After almost a decade of “negotiating with blood, sweat and tears,” as Malaysia’s trade minister put it, the Regional Comprehensive Economic Partnership was signed this weekend at the conclusion of an Association of Southeast Asian Nations summit. Fifteen countries — all of ASEAN, alongside Japan, South Korea, Australia, New Zealand and China — will be part of this giant trading bloc. Sixteen countries were due to join, of course, until India withdrew from negotiations.
The Indian government had at least one good reason for staying out of RCEP. New Delhi’s consistent geo-economic goal has been to prevent Asian supply chains from