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GTAP Resource #3836

"A GTAP Analysis of the Proposed BRICS Free Trade Agreement: With Special Reference to the Indian Economy "
by Sharma, Sachin Kumar

The world trading system witnessed a drastic change due to proliferation of Regional Trade Agreement (RTAs). The structure of RTAs varies widely, but all have one thing in common-the objective of reducing barriers to trade between member countries. The proliferation in RTAs around the globe reflects commercial, socio-economic and political interestsThey can also stimulate inward foreign direct investment (Kimura and Ando, 2005) and growth through technological transfers. Their proliferation can also be motivated by a growing sense that regional agreements elsewhere put the left-out countries at a disadvantage (Baldwin, 1993). Also the prevailing deadlock in the Doha round negotiations of the WTO resulted in the proliferation of RTAs (Tumbarello, 2007).
India has been a staunch supporter of multilateral trading system and always stood for open, equitable, predictable, non-discriminatory and rule-based trading system. India never used Regional Trade Agreements like FTAs or PTAs as a trade policy instrument for its economic engagement till 2000. India started pursuing engagement through RTAs in 2003. It was perhaps felt that if it did not do so, it will be locked-out of the markets of its important trading partners. India began negotiating agreements with a view to moving, in some cases, towards Comprehensive Economic Cooperation Agreements. In addition, India also began actively engaging with regional bock like EU, ASEAN, South Africa Customs Union (SACU) and MERCOSUR. Thus, India’s RTAs increasingly include deeper and wider commitments in non-goods areas, which go beyond India’s commitments under the WTO.

The Emergence of BRICS
In this context, India has a dialogue with Brazil, Russia, China and South Africa for deeper economic cooperation. With Russia joining the WTO in 2011, all BRICS member countries are also the member of WTO. Growing engagement between these countries and their combined strength in global decision making process provides a...

Resource Details (Export Citation) GTAP Keywords
Category: 2012 Conference Paper
Status: Published
By/In: Presented at the 15th Annual Conference on Global Economic Analysis, Geneva, Switzerland
Date: 2012
Created: Sharma, S. (4/27/2012)
Updated: Batta, G. (6/22/2012)
Visits: 2,401
- Preferential trading arrangements

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