Table of Contents
RCEP
- RCEP is a proposed regional economic integration agreement among the 10 Asean countries and their 6 free-trade agreement (FTA) partners —Australia, New Zealand, Japan, China, South Korea and India.
- 47.4% of the global population
- 32.2% of the global economy
- 29.1% of global trade
- Policymakers will soon take a call on India’s position.
- RCEP negotiations began in November 2012.
- RCEP negotiations have entered the final stage.
- India’s concern is China’s dumping.
- Various ministries have expressed their reservations.
- New Delhi had said that an RCEP agreement will be acceptable only if it addresses the existing level of trade imbalance, especially with China.
- India’s trade deficit with the 16- member trade grouping is $105.2 billion, of which $53.6 billion is with China.
- India had then insisted that RCEP negotiations cannot conclude until its demands on duty cuts and crossborder movement of professionals are met.
- Especially removal of restrictions by China for its information technology companies.
- Experts say India can benefit from the agreement if it has the requisite safeguards in place to secure its interests.
- New Delhi has begun drawing up a list of products on which it can offer duty concessions to the 15 other Asia Pacific member countries.
- Goyal is also scheduled to hold bilateral meetings with his counterparts from Japan, Singapore, China, Indonesia, Australia, New Zealand, Philippines, Thailand and Russia.
- Without RCEP, India’s integration with fast growing Asia will be
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