India’s Possible Response to the Challenge of the Mega-regionals

Published date01 May 2016
DOI10.1177/0015732515625720
Date01 May 2016
Subject MatterCommentary
India’s Possible Response
to the Challenge of the
Mega-regionals
Dan Ciuriak1
Abstract
The mega-regional trade agreements, particularly the Trans-Pacific Partnership,
the Transatlantic Trade and Investment Partnership, and the Trade in Services
Agreement, represent a new phenomenon for the global trading system. As major
preferential trade agreements that involve the world’s largest economies (the
United States and the European Union), they cover a large share of global trade
and, thus, generate large spillover effects on non-parties to the negotiations.
Further, the ambitious rule-making agenda shifts the locus of global rule-making
and standard-setting from the inclusive World Trade Organization to the small
number of participants in these negotiations. These rules and standards will shape
markets and, thus, amplify the direct effect of discriminatory preferences. This
article discusses the factors driving the mega-regionals, considers the significance
of these negotiations for excluded parties, and suggests how India, in particular,
might respond.
JEL: F15, L52, O25
Keywords
India, mega-regional trade agreements, trade rules, non-tariff measures, standards,
spillovers, TPP, TTIP, TISA, RCEP
Introduction and Motivation
Several major trade negotiations currently underway have significant implica-
tions for the evolution of the system of global commerce. Of particular note are
the 12-member Trans-Pacific Partnership (TPP), the European Union-United
States Transatlantic Trade and Investment Partnership (TTIP), and the 24-member
Foreign Trade Review
51(2) 180–193
©2016 Indian Institute of
Foreign Trade
SAGE Publications
sagepub.in/home.nav
DOI: 10.1177/0015732515625720
http://ftr.sagepub.com
Corresponding author:
Dan Ciuriak, Director and Principal, Ciuriak Consulting Inc. 83 Stewart St., Ottawa, Ontario, Canada.
E-mail: dan@ciuriakconsulting.com
1 Director and Principal, Ciuriak Consulting Inc., Ottawa, Ontario, Canada.
Commentary

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