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Multilateral Groupings (BRICS (Present relation: ground realities (China…

- - - - India has FTAs with ASEAN, South Korea and
        Japan
      - Trade deficit has risen with RCEP Group from
        $ 9 bn in 2004-05 to over$ 80 bn today_
      - Trade deficit with China alone is $ 63 bn in
        2017-18.
        -Bilateral trade deficit has grown from nil 2001 to present levels
        -Surge in imports hurting Indian mfg sector
    - - FTAs havent paid off well
      - NITI: Exports to FTA countries haven't outperformed as to rest of world
      - Because of FTA India cant impose tarriffs on goods from China
    - - Trump admin waging trade war on china and EU
      - India revered its policy of reducing tarriffs
      - Govt worried about RCEP negotiations, Group of 4 min formed to advise PM
    - - Greater access to chinese goods might impact India's Mfg sector
      - India's massive trade deficit with china
        -Thus India proposed differential market access strategy to china
      - Pressure from other RCEP countries to lower tarriffs will ease way for china
      - Australia and
        Singapore are unwilling to accommodate India'sdemands to liberalise their services regime and
        allow freer mobility of Indian workers
      - What if India walks out?
        
        India would be cut out of rules making
        process.
        
        It further strengthens China in the regional
        trade and security architecture
        
        It assumed significance as US abandoning
        several multilateral agreements.
        
        Would be s sharp departure from India's "Acct East" policy and extended outreach to ASEAN