The integration of Russia’s economy with the West after the Cold War may not have prevented its invasion of Ukraine, but the mutual benefit of trade relations can generally be relied upon to promote pax economics. In a world once again torn apart by geopolitics, this time with a US-vs-China bipolarity, India’s neutrality will be tested as we seek to maintain and build bridges that serve our interests. For Indo-Pacific security, we have put in our lot with the US, Japan and Australia to build a four-nation quad. Currently just a forum for discussing common concerns rather than a defense alliance, the agenda of the Quad has expanded steadily over the years. For the group to achieve sustainable weight, however, convergence on keeping the Indo-Pacific open and free must be the best way to help each other prosper. If the Indo-Pacific Economic Framework (IPEF) proposed by US President Joe Biden on his visit to Asia meets even a bare minimum to be suitable for us, New Delhi should sign up for it. Since leaving the Regional Comprehensive Economic Partnership (RCEP) led by China, trade relations with fellow democracies have been our priority. Biden said on Monday that with more than a dozen participants, it is the IPEF that “should race to the top”.
RCEP was deemed inappropriate by New Delhi, but IPEF sign-up may free us from accusations of export pessimism in the Asian context. Nevertheless, a gift horse should also be closely examined. Despite Biden’s announcement that “America is back”, Washington’s dismissal of free trade logic under the Trump administration – which took a tariff-happy turn in response to Chinese gains – has not been reversed by the White House. . As long as electoral fortunes in America rest on voters who blame globalization for their woes, its leaders will probably be reluctant to openly promote a barrier-free world of exchange. Thus any business component of Biden’s Asian outreach is likely to be affected by the US jobs count. Though its details are sketchy, IPEF aims to facilitate fair and shock-proof trade with e-commerce and supply-chain flexibility as its key aspects. For us to establish India as an alternative to China as a manufacturing network that spans borders, a huge opportunity that emerged recently, us with a multilateral project aimed at frictionless commerce Must join the army. Of course, if the proposal appears under the guise of US labor protections and non-tariff barriers to “fair trade”, then we can be condemned. However, if it promises to ease market access and increase our export output overall, we should not let commodity-wise shipment specifications deter our participation.
While IPEF will also cover cooperation on infrastructure and clean energy, its business prospects should guide New Delhi’s approach, in addition to coordinating taxation, rule enforcement and the like. We need to move beyond bilateral agreements to focus on broader competition rather than two-way details. On its part, it would be better for the US not to heed warnings that could blunt any Indian gains. Our put-offs have to be clearly stated at the very beginning of the IPEF negotiations. But then, just as the White House is occupied with the need to keep the Indo-Pacific sea-lane free of Chinese shadow, it should also be aware that the odds on the success of Indian exports against the Quad’s geopolitical goals How can work It would take not only policy alignment but also huge resources to create an expanded plan. Sure, America is kind of back, but it should put its money where its mouth is.