18-September-2024
Economy News
 
World Bank urges India to reconsider RCEP stance for $1 trn export goal
04-Sep-2024

The World Bank, on Tuesday, urged India to re-evaluate its regional integration strategy, including its decision not to join the Regional Comprehensive Economic Partnership (RCEP), as part of its plan to achieve the $1 trillion export target by 2030. “India does not participate in mega trade blocs such as RCEP, while other South Asian countries like Bangladesh and Sri Lanka have recently indicated interest in integrating with this East Asian regional trade and global value chain (GVC) hub. As smaller, regional economies consider trade agreements beyond South Asia, India may want to re-evaluate its regional integration strategy, including its position on RCEP. In an ideal situation, more emphasis on plurilateral and multilateral cooperation would be beneficial,” the World Bank said in its latest India Development Update report.

News Source:- https://www.business-standard.com/economy/news/world-bank-urges-india-to-reconsider-rcep-stance-for-1-trn-export-goal-124090301078_1.html