TOPIC OF THE DAY –
“Stay With RCEP”
Negotiations on the Regional Comprehensive Economic Partnership, among 16 Asian and Pacific Ocean countries, have entered a decisive phase. Most potential member-countries of the grouping, that comprises the 10 ASEAN members and their Free Trade Agreement partners, Australia, China, India, Japan, New Zealand and Republic of Korea, would like to see a “substantive agreement” on the trade deal by the end of this year. At a meeting in Singapore, which is driving the effort as the current ASEAN chair, countries which still have issues with the outlineof the agreements reached so far may be told politely to step aside and allow a smaller group to go ahead with finalising the RCEP, with the option to join it at a later date. India is among the countries that will have to take a call at this point, and the government’s decision to set up a group of four ministers to advise Prime Minister Narendra Modi on the path ahead indicates the seriousness of the situation. India’s concerns with RCEP negotiations thus far are manifold, but some have been addressed. The first is the greater access Chinese goods will have to the Indian market, a problem given India’s massive trade deficit. To circumvent this, given that India is the one country that doesn’t have an FTA with China, the government has proposed a “differential market access” strategy for China, which others are inclined to accept. After the Wuhan summit, India and China have made progress on addressing the trade deficit, with China increasing access for Indian goods such as pharma and agricultural products. The second concern is about demands by other RCEP countries for lower customs duties on a number of products and greater access to the market than India has been willing to provide. On the other hand, the more developed RCEP countries such as Australia and Singapore have been unwilling to accommodate India’s demands to liberalise their services regime and allow freer mobility of Indian workers. Naturally, none of this is made easier by the fact that some of the RCEP countries, including India, are headed for elections next year, a point where governments traditionally turn protectionist. Despite these concerns, the government must take into account the deeper strategic pitfalls of either slowing down India’s RCEP engagement or walking out of the talks at this stage. Doing so would cut India out of the rules-making process for the RCEP and give China further space in the regional trade and security architecture. At a time when the U.S. has broken from the global concord on multilateral trade agreements, an Indian walkout would endanger the united message that RCEP countries, which represent 40% of the global GDP, would wish to send out. It would also be a sharp departure from India’s “Act East” slogan and its extended outreach to ASEAN.
MEANINGS AND WORDS
1) Decisive
Meaning: Settling an issue; producing a definite result.
Example: “the archers played a decisive part in the victory”
Synonyms: Deciding, Conclusive
Antonyms: Insignificant
2) Potential
Meaning: Having or showing the capacity to develop into something in the future.
Example: “a campaign to woo potential customers”
Synonyms: Possible, Probable
3) Substantive
Meaning: Having a firm basis in reality and so important, meaningful, or considerable.
Example: “there is no substantive evidence for the efficacy of these drugs”
4) Outline
Meaning: A general description or plan showing the essential features of something but not the detail.
Example: “an outline of parliamentary procedure”
Synonyms: Precis, Abstract
5) Manifold
Meaning: Having many different forms or elements.
Example: “the appeal of the crusade was manifold”
Synonyms: Many, Numerous
6) Circumvent
Meaning: Find a way around (an obstacle).
Example: “if you come to an obstruction in a road you can seek to circumvent it”
Synonyms: Avoid, Evade
7) Inclined
Meaning: Be favourably disposed towards or willing to do something.
Example: “he was inclined to accept the offer”
Synonyms: Disposed, Minded
Antonyms: Disinclined
8) Concern
Meaning: Anxiety; worry.
Example: “Carole gazed at her with concern”
Synonyms: Anxiety, Worry
Antonyms: Serenity, Indifference
9) Accommodate
Meaning: Fit in with the wishes or needs of.
Example: “any language must accommodate new concepts”
Synonyms: Help, Assist
Antonyms: Hinder
10) Liberalise
Meaning: Remove or loosen restrictions on (something, typically an economic or political system).
Example: “several agreements to liberalize trade were signed”
11) Freer
Meaning: Able to act or be done as one wishes; not under the control of another.
Example: “I have no ambitions other than to have a happy life and be free”
12) Protectionist
Meaning: An advocate of the policy of shielding a country’s domestic industries from foreign competition by taxing imports.
Example: “barriers erected by the agricultural protectionists”
13) Pitfalls
Meaning: A hidden or unsuspected danger or difficulty.
Example: “the pitfalls of buying goods at public auctions”
Synonyms: Hazard, Danger
14) Engagement
Meaning: The action of engaging or being engaged.
Example: “Britain’s continued engagement in open trading”
Synonyms: Participation, Involvement
15) Walking out
Meaning: To leave an event such as a meeting or performance because you are angry or disapprove of something.
Example: All the parents walked out (of the meeting) in protest.
16) Concord
Meaning: Agreement or harmony between people or groups.
Example: “a pact of peace and concord”
Synonyms: Agreement, Harmony
Antonyms: Disagreement, Discord
17) Send out
Meaning: To produce something in a way that causes it to spread out from a central point.
Example: The equipment sent out a regular high-pitched signal.
18) Outreach
Meaning: An organization’s involvement with or influence in the community, especially in the context of religion or social welfare.
Example: “the growth of evangelistic outreach”
