The Hindu Nov 17 Editorial

Threat or treat: on RCEP trade deal

The final agreement of RCEP covers various issues that India had flagged

The Regional Comprehensive Economic Partnership (RCEP) was signed into existence on Sunday by 15 countries led by China, Japan, South Korea, Australia, New Zealand and the 10-state ASEAN grouping, creating one of the world’s largest trading blocs. Noticeable by its absence was India, which after seven years of protracted negotiations decided last November to exit the grouping. India had justified its decision as protecting its economy from burgeoning trade deficits with a majority of the 15 RCEP members and had cited the grouping’s refusal to accede to its requests on safeguards as a deal breaker. Those reasons were on the face of it justifiable at the time and were welcomed by industry, trade and farmers’ groups. However, 12 months down the road, India’s opting out appears far more debatable in terms of its economic rationale. With global trade and the economy foundering on the shoals of the COVID-19 pandemic, especially as new infections in Europe and the U.S. prompt fresh restrictions there, the pre-eminence of the east Asian and Pacific countries including China, South Korea, Vietnam, Australia and New Zealand serving as a bulwark in containing the pandemic and re-energising economic activity can hardly be understated. Add to this the heightened tariff uncertainty generated by the deadlocked Brexit negotiations between Britain and the E.U., and it becomes evident that India may have missed a vital opportunity.

Given that the RCEP members now account for about 30% of the global GDP and a third of the world’s population, the signatory states were emphatic that the timing of the accord presents a unique opportunity to support their economic recovery, inclusive development and job creation even as it helps strengthen regional supply chains. Interestingly, among the ASEAN signatories are several relatively far smaller economies including Vietnam and the Philippines, which not only continue to have their share of disputes with Beijing but also suffer significant trade imbalances with Asia’s largest economy. That these and other larger nations in the grouping have chosen to bury their geopolitical differences with China in order to prioritise what they collectively see as a mutually beneficial trading compact that would benefit their economies over the longer term is the clearest testament to economic realism trumping nationalist politics. Also, the summary of the final agreement shows that the pact does cover and attempt to address issues that India had flagged including rules of origin, trade in services, movement of persons and, crucially, remedies and safeguards. Acknowledging India’s economic heft and value as a market, the RCEP members have not only left the door open should New Delhi reconsider its stance but have also waived a key 18-month cooling period for interested applicants. It would be in India’s interest to dispassionately review its position and embrace openness rather than protectionism.

1. Regional Comprehensive Economic Partnership (RCEP) (noun) – a proposed agreement between the member states of the Association of Southeast Asian Nations (ASEAN) and its free trade agreement (FTA) partners. The pact aims to cover trade in goods and services, intellectual property, etc.
2. flag (verb) – indicate, identify, point out.
3. sign into existence (phrase) – to sign to exist.
4. bloc (noun) – alliance, association, union.
5. protracted (adjective) – long, long-lasting, lengthy, prolonged, extended.
6. burgeoning (adjective) – growing, increasing expanding, mushrooming rapidly.
   तेजी से बढ़ते
   
