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New Delhi [India], May 20 (ANI): A recent Certified Practising Accountant (CPA) Australia survey has revealed an overwhelming optimism among <keyword id="21735155" type="General" weightage="100" keywordseo="Indian-small-businesses" source="keywords">Indian small businesses</keyword>, with 84 per cent anticipating continued growth in 2024, significantly surpassing the market average of 70 per cent. Despite global <keyword id="20413867" type="General" weightage="20" keywordseo="economic-uncertainties" source="keywords">economic uncertainties</keyword>, 80 per cent of Indian respondents remain confident about the local economy's prospects for 2024, well above the survey average of 65 per cent. This buoyant outlook has been on an upward trajectory since 2022, highlighting the resilience and dynamism of India's small business sector. <keyword id="21735156" type="General" weightage="20" keywordseo="CPA-Australia-survey" source="keywords">CPA Australia survey</keyword> showed a rise in the growth rate of Indian <keyword id="390673" type="General" weightage="20" keywordseo="small-businesses" source="Orion">small businesses</keyword> from 73 per cent in 2022 to 77 per cent in 2023--the highest since 2019. Indian small businesses are riding a wave of optimism and growth, according to <keyword id="21735157" type="General" weightage="20" keywordseo="CPA-Australia" source="keywords" meta.keywordsubtype="org" meta.entityname="CPA Australia" meta.hostid="261" meta.entityid="CPA Australia">CPA Australia</keyword>'s latest annual Asia-Pacific Small Business Survey. The survey reveals that over three-quarters of Indian small businesses reported growth in 2023, surpassing pre-pandemic levels and making India's small business sector one of the most dynamic and fastest-growing in the Asia-Pacific region. Prafulla Chhajed, a CPA member of CPA Australia in India, emphasized the critical role of Micro, Small, and Medium-sized Enterprises (<keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) in driving India's economic success. Chhajed said, "Micro, Small and Medium-sized Enterprises (MSMEs) are making a significant contribution to India's economic success. Not only is India's rapid economic growth and improving business environment boosting their confidence, support from the government ranging from digitalisation to access to funds, is assisting businesses to recover from the pandemic." He further said, "India's small businesses are enthusiastically improving their performance through innovation, adopting technologies, and building connections with overseas markets. 'Good staff' was nominated as the top positive factor that benefited India small business performance in 2023. It explains why Indian respondents have been so willing to add new employees over the past two years". "This year the pace in jobs creation by small businesses is expected to slow, although remain high in comparison to other markets. This is most likely due to a combination of factors including increasing levels of automation and rising labour costs," he added. However, Chhajed cautioned that the pace of job creation might slow down due to rising automation and labor costs, though it will still remain high compared to other markets. The survey highlighted several challenges faced by Indian small businesses, including increasing costs, competition, and cashflow difficulties. Staff and material costs were particularly detrimental in 2023, rising slightly from the previous year. To cope with these expenses and support growth, 68 per cent of small businesses sought external funding last year, though this figure dropped 20 percentage points from 2022. This year, 81 per cent plan to seek finance, despite tougher financing conditions. Only 42 per cent of respondents found it easy to secure funds in 2023, a sharp decline from 69 per cent in 2022. This trend is expected to continue, with just 43 per cent anticipating ease in accessing funds this year, down from 64 per cent previously. "Difficulty in accessing finance is a common challenge for small businesses worldwide. Though government loans like <keyword id="20151906" type="General" weightage="20" keywordseo="pradhan-mantri-mudra-yojana" source="keywords">Pradhan Mantri MUDRA Yojana</keyword> (PMMY) helps to foster entrepreneurship by offering financial support, MSMEs should not solely rely on borrowing to fund their long-term development, particularly in a high-interest rate environment", Chhajed explained. A significant number of Indian small businesses focused on managing costs and cash flow last year. Among the technologies they invested in, accounting software was particularly popular, with 23 per cent adoption. Professional advice was also sought frequently, with 34 per cent consulting accountants and 38 per cent seeking advice from friends and family. "Indian MSMEs are very competitive in many areas such as digitalisation and innovation, now they should focus on cost management and cashflow to increase their financial return. It's wise to use accounting software to control cost and analyse financial performance regularly. Further, financial experts like qualified accountants may provide professional advice to small businesses to manage technical issues like taxation and improve financial performance", Chhajed suggested. Indian small businesses also show a strong inclination towards innovation and global expansion. Leading the 11 surveyed markets, 34 per cent of respondents expect substantial revenue growth from overseas markets this year, significantly higher than the survey average of 19 per cent. Additionally, 44 per cent plan to introduce new products or services, compared to the market average of 29 per cent. Chhajed said, "The Indian government has established good platforms to bolster our MSMEs' global expansion, for example, international trade fairs for MSMEs. He added, "They could leverage these opportunities to connect with overseas customers and promote their novel products globally. Besides, our thriving digital economy also fosters MSMEs' innovation and revolution in the digital era." The survey gathered insights from 4,222 small businesses across 11 Asia-Pacific markets, including 505 respondents from India, providing a comprehensive overview of the region's small business landscape. (ANI)

