India Urged to Engage in Global Trade Blocs for Economic Growth

Niti Aayog CEO BVR Subrahmanyam emphasized the importance of India joining global trade agreements like RCEP and CPTPP to harness economic growth opportunities. Despite having potential, India has lagged in capitalizing on the 'China plus one' strategy benefiting countries like Vietnam and Mexico.

Niti Aayog's CEO BVR Subrahmanyam has called for India to join the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to boost the country's economic growth. Speaking at an Assocham event, Subrahmanyam highlighted the missed opportunities arising from not engaging in these global trade blocs.

India withdrew from RCEP negotiations in 2019, despite its significant potential within the global economy. The RCEP bloc includes ASEAN members and partners such as China and Japan, offering vast trade opportunities. The CPTPP, a major free trade area covering five continents, includes significant Pacific Rim nations.

Subrahmanyam noted that while India shines on the world stage with an impressive growth rate, it hasn't fully captured the 'China plus one' strategy, unlike countries such as Vietnam and Mexico. He predicted India would be the world's third-largest economy by 2027, urging for more strategic trade engagements.

(With inputs from agencies.)