15.22          ndian       onom
           Experts have highlighted serious impact                              given to the transnational companies,
     on the current global trade pattern once this                              diluting sovereign powers of the nations.
     agreement comes into force. India has its own                              As per experts, it could liberalise one third
     share of concerns regarding it22. Meanwhile,                               of global trade and create millions of new
     by late January 2017, the USA (under its new                               jobs.
     President Mr. Donald Trump) pulled out from                                As per the estimates of the European
     the ongoing negotiations of the TPP. Once the US                           Commission, it will boost the EU’s
     (the biggest force behind it) has opted out from                           economy by €120 billion, the US
     it, the pact looks losing its real steam. This may                         economy by €90 billion and the rest of
     look a relief for India and other similar economies                        the world by €100 billion.
     it may be temporary—as the new dispensation                            The agreement has been severely criticised
     in the country has given clear signs of becoming                  and opposed by majority of the unions, charities,
     protective regarding trade and globalisation (these               NGOs and environmentalists across Europe.
     issues were the benchmark of Trump’s presidential                 Critics have highlighted several apprehensions
     election campaign).                                               also related to it such as—the number of net job
                                                                       gains as there are chances of job losses, and low
        transatlantic traDe anD                                        economic gains accruing at the household level.
                                                                       The reports on the ongoing negotiations and its
        investment PartnershiP                                         contents are not available in the public domain as
     Considered a companion of the TPP (Trans-                         only authorised persons can access them. Whatever
     Pacific Partnership), the TTIP (Transatlantic                     comments, reactions or criticisms we find on it are
     Trade and Investment Partnership)23 is a newly                    on the multiple leaks which the world had by now
     proposed trade agreement (a regional trade                        through different sources.
     agreement of different kind which includes                             As in case of the trans-pacific partnership
     investment also) between the European Union                       (TPP), the new government in the USA—the
     and the United States. Planned to be finalised by                 most important force behind the pact—has
     2014, the pact is still (by March 2017) under the                 dropped out (by late January 2017) of the TTIP,
                                                                       too. This way, the proposed pact looks becoming
     negotiation process. This agreement touches three
                                                                       weaker before its finalisation. And finalising the
     broad areas—market access; specific regulation
                                                                       partnership without USA is neither possible nor
     and co-operation. The possible features and its
                                                                       will it have much substance. In this case, the
     impact are available in international media and                   EU may be more open to new regional trade
     other documents as given below:                                   agreements with other nations—India may also
               The major provisions included under this                explore one such pact with it.
               pact are—dilution in regulatory provisions
               to promote trade and investment, liberal                   Deglobalisation anD inDia
               banking regulation, liberal role and access
                                                                       Global factors are yet to stabilise since the financial
       22.     e find a very detailed discussion on it in the Economic crisis hit the developed economies. Recovery
             Survey 2015-16, Government of India, Ministry of          among these economies are getting tough job—
             Finance, N. Delhi (Vol. 2, pp. 76-78) which quoted
             several international studies in this regard.             even unconventional monetary policies have been
       23.   Based on the several issues of The Economist, London,     tried (pursuing for negative interest rate regime).
             UK from 2013 to March 2017.                               Meanwhile, several of these economies have