$660 billion Vs $36 billion. What do these numbers tell about RCEP?

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The trade deficit India has with South Korea, Japan and China, from 2000-01 to 2018-2019.

If the RCEP comes into effect, these three countries may get unhindered access to Indian markets, thereby possibly increasing the trade deficit.

India has had a trade deficit with ASEAN countries, which are also part of the RCEP, in each of the years, in the 2000-01 and 2018-19 period. Overall, India's trade deficit with ASEAN countries is $134 billion in these 19 years.

China. Over the 19 years, the trade deficit is equal to $487 billion. The deficit was $0.7 billion in 2000-01, and that ballooned to $53.6 billion in 2018-2019.

Now let's look at another number.

The foreign direct investment into India from Japan, South Korea and China from 2000-01 to 2018-19.

Japan has substantial share, with $30 billion. South Korea invested $3.6 billion, and China - with which India has the highest trade deficit - has invested $2.2 billion over these 19 years.

The 10 countries have together put in less than $90 billion over the period. A huge chunk has come from Singapore alone, of $82 billion. Singapore, which is a favoured tax haven, is the second largest FDI source for India, after Mauritius.

Clearly, these countries have benefited more from India, and not the other way round. And neither have these nations invested heavily in the Indian market. So the moot question is if the RCEP will benefit India, as free trade agreements with these nations may further increase the deficit.

That's right. But some of these countries have steep non-tariff barriers, that may be too high for Indian companies to climb. While registration is some of the countries is tedious, in others, additional requirements and disclosures are needed.

A combination of measures that would raise non-tariff barriers in India, and incentives that will push Make in India agenda.