Joining the RCEP could boost productivity, bolster our ‘Make in India’ agenda and deliver gains
In 2013, a World Trade Organization high-level panel, of which yours truly was a member, estimated that the share of intermediate goods in global merchandise trade was anywhere between 60% and 70%. In recent years, as pointed out by the World Bank in its World Development Report (WDR) 2020, owing to a spate of protectionist policies around the world, it has come down to 50%, but remains substantial.
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