Abstract
India and Japan are engaged in a strategic and comprehensive economic partnership. However, some major powers have different interests that may delay the conclusion of the Regional Comprehensive Economic Partnership (RCEP). India and Japan were among the 14 countries that initially joined the RCEP, but India has since opted to stay out, pending resolution of outstanding issues. This study aims to examine the India–Japan strategic partnership in the development of the RCEP and measure the saving potential of the India–Japan Comprehensive Economic Partnership Agreement, employing an ex-ante analysis with scenarios based on zero tariffs. These political and economic partnerships play an essential role for both countries at the regional level. India and Japan have good economic and political relations that could enhance the feasibility of India rejoining the RCEP. The results of the saving potential analysis show that both countries have gained benefits from the economic partnership.
Highlights
The Association of Southeast Asian Nations (ASEAN), together with the six ASEAN free trade agreement (FTA) partners, including Japan and India, initiated the development of the Regional Comprehensive Economic Partnership (RCEP) in 2011
This study examined the development progress of the RCEP formation based on two key arguments
The India–Japan strategic partnership has had a positive effect on the development of the RCEP
Summary
The Association of Southeast Asian Nations (ASEAN), together with the six ASEAN free trade agreement (FTA) partners, including Japan and India, initiated the development of the Regional Comprehensive Economic Partnership (RCEP) in 2011. Japan, and India are the three largest economies among the RCEP member countries, contributing 13.1%, 7.5%, and 3.4% of the world’s GDP, respectively. These economically powerful countries play and will continue to play an essential role in the RCEP, by influencing its position both economically and politically. This study focuses on the relations between Japan and India, which are the major countries that played an important role in the formation of the RCEP. While the ASEAN has been central to the formation of the RCEP, the existence of the major powers within the RCEP has become a challenge to conclude the agreement, with China, India, and Japan, each pursuing their own interests in the negotiations. Each major power involved in the negotiations has a bargaining power position
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