1. The United States and Japan Should Cooperate to Include India in Indo‐Pacific Economic Governance
- Author:
- Kensuke Yanagida
- Publication Date:
- 02-2021
- Content Type:
- Special Report
- Institution:
- East-West Center
- Abstract:
- Both the United States and Japan consider India as an important strategic partner in their respective Indo-Pacific concepts. However, India still faces many domestic challenges as a developing country. India also has traditionally been reluctant when it comes to trade liberalization. U.S. bilateral trade negotiations with India, and Japan`s effort in promoting an East Asia regional trade agreement that includes India share objectives and interests and hence can be coordinated. On November 15, 2020, the Regional Comprehensive Economic Partnership (RCEP) was signed by 15 countries with the glaring exception of India. RCEP is a regional free trade agreement (FTA) whose negotiations were initiated by ASEAN and six partner countries, namely Japan, China, South Korea, Australia, New Zealand and India in 2012. The signing of RCEP finally came after eight years of negotiations, but India decided to pull out from the pact at the final stage of negotiations. The Japanese and U.S. Indo-Pacific concepts aim to achieve regional peace, stability, and prosperity through ensuring a rules-based international order, and to enhance cooperation among like-minded countries in both economic and security spheres. RCEP can be positioned as an important economic partnership initiative that embodies the Indo-Pacific concepts of rules-based, free and fair trade and investment governance, and contributing to the economic prosperity of the region.
- Topic:
- Foreign Policy, Treaties and Agreements, Bilateral Relations, and Trade
- Political Geography:
- Japan, India, Asia, North America, United States of America, and Indo-Pacific