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India can boost exports by USD 500 bn by joining TPP: report

Press Trust of India  |  Washington 

India can boost its exports by a whopping USD 500 billion every year by joining the Trans- Pacific Partnership (TPP), an American think-tank said today.

"India could increase its exports by USD 500 billion per year by joining the next stage of TPP trade agreement," said Peterson Institute for International Economy in a report 'India's Rise: A Strategy for Trade-Led Growth'.

Authored by C Fred Bergsten, the report argues that trade liberalisation would enable India to increase its annual economic growth to 8 to 10 per cent, as targeted by the BJP-led government.

"Millions of new job would be created as a result, and poverty would be substantially reduced," said the report which was released today.

By contrast, India will lose as much as USD 50 billion of current exports because of increasing discrimination against it by other countries if it remains outside the new global trade network, it said.

This network includes the plurilateral agreements on international services, environmental goods government procurement now being negotiated in and around and World Trade Organization as well as the TPP and other megaregional arrangements.

"To be accepted into these agreements, and to participate in them effectively, India will have to implement the economic reform program proposed by the Modi government," the report said, adding that it will also have to liberalize its own markets to international trade and investment in order to persuade other countries to open their markets to its exports.

With its 12 members - Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam accounting for around two-fifths of the world output and a quarter of global trade - the TPP's rules and writ will cover large chunks of the world economy and trade.

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First Published: Thu, September 17 2015. 22:48 IST