ead Cams: (@\ Global Issues Since the end of the Cold War, there have been repeated efforts by the states to develop a siny standard to understand the international arrangement. ‘Resurgent Russia’ is yet ‘another phenomenon in this way and today Russia is trying to reinforce its influence around the globe. Itis struggling to reinstate its traditional primacy, which had eclipsed earlier with the demise of Soviet Union. Thus, Russian urge to regain its traditional influence around the globe is central to its political, security and economic policies. The collapse of the Soviet Unicn left Russia struggling to pull iteelf back together politically and economically. Russia teton the track of political, economic and military resurgence under the vibrant leadership of President Putin ‘This was largely facilitated by rising Russian oil revenues. Today, as Russia recovers its ‘economic might, it is not surprising to see Moscow reaching once again for the reins of power in the Caucasus, because the Kremlin sees this area as its natural sphere of Influence. Russia is seeking to increase its international profile with its strategic ties with ‘almost all major nations in East and Central Asia, and is playing a more assertive role in dealing with regional issues, This Russian endeavor to regain its influence is one challenge that the West, particularly the U.S, can surely not afford to ignore. g Multi-polarity: RCEP - Economic Integration? On November 15, 2020, Regional Comprehensive Economic Partnership (RCEP) the largest free trade agreement in history was signed. This historical agreement is made up of the ten ASEAN states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanma r, the Philippines, Singapore, Thailand, and Vietnam) as well as South Korea, China, Japan, Australia and New Zealand, RCEP covers more people than any previous trade agreement, with China alone contributing 1.4 billion to the roughly 2.2 billion people united in the deal. This trade bloc also carries significant economic weight, accounting for almost a third of global GDP in 2019. With a combined GDP of $25.8 trillion, the newly formed trade alliance is bigger than the United States-Mexico-Canada Agreement (USMCA). This deal marked a big step towards economic integration and would further diminish U.S. influence in the region after President Donald Trump withdrew from the Trans-Pacific Partnership, another large regional trading pact. Avehiole to protect Chinese cconomivinterests Allows China to pursue ieoacaaven its aggressive political base ae ‘and economia policies 79 without any cost strategic prospects of Pirst ever multilateral agreement that brings China, Japan, and South Korea. intoa regional free agreement 180 SJ Cams:Current Affairs > io! spects - The Gateway to Unexplored Avenues sete Nea lasts ECONOMIC PARTNERSHIP (RCEP) ‘The Regional Comprehensive Economic Partnership (RCEP) will boost economic integration and cooperation in the region. The RCEP is the only agreement to include two ecanomies which are among the seven biggest economies of the world—China and Japan. Thi ‘agreement deepens trade and investment relations between member countries mainly through reductions in non-tariff barricrs (NTBs) on goods and services trade. The agreement ses on NTBs as import tariffs were already relatively low among RCEP members, The feduction in trade and investment barriers would increase the economic integration among RCEP member countries allowing for significant gains from trade, It is estimated that by 2030 the agreement would increase the GDP of the trading bloc by 0.4 percent (equivalent 10170 billion), with a 0.3 percent increase for China and 0.2 percent for ASEAN members. ‘The RCEP sends out the message that Asian countries do not want to choose sides between the US and China. The conclusion of the RCEP indicates that the majority of Asian countries endorse an Asia-wide regional free trade framework that works to benefit all Asian S CamSe— ee (@s Global Issues economies and sec it as a landmark step toward achieving closer economic integration in East and Southeast Asia. > India and Its n - I th India feared that by joining the trade deal, its domestic market would have been swamped by imports, thereby putting its domestic industry and agriculture at risk. Not joining RCEP ‘also would boost Modi’s “Make in India” initiative and protect the country's economic interests and national priorities. India runs a large trade deficit with RCEP countries and was looking for specific protections for its industry and farmers from a surge in imports, from China. However, history will prove that the Modi administration has made fa serious strategic blunder. Although the RCEP contains a clause leaving the door open for India to get back on board later, the threshold to join in the future will be higher and India may never have the opportunity to return. Missing the RCEP, India will losc its last chance to integrate into the globalization process. The Modi go vernment had hoped a Trump re- election would lead the US to continue the trade war with China, as well as the consequent decoupling process. Therefore, India had actively promoted the development of its strategic partnership with the US prior to the US election. A de facto alliance between India and the US has formed since the signing of the Basic Exchange and Cooperation Agreement. >» _RCEP: A Threat to US Economic Hegemony? RCEP's rise was initially an ASEAN response to the Trans-Pacific Partnership (TPP), a mega free trade agreement dominated by the US since it joined the negotiations in 2008. TPP membership included some Asian countries but excluded many others. Most significantly, it excluded China, the world’s second-largest economy and the largest trading partner of almost all Asian economies. The Trump administration's withdrawal from the TPP in 2016 resulted in America’s detachment from the process of Asia's economic integration. The move, representing Donald Trump-style economic nationalism and isolationism, was quickly followed by the Indo-Pacific strategy, a pro-active geopolitical initiative aimed at establishing a “united front’ in the form of an alliance or quasi-alliance to contain China's rise. During the same period, Asian economic integration moved steadfastly and have recently seen the fruit in the form of the RCEP, In this sense, the RCEP represents the failure of the Trump administration's attempted encirclement of China in western Pacific. With the signing of RCEP, the U.S. dream to contain China is not coming true and economic hegemony and influence of the global superpower will face a considerable challenge in coming years, 26/26