Limited gains

India should review its position on RCEP

After a decade of negotiations, India and Australia took the first step towards a comprehensive trade deal this weekend, signing an interim agreement that reduced tariffs on a set of traded goods with more to follow over 10 years. The agreement was signed by Union Commerce Minister Piyush Goyal and his Australian counterpart in a virtual ceremony, and cut tariffs on several Australian imports into India including mutton, coal, and rare earths. Politically difficult sectors including dairy — a major Australian export but one with a politically well-connected Indian domestic lobby — were left alone. This is the second trade