21.22        ndian     onom
          The above-given events show as if the world        itself—the world looks taking the same old course
     (or at least the economies which matter most)           which caused the demise of the General Agreement
     has started to move slowly away from the much-          on Trade and Tariff (GAAT) by the later part of
     celebrated idea of globalisation—de-globalisation       1970s. It is still not possible to give the verdict on
     taking over the world—shrinking scope for               the fate of globalisation but things look very weak
     multilateral trade and economic inter-dependence.       in its favour.
     But all does not look lost—the lack of willingness
     towards globalisation among different economies         inDiA’s cAse
     is not of the same degree nor universal to every        As per the views of the experts and the Economic
     economy—better say it looks selective.                  Survey 2016-17, India necessarily needs a vibrant
                                                             multilateral trading world to pursue its socio-
     imPAct of regionAl trADe Agreements                     economic aspirations of alleviating poverty,
     The much-celebrated regional trade agreements           enhancing growth rate and joining the club of
     look getting irrelevant given the rise of protectionist developed world. For that matter, the country
     moves among the nations particularly among the          needs to keep pushing in favour of a multilateral
     developed economies. The most ambitious such            world. It needs to negotiate with the countries
     agreement—Trans-Atlantic            Partnership—has     having higher appetite for globalisation on the
     been derailed as the biggest force behind it, the       priority basis—sketching out some more lucrative
     USA, has backed out of it. How will it come             regional and preferential trade agreements. To
     without US is still not clear or whether it will die    scale up its growth to the level of 10 per cent,
     before coming into being is just anybody’s guess        India needs an active support of exports.
     today. Most of the regional trade agreements (for            If developed nations are apprehensive of
     example, the NAFTA, SAFTA, etc.) involving              trading with China, it does not mean they will have
     USA and UK are in the process of transition.            same concerns towards India, too. India might
          Meanwhile, the situation regarding such            help the developed nations to grow with it. While
     agreements involving the developing nations are         China is busy re-balancing its economy and trade
     different or better say just opposite. As the course of (finding it difficult, too), India must not miss the
     globalisation has been proving socio-economically       opportunity to clear its intentions and prioritise
     correct for them to a large extent they are eager to    its actions in this regard. India cannot afford (so
     promote inter-regional and multi-lateral trades. In     the emerging market economies) deglobalisation.
     case of India and the BRICS it is imperative to         Rather, it should support globalisation vigorously.
     strengthen the course of globalisation. Particularly    There are high chances of finding viable partners
     in case of India the course of socio-economic           in the developed world itself.
     transformation depends heavily on the success of
     globalisation.                                          conclusion
                                                             Everything is not lost about globalisation yet.
     the future of multilAterAlism                           There is no clarity yet about the benefits which the
     Experts believe that the future course of               US or the UK will have out of being protectionist.
     multilateralism now will depend on the actions          May be after testing the waters of protectionism
     and steps of the emerging market economies.             they get back to the course of globalisation. As
     Another school of thinking feels history repeating      the developed nations miscalculated the impact of