84% of Indian small businesses anticipate robust growth in 2024: CPA Australia survey

<ul><li>The <keyword id="1140805" type="COMPANY" weightage="20" keywordseo="Regional-Comprehensive-Economic-Partnership">Regional Comprehensive Economic Partnership</keyword> (RCEP) is a trade pact between 16 countries.</li><li>Negotiations that lasted for seven years have concluded and India has decided to opt out of the pact.</li><li>Indian industry fears that it will be outrun by foreign competition because of RCEP.</li></ul> India has decided not to sign the Regional Comprehensive Economic Partnership (RCEP) after negotiations that lasted for seven years. The free-trade agreement was being negotiated between Australia, China, India, Japan, New Zealand and Korea on one side and the 10 South East Asian countries⁠— Indonesia, Thailand, Singapore, Malaysia, the Philippines, Vietnam, Myanmar, Brunei, Cambodia, Laos⁠— on the other. The idea behind RCEP is to make trade easier and tariffs lower for exporters from these countries. However, Indian companies are afraid that this agreement will give foreign players a free ride in the Indian market and put homegrown companies at a disadvantage. But that is all free trade is all about⁠—- increased competition, better deal for consumers, and weeding out the inefficient. But policies can’t entirely stand on ideology. It has to account for ground realities. The five sectors in India that would have taken most of the hit from increased competition due to RCEP are textiles, dairy, steel, automobiles, and agricultural products. Out of these five textiles and steel have already lost a lot of export competitiveness in recent years. Car makers have been crushed under collapsing demand at home⁠— sales have been declining for months together. The entry of foreign companies would have further squeezed the space. Dairy has been a big point of contention. India is the world’s biggest consumer of milk and milk products and many Indian political outfits⁠— even those close to the government⁠— have sought to keep dairy out of the RCEP. 
 
 
 
 
 
 
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 All these are sectors that employ a lot of people and if Indian companies fail to match foreign competition it may lead to large scale unemployment, which is already very high. “Indian industry will have more to lose than gain if it agrees to a liberal tariff elimination schedule especially with respect to China.A separate tariff schedule for different partner countries has already been rejected by member countries," an earlier Niti Aayog report said. 
 
 
 
 
 
 
 
 
 
 
 
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 "At a time of growing protectionism and US’s stance towards China opening our market to China can be prove to be disastrous given proper standards and processes are not in place in India. Trade agreements are a means to promote bilateral trade, with both parties benefiting as a result of trade complementarities. With China, India’s trade seem to be very skewed and China’s capacity overhang in most sectors may lead to a surge of imports into India with very limited access for Indian exports into the chinese market,” the report added. SEE ALSO: <a href="https://www.businessinsider.in/education/news/indian-medical-students-will-now-have-to-learn-mandarin-to-study-in-china/articleshow/71498284.cms" data-type="tilCustomLink" target="_blank">Indian medical students will now have to learn Mandarin to study in China</a> <a href="https://www.businessinsider.in/international/news/the-five-points-that-xi-jinping-and-narendra-modi-could-discuss-at-mamallapuram/articleshow/71540430.cms" data-type="tilCustomLink" target="_blank">Xi Jinping arrives in India — here's a look at 5 contentious issues between India and China</a>

