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<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

New Delhi, Dec 16 () India's stand not to join the Regional Comprehensive Economic Partnership (RCEP) deal will help vulnerable sectors, including dairy and farmers as well as small manufacturers who would have been "threatened" by the RCEP rules, the Commerce and Industry Ministry said on Monday.
 "In order to ensure interests of the Indian industry and farmers in FTAs India successfully laid out its stand in Regional Comprehensive Economic Partnership (RCEP). India's key concerns were not addressed. India took a strong stance to protect the interest of domestic producers.
"This decision will help vulnerable sectors including farmers and the dairy sector as well as small manufacturers, who would have been threatened by RCEP rules," the ministry said in a statement highlighting its initiatives and achievements of the 2019 year.
 It said India has also secured agreement for review of ASEAN FTA (ASEAN-India Free Trade Area-AIFTA) after repeated follow up, which will help in removing rules that affect Indian producers and exporters and will also promote Indian exports and Make in India.
 On the India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA), the ministry said its completion of negotiation will enable trade promotion between the two countries.
 The ministry also informed that the Multi-Modal Transportation of Goods Bill, 2019 which aims at facilitating the movement of goods for exports, imports and domestic trade, has been finalised for approval and will help to fix accountability and liabilities for violation of its provisions. RSN MR
MR

India's stand at RCEP to help vulnerable sectors: Commerce Min

New Delhi, Nov 15 () Finance Commission Chairman N K Singh on Friday said the current economic slowdown is episodic and expressed hope that sluggishness will not continue for long. 
India's economic growth hit a six-year low of 5 per cent in the first quarter of the current fiscal. It is estimated that the growth may further slip to below 5 per cent in the second quarter and overall the economy is likely to register a less than 5 per cent expansion for the full fiscal.
 "I do not regard that the current economic sluggishness is something that the country is going to experience for too long. I remain optimistic that the current slowdown is as much as anecdotal, episodic as much as cyclical and structural," he said at an event here.
Singh, however, stressed that India should continue with both structural and cyclical reforms.
On Regional Comprehensive Economic Partnership (RCEP), he said global economic structure is changing, but India is not at a disadvantage.
 It is inherent that India was better off in a multilateral world than in a bilateral world, he said, adding that the country should continue to strengthen multilateral activity, but should also keep its own interests in mind.
 Earlier this month, India decided not to join the mega Regional Comprehensive Economic Partnership (RCEP) deal as negotiations failed to address New Delhi's concerns.
Pointing out that India improved overall budgetary resources to the health sector, he said there is scope for further improvement especially on the financing side.
The finance commission had constituted a group to study the health sector to holistically examine best international practices for the health sector and seek to benchmark framework to these practices for optimising benefits keeping in mind local issues.
 The panel is also evaluating the existing regulatory framework in the Health sector and examine its strength and weaknesses for enabling a balanced yet faster expansion of the health sector keeping in view India's Demographic profile. DP MKJ

Current economic slowdown episodic, says N K Singh

New Delhi, Nov 20 () The government told Lok Sabha on Wednesday that it did not join the mega free trade agreement RCEP as the grouping did not address the outstanding issues and concerns of India.
 Commerce and Industry Minister Piyush Goyal in a written reply to the House said that during the third RCEP Leaders Summit on November 4 in Bangkok, India stated that the current structure did not reflect its guiding principles or address the outstanding issues and concerns of India, in the light of which India did not join the agreement.
 The Regional Comprehensive Economic Partnership (RCEP) bloc comprised 10 Association of South East Asian Nations (Asean) group members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six FTA partners -- India, China, Japan, South Korea, Australia and New Zealand.
 He said that RCEP had provisions on trade remedies which also covers anti-dumping rules.
 "Moreover, India was seeking an automatic trigger safeguard mechanism (ATSM) for tackling import surges," he added.
 Replying to a separate question on start-ups, he said 7,141 start-ups are recognised by the DPIIT during this fiscal till November 5.
 Out of this, a maximum of 1,778 are from Maharashtra. It is followed by Karnataka with 1,374 start-ups, Delhi with 1,152 and Uttar Pradesh with 709.
 In terms of sector, a maximum of 1,351 start-ups are from IