In the past, there were some discussions in India on whether the country should join Trans Pacific Partnership (TPP).
What is TPP?
12 countries that border the Pacific Ocean signed up to the TPP in February 2016, representing roughly 40% of the world's economic output.
The pact aimed to deepen economic ties between these nations, slashing tariffs and fostering trade to boost growth.
Members had also hoped to foster a closer relationship on economic policies and regulation.
All 12 nations needed to ratify it, before it could come into effect.
But, with the US, the largest economy in the TPP, withdrawing from the agreement, the future of TPP is uncertain.
What could India learn from TPP?
The TPP provides a useful template for India to facilitate domestic policy reform, promote regional or multilateral collaborative initiatives such as for regulatory coherence.
The TPP is a combination of initiatives such as those embodying good governance principles, viz. transparency of procedures and regulations, timely decision, processes to facilitate transactions, standards of review, and support to improve institutional capabilities.
Thus, several parts of TPP are relevant for India’s ongoing efforts to enhance good governance.
Since the internet extends beyond national borders, agreement amongst nations become an important part of the regulatory regime for internet.
The TPP becomes particularly useful in this context because it shows a framework that has been agreed amongst several nations.
With technological changes, India need to develop its systems and approaches broadly consistent with practices in other major economies.
The mechanisms and solutions in TPP provide a model for working towards greater collaboration amongst regulators of different countries and mutually learn about options to address new issues.
The TPP also text provides a template to consider for collaborative arrangements in areas such as non-tariff measures faced by Indian exports, including standards and regulatory barriers amongst nations.