   
7. trade deficit (noun) – a trade deficit (a deficit in the balance of trade) occurs when the value of a country’s imports exceeds that of its exports. It is also called a trade gap.घाटे
8. cite (verb) – refer to, adduce, make reference to, invoke.
9. accede to (verb) – agree to, consent to, accept.मान लेना
10. deal-breaker (noun) – (in business) a specific issue or thing or factor that will cause an agreement or deal to fail.
11. on the face of it (phrase) – apparently, seemingly, evidently/ostensibly; at first glance.
12. justifiable (adjective) – valid, legitimate, reasonable.तर्कसंगत
13. down the road (phrase) – in the future.
14. opt out (phrasal verb) – decide not to participate in something.
15. far more (phrase) – a lot more, much more.
16. debatable (adjective) – controversial, questionable, disputable.
17. in terms of (phrase) – with regard to, regarding/concerning, in connection with.
18. rationale (noun) – reason, reasoning, grounds, basis, logic.
19. founder (verb) – fail, be unsuccessful, break down, collapse.
20. shoals (noun) – a hidden danger/difficulty.
21. pandemic (noun) – the worldwide spread of a new disease; The illness spreads around the world and typically affects a large number of people across a wide area.
22. prompt (verb) – give rise to, bring about, cause, trigger.उत्तेजित करना, उसकाना
23. pre-eminence (noun) – superiority, supremacy, greatness, excellence, distinction, prominence.श्रेष्ठता
24. bulwark (noun) – protector, guard, supporter.बांध
25. hardly (adverb) – barely, only just, almost not.मुश्किल से
26. understate (verb) – play down, downplay, de-emphasize, downgrade, diminish.
27. add to (phrase) – increase, augment, intensify, heighten, deepen; aggravate, inflame, worsen, make worse, compound.
28. heightened (adjective) – increased, intensified, worsen, aggravated.बढ़ाना, ऊंचा करना,
29. Tariff - प्रशुल्क, दर सूची
30. uncertainty (noun) – unpredictability, unreliability, riskiness/precariousness.
31. deadlocked (adjective) – being tied.
32. Brexit (noun) – a term used for the (supposed) departure of the United Kingdom from the European Union.
33. vital (adjective) – key, essential, important.महत्वपूर्ण
34. given (preposition) – considering, taking into account, bearing in mind.
35. account for (phrasal verb) – constitute, make up, comprise, form.
36. Gross domestic product (GDP) (noun) – a measure of economic activity in a country. It is the total value of a country’s annual output of goods and service.
37. signatory (noun) – the person who signed an official document/agreement.
38. emphatic (adjective) – clear, definite, firm, decisive.ज़ोरदार
39. accord (noun) – agreement, pact, treaty.समझौते
40. inclusive (adjective) – all-embracing, all-inclusive, with everyone included, comprehensive.
41. supply chain (noun) – a network between a company and its suppliers to produce and distribute a specific product to the final buyer.
42. relatively (adverb) – comparatively, proportionately, somewhat, to a certain extent/degree.
43. far (adverb) – much, considerably, markedly, noticeably.
44. imbalance (noun) – disparity, variation, disproportion, unevenness, lopsidedness.असंतुलन
45. bury (verb) – hide, conceal, cover something completely.दफन करना
46. geopolitical (adjective) – relating to the geographical factors (a country’s position on the earth, size, climate, and natural resources & etc,.) in world politics and inter-state relations.
47. difference (noun) – dissimilarity, variation, disparity, imbalance; disagreement, difference of opinion.  
48. prioritise (verb) – make a point of, highlight, call attention to (something as very important).प्राथमिकता
49. safeguards--सुरक्षा उपायों
50. compact (noun) – treaty, pact, accord, agreement.
51. testament (noun) – witness/evidence, proof, testimony.
52. realism (noun) – pragmatism, practicality, matter-of-factness.
53. trump (verb) – outshine, eclipse, surpass, outdo, outperform; do better than.
54. nationalist (adjective) – patriotic.
55. address (verb) – deal with, handle, tackle, grapple with.
56. remedy (noun) – solution, answer, antidote/panacea.
57. acknowledge (verb) – admit, accept, realize.
58. heft (noun) – influence, ability; weight/strength.वज़न
59. leave the door open (phrase) – to allow for the possibility of something.
60. stance (noun) – point of view, opinion, standpoint.
61. waive (verb) – ignore, drop, omit, forgo.
62. cooling-off period (noun) – a period of time which allows settlement of arguments for someone to act.
63. applicant (noun) – candidate, entrant.
64. dispassionately (adverb) – composedly, rationally/sensibly, neutrally/impartially.शांति से
65. embrace (verb) – welcome, accept, adapt, take up.
66. openness (noun) – lack of restriction; accessibility.खुलापन
67. rather than (phrase) – instead of.
68. protectionism (noun) – the use of tariff and non-tariff restrictions on imports to protect domestic producers from foreign competition.संरक्षणवाद

Suu Kyi again: On Myanmar polls

 With her mandate, she must be more assertive against the military in Myanmar’s transition

The National League for Democracy’s landslide victory in the November 8 general election in Myanmar indicates that a vast majority of its nearly 38 million voters continue to think that Daw Aung San Suu Kyi is a bulwark against the military, which ruled the nation with an iron fist for about half a century. While full results are yet to be announced, the Election Commission has stated that her party has won at least 346 of the 476 elected seats in Parliament, well past the 322-mark needed to stay in power. The military-linked main opposition Union Solidarity and Development Party has won 25 seats so far. When Ms. Suu Kyi’s NLD came to power after winning Myanmar’s first truly contested election in 2015, hopes were high that the pro-democracy icon would spearhead the transition into full democracy. Ms. Suu Kyi, who is barred from becoming the President by the military-era Constitution, took the levers of power as the State Counsellor in 2015. But during this time, instead of confronting the Generals or pushing to end the military’s outsized influence, she appeared to have bought peace with them. Her public defence of the Generals’ handling of the operations in Rakhine State that led to the exodus of at least 740,000 Rohingya Muslims dented her image as a pro-democracy fighter and raised questions about her commitment to the country’s transition.

Those who support Ms. Suu Kyi say her critics outside the country do not understand the complexities of Myanmar’s power dynamics. Even though the military allowed free elections, it made sure that its interests were preserved. A bloc of seats in Parliament is reserved for soldiers, which would prevent any amendment to the Constitution. And the military would control three key government ministries, including the Defence Ministry. More importantly, the military continued its campaigns against the country’s ethnic minority rebel groups despite her promise to reach out to them. All these suggest that the power struggle between the popular civilian leadership and the powerful military establishment is an ongoing reality despite the elections. While Ms. Suu Kyi avoided confronting the Generals, she remained a force between the military and the people. In a country where the memories of the military dictatorship are still fresh, it is unsurprising that Ms. Suu Kyi, who built her moral and political capital in the long fight against the junta, remains the most popular leader. But when she begins her second term with another decisive victory, she would face tough questions again. Did she win just to act as a buffer between the Generals and the voters or to lead the country into full democracy? As the elected ruler, she will also have to address allegations of genocide and walk her talk of making peace with the ethnic minority groups.

mandate--शासनादेश

assertive--स्वीकारात्मक

vast--विशाल, बड़ा

Solidarity--एकजुटता, एकता,

truly--सही मायने में

contested--चुनाव लड़ा

barred--बाधित

confronting--मुक़ाबला करना

exodus--कूच, प्रस्थान

dented--कमजोर

Even--यहाँ तक की

preserved--संरक्षित

decisive--निर्णयात्मक

genocide--जन-संहार, जाति-संहार, जाति हत्या