Economic self-harm

Self-reliance cannot be a superior alternative to open trade

In just a year since India pulled out, at the eleventh hour, of negotiations to conclude the Regional Comprehensive Economic Partnership (RCEP) trade agreement, the overall trade environment for India has undergone a sea change. For one, the other nations involved in the RCEP —  Association of Southeast Asian Nations (Asean), alongside Japan, China, South Korea, Australia, and New Zealand — have gone forward and signed the pact. For another, the government’s own policies have turned markedly protectionist, with a series of import tariffs, restrictions, and production-linked incentives now ring-fencing a number of sectors — making it even harder to