#List of trading blocs plus
#List of trading blocs free

However, we are seeing a new format in trading rules under the TPP and TTIP, which also include rules on investment. Secondly, these trade negotiation platforms appear to replace the global trade negotiation platform - WTO, which is widely expected to involve significant delay or not adequately meet aspirations.

To begin with, they seem to have been envisaged not as much for trade as for strategic purposes - for example, to strengthen the presence of US in Asia. So what should India look at vis-Г -vis the mega trade blocs?ДЇirst, the rationale for these new trading blocs appears to be two-fold. Moreover, the secondary reasons for the trade agreements вЂ“ incentivising domestic economic reforms and furthering globalisation - have not been achieved as expected. In fact, in some cases, imports into India have increased faster than its exports.

#List of trading blocs free

While India has signed multiple free trade and economic partnership agreements, its track record in aligning its supply chains to these treaties has not been outstanding. Potential implications for IndiaДЄlthough India is not included in the first two mega-trading blocs above, all of these will significantly impact India. Launched in November 2012, it is proposed to be concluded by 2015, but would probably be delayed.

#List of trading blocs plus

The third potential trading bloc is the Regional Comprehensive Economic Partnership (RCEP) comprising the Association of Southeast Asian Nations (ASEAN) plus Australia, China, India, Japan, Korea and New Zealand - involving 45% of the world population and a third of world GDP, and including two of the three largest economies in the world.

These countries account for around 38% of the worldвЂ™s GDP and 25% of global trade. A fast-track negotiation process aims at completing the treaty this year. On one side of the Pacific are Australia, Brunei Darussalam, Japan, Malaysia, New Zealand, Singapore and Vietnam on the other side are Canada, Chile, Mexico, Peru and the US. The Trans Pacific Partnership (TPP) negotiations, initiated in 2010, are being conducted among 12 countries on both sides of the Pacific. The US and the EU view this trade treaty as a way to kick-start their vulnerable economies and add about 2 million jobs. The two sides together constitute about half of the worldвЂ™s Gross Domestic Product (GDP) and 30% of world trade in goods and services. The negotiations commenced in July 2013 and seven rounds of discussions have been held till September 2014. The Transatlantic Trade and Investment Partnership (TTIP) brings together two large trading entities of the world, the US and the European Union (EU), to negotiate an agreement on eliminating tariffs and lowering non-tariff barriers to trade and investment. However, given the divergent stance of nations depending on their development levels and domestic compulsions, international negotiations on the WTO platform have been protracted. These huge trading blocs are coming up in parallel with the World Trade Organization (WTO) Doha Development Round, aimed at lowering trade barriers and assisting developing economies to leverage trade for development. In this article, Sharmila Kantha assesses the potential impact of these trading agreements on India, and contends that Indian policymakers and businesses would need to factor them into their future plans.ДЄn interesting transformation is taking place in the global trading environment with the emergence of mega-trading blocs вЂ“ multilateral trading agreements involving significant proportions of global trade - which can change the way trade is conducted in the world. Emerging multilateral trading agreements, resulting in mega-trading blocs, seem to be replacing global negotiations through the WTO.