India Should Join Major Trade Blocs, Says NITI Aayog Chief

New Delhi, Nov 8 (KNN) Niti Aayog CEO BVR Subrahmanyam advocated for India's participation in major regional trade agreements, emphasising that membership in both the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) would benefit the nation's economy.

India's absence from significant trade partnerships has become noteworthy, particularly following its withdrawal from RCEP negotiations in 2019 after six years of discussions. 

The RCEP currently encompasses 15 Asia-Pacific nations, including the 10 ASEAN member states and their key trading partners: China, Japan, South Korea, Australia, and New Zealand.

Subrahmanyam specifically highlighted the potential advantages for India's Micro, Small & Medium Enterprises (MSME) sector, which currently accounts for 40 percent of the country's exports. 

"That will be best for India's MSME sector," he stated, noting that large corporations are not the primary drivers of India's export market.

(KNN Bureau)