Here's why India decided to stay out of RCEP— a free trade agreement

<ul><li><keyword id="6356597" type="PERSON" weightage="20" keywordseo="suresh-prabhu">Suresh Prabhu</keyword>, the Union Minister for Commerce and Industry, will be participating in negotiations for the <keyword id="1140805" type="COMPANY" weightage="20" keywordseo="Regional-Comprehensive-Economic-Partnership">Regional Comprehensive Economic Partnership</keyword> (RCEP) in Singapore. </li><li>The trade ministers of 15 other countries in the region will meet to discuss ways to move forward with the <keyword id="53587" type="ORGANIZATION" weightage="20" keywordseo="Free-trade">free trade</keyword> treaty, which requires all signatories to eliminate around 90% of tariffs with one another. </li><li>In August 2018, India decided against pulling out of the RCEP despite fears that it would be compelled to grant more market access to China if it were to sign the treaty.</li></ul>The Indian government <a href="http://www.pib.nic.in/PressReleseDetail.aspx?PRID=1552433">announced</a> yesterday that Suresh Prabhu, the Union Minister for Commerce and Industry, will be participating in negotiations for the Regional Comprehensive Economic Partnership (RCEP), an Asia-Pacific trade deal, this week in Singapore. Trade ministers of 15 other countries in the region will meet to discuss ways to move forward with the free trade treaty, which requires all signatories to eliminate around 90% of tariffs with one another. If ratified, the trade treaty would enable the creation of the world’s largest trading bloc, covering around 40% of global trade. Given its particular emphasis on free trade in services and cross-border movement of labour, the agreement is of major significance to India, since it derives 55% of its GDP from the services sector, according to the commerce ministry. In August 2018, India decided <a href="https://www.businessinsider.in/india-has-decided-not-to-pull-out-from-a-big-asia-pacific-trade-treaty-but-on-a-few-conditions/articleshow/65560158.cms">against pulling out</a> of the RCEP despite fears that it would be compelled to grant more market access to China if it were to sign the treaty. As Prabhu heads to Singapore, he will continue to lobby for specific restrictions with respect to China, with which India has a <a href="https://www.businessinsider.in/china-is-offering-india-a-softball-solution-to-the-two-countries-staggering-trade-imbalance/articleshow/64257524.cms">burgeoning trade deficit</a>. These include a request for a longer time period over which to eliminate tariffs with China. India’s objections have reportedly led to a delay in the collective signing of the treaty. Exactly 24 multilateral discussions on the RCEP have taken place so far, with the <a href="http://pib.nic.in/newsite/PrintRelease.aspx?relid=183241">previous round </a>coming at the end of October in New Zealand. At the Auckland round, India’s request for a specific arrangement with China was <a href="https://www.business-standard.com/article/economy-policy/pm-modi-bracing-for-tough-rcep-meet-in-singapore-next-week-118111100010_1.html">shot down</a> by other countries. The RCEP is an important component of India’s Act East Policy as it dovetails with the country’s existing free trade deals with ASEAN members and will help Indian companies, especially those in IT and professional services, become more integrated in regional production networks. India is expected to do what it can to ensure the conclusion of the trade deal. This will, however, require compromises on its part. The latest RCEP talks come alongside the ASEAN Summit, which is being attended by India’s Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>. In addition to reiterating India’s commitment to a regional trade deal and addressing a fintech conference, Modi is expected to meet US Vice-President Mike Pence and discuss a number of issues, including the prospect of a waiver from sanctions on Iranian oil purchases and the next phase of US-India defence cooperation. SEE ALSO: <a href="https://www.businessinsider.in/india-has-decided-not-to-pull-out-from-a-big-asia-pacific-trade-treaty-but-on-a-few-conditions/articleshow/65560158.cms">India has decided not to pull out from a big Asia-Pacific trade treaty, but on a few conditions</a> <a href="https://www.businessinsider.in/indian-products-can-be-more-competitive-in-the-shadow-of-the-us-china-trade-war/articleshow/65294615.cms">Indian products can be more competitive in the shadow of the US-China trade war</a> <a href="https://www.businessinsider.in/china-is-offering-india-a-softball-solution-to-the-two-countries-staggering-trade-imbalance/articleshow/64257524.cms">China is offering India a softball solution to the two countries’ staggering trade imbalance</a>

India to make a renewed push for an important regional trade treaty that will create the world’s largest trading bloc

<ul><li>A group of ministers, led by commerce minister <keyword id="6356597" type="PERSON" weightage="20" keywordseo="suresh-prabhu">Suresh Prabhu</keyword>, have decided to stay within the <keyword id="1140805" type="COMPANY" weightage="20" keywordseo="Regional-Comprehensive-Economic-Partnership">Regional Comprehensive Economic Partnership</keyword>. </li><li>The treaty - which covers all 10 ASEAN countries along with India, <keyword id="1334" type="COUNTRY" weightage="20" keywordseo="China">China</keyword>, New Zealand, Australian, Japan and South Korea - requires signatories to eliminate tariffs with each other. </li><li>However, India has proposed to cut tariffs on only 74% of the goods that it trades with China. </li></ul>It is no secret that India wants to play a more central role in <keyword id="53564" type="LOCATION" weightage="20" keywordseo="Southeast-Asia">Southeast Asia</keyword>, based on its Act East Policy, and now its made a decisive step in direction by choosing to stay within the the Regional Comprehensive Economic Partnership (RCEP), a free trade agreement comprising 16 countries in the Asia Pacific region. The decision follows months of speculation over whether or not the Indian government should pull out from the treaty. The treaty requires all signatories to eliminate tariffs with each other. It covers all 10 countries in the Association of Southeast Asian Nations (ASEAN) along with India, China, Australia, Japan, South Korea and New Zealand. Together, the 16 countries account for nearly 30% of global trade and 45% of the world’s population. If ratified by all members, the treaty will lead to the creation of the world’s largest <keyword id="2338714" type="PERSON" weightage="20" keywordseo="trade-bloc">trade bloc</keyword>. In April 2018, a research note published by <keyword id="2665691" type="COMPANY" weightage="20" keywordseo="Niti-Aayog">NITI Aayog</keyword>, the government’s think tank, criticised the free trade agreement, saying that India would be forced to grant more market access to China, with which it already has a huge trade deficit, if it were to sign. And as a result, the flood of Chinese imports, especially in most segments where China boosts superior manufacturing capacity, would erode the competitiveness of Indian producers. Conversely, India’s exports would have limited traction in China. The conditions for staying As criticism of the RCEP mounted, the government set up a special <a href="https://www.financialexpress.com/economy/government-to-set-up-gom-to-look-at-regional-comprehensive-economic-partnership-issues/1271564/">group of ministers</a>, led by trade minister Suresh Prabhu, to assess the implications of signing the treaty. The committee decided that India will stay in the treaty, but on a few conditions. It won’t be able to eliminate all tariffs with countries with which it does not already have a bilateral free trade agreement, namely China, Australia and New Zealand. A government official told <a href="https://www.livemint.com/Industry/JYHbei7aTvTi23ojHwhfDL/India-allays-exit-fears-to-remain-engaged-in-RCEP.html">Mint </a>that India would only be able to cut tariffs on 74% of goods that it trades with these countries. Additionally, any tariff elimination on more than 86% of goods traded with a specific country will have to be discussed individually with that country’s government. India has currently agreed to waive tariffs on 86% of goods with all 10 ASEAN countries along with Japan and Korea. However, most nations are clamouring for a 92% elimination. India will set forth the conditions at the upcoming meeting of the RCEP in Singapore on <a href="https://economictimes.indiatimes.com/news/economy/foreign-trade/rcep-trade-ministers-to-meet-on-aug-30-31-in-singapore/articleshow/65373775.cms">30 and 31 August</a>. Negotiations on the treaty have been going on since 2012 and were expected to conclude by the end of this year. However, this will likely be pushed to 2019 as a number of issues are resolved including exclusion of the metals sector from the treaty and access for skilled professionals.

India has decided not to pull out from a big Asia-Pacific trade treaty, but on a few conditions

<ul class="summary-list"><li>AmChams from four countries are calling on Biden to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.</li><li>The CPTPP is an outgrowth of the <a href="https://ustr.gov/trade-agreements/free-trade-agreements/trans-pacific-partnership/tpp-full-text">Trans-Pacific Partnership</a>, a 12-country trade agreement that was signed by President Obama in 2016.</li></ul>As <keyword id="11909682" type="UNKNOWN" weightage="60" keywordseo="president-biden" source="Orion">President Biden</keyword> heads to New Zealand next week to attend the Asia Pacific Economic Cooperation Leaders' Meeting, the American Chamber of Congresses from Singapore, Malaysia, Vietnam, and New Zealand are urging him to consider joining a sweeping international trade deal former President Trump <a href="https://ustr.gov/sites/default/files/files/Press/Releases/1-30-17%20USTR%20Letter%20to%20TPP%20Depositary.pdf">withdrew from in 2017. </a>The American Chamber of Congresses from Singapore, Malaysia, Vietnam, and New Zealand released a joint statement on Friday urging Biden to use the upcoming APEC event to announce his commitment to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The combined AmChams represent hundreds of American businesses across the <keyword id="11911497" type="UNKNOWN" weightage="60" keywordseo="apac" source="Orion">APAC</keyword> region. The current CPTPP is an outcropping of the <a href="https://ustr.gov/trade-agreements/free-trade-agreements/trans-pacific-partnership/tpp-full-text">Trans-Pacific Partnership</a>, a 12-country trade agreement signed by President Obama in 2016 but <a href="https://www.brookings.edu/blog/unpacked/2017/03/24/trump-withdrawing-from-the-trans-pacific-partnership/">never ratified by Congress.</a> Republicans - and some <a href="https://www.theguardian.com/business/2015/jan/20/barack-obama-trans-pacific-partnership-republicans">Democrats</a> - argued the TPP would move US jobs overseas and only benefit large corporations while increasing the US trade deficit.In his first week in office, Trump withdrew from the deal."We're going to stop the ridiculous trade deals that have taken everybody out of our country and taken companies out of our country, and it's going to be reversed," Trump said at the time, reported <a href="https://www.nytimes.com/2017/01/23/us/politics/tpp-trump-trade-nafta.html">The New York Times</a>. "I think you're going to have a lot of companies come back to our country."Following US withdrawal, the remaining 11 member states - Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam - <a href="https://www.reuters.com/article/us-trade-tpp-idUSKCN1GK0JM">signed</a> the renamed Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Next week's APEC meeting would be an ideal time to announce a US recommitment to the agreement, the AmCham consortium said."Even after the United States withdrew from the agreement, the remaining countries kept the cornerstones of the agreement intact by including tough rules of origin, reducing tariffs, making supply chains more resilient, and agreeing on accession procedures for new candidates," it said in a statement. "Just as AmChams were the first US business associations to call for the Obama Administration to join TPP, as we saw first-hand the strategic and economic imperative to do so, the AmChams once again call on the Biden Administration to join the CPTPP, as the strategic and economic imperatives to do so are even greater now," Steven Okun, Senior Advisor at McLarty Associates and former Chair of AmCham Singapore, told Insider. The bid to have the US rejoin the agreement comes as <a href="https://www.cnbc.com/2021/09/27/analysts-on-chinas-bid-to-join-cptpp-strategic-competition-with-us.html">China formally applied</a> to join the CPTPP after several years of <a href="https://asia.nikkei.com/Politics/International-relations/Xi-says-China-will-consider-joining-TPP">President Xi Jinping expressing interest.</a>

You Searched For "Regional Comprehensive Economic Partnership" and got 5 results

84% of Indian small businesses anticipate robust growth in 2024: CPA Australia survey

ANI

Here's why India decided to stay out of RCEP— a free trade agreement

Sriram Iyer

India to make a renewed push for an important regional trade treaty that will create the world’s largest trading bloc

Dilsher Dhillon

India has decided not to pull out from a big Asia-Pacific trade treaty, but on a few conditions

Dilsher Dhillon

American Chambers of Commerce across Asia are urging Biden to sign on to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership

Julie Gerstein

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