A Struggling India Needs More Trade, Not Less

India, not long ago the world’s fastest-growing major economy, is struggling. Growth has plummeted to 5% — well below potential and not nearly enough to employ the millions of young Indians entering the workforce every year. Lending has slowed to a trickle, as has consumer demand. Voices across the political spectrum say the last thing the country can afford now is to lower its trade defenses. In fact, that’s exactly what’s needed.

India’s immediate question is whether to join the Regional Comprehensive Economic Partnership, which if completed would represent the world’s biggest free-trade agreement. Fifteen other nations — Australia, China, Japan, New Zealand, South Korea and the 10 members of the Association of Southeast Asian Nations — appear ready to conclude nearly 30 rounds of negotiations when they meet this weekend in Bangkok. India is the main holdout.