The future of trade

India must increase its ambition

On New Year’s Day, the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free-trade agreement, or FTA, came into force. It was signed in November 2020, and involves the member states of the Association of Southeast Asian Nations, or Asean, alongside the People’s Republic of China, Japan, Australia, and New Zealand. South Korea is also a signatory, and will join the pact at the end of this month. The RCEP’s arrival is a reminder that the future of the international trading architecture increasingly seems to be coalitions of the willing — plurilateral or regional trade pacts. India was part of