tariff barriers. It pinches India to give up these high tariff barriers when other countries don't have much to return due to their already low tariff barriers. Therefore, in return to reduction in tariff barriers in goods, India is expecting others to reciprocate in services. I have been, through this blog, an ardent supporter of open borders and low tariffs. Th