Do it yourself

One of the key principles of economics which underpins the very concept of globalization is that "trade can make everyone better off". As per the famous economist Gregory Mankiw, "Trade allows each person to specialize at what he or she does best, whether it’s farming, sewing, or home building. In the same way, nations can specialize in what they do best. In both cases, people get a wider range of choices at lower prices." Conceptually therefore no one should have a problem as such with trans border trade, so long it benefits the people at large in both the producer and consumer jurisdictions. If we want to understand it in the context of India's decision to withdraw from the RCEP agreement ( see here ) consider this. One of the examples cited for this decision was the threat of New Zealand dairy product flooding Indian markets and harming poor Indian milk producers. It is pertinent to note that India is the largest producer of milk ...

India has reportedly decided not to join the Regional Comprehensive Economic Partnership (RCEP). The decision, as per the External affairs ministry’s secretary (East), Vijay Singh Thakur, reflects both the government’s assessment of current global situation and of the fairness and balance of the agreement. The Regional Comprehensive Economic Partnership (RCEP) is a proposed free trade agreement (FTA) between the ten member states of the Association of Southeast Asian Nations (ASEAN) ( Brunei , Cambodia , Indonesia , Laos , Malaysia , Myanmar , the Philippines , Singapore , Thailand , Vietnam ) and its FTA partners ( China , Japan , South Korea , Australia and New Zealand ). The process of forming RCEP was initiated in the August 2011 ASEAN meeting. The formal negotiations were launched in 44th ASEAN summit in August 2012. Since then 27 rounds of negotiations between officials and three summits of the leaders of the proposed participants have taken place. In December...