economics medium True/False

India officially signed and ratified the Regional Comprehensive Economic Partnership (RCEP) agreement in 2020 to boost its exports to the ASEAN and East Asian markets.

  1. True
  2. False

Answer: False

India participated in the RCEP negotiations for years but ultimately decided to opt-out and did not sign the agreement in 2020. The primary concerns were that a massive reduction in tariffs would lead to a flood of cheap manufactured goods from China and dairy/agricultural products from Australia/New Zealand, which could severely damage domestic Indian industries and farmers.

Topic International Economics - Trade
Exam Relevance UPSC Prelims, SSC CGL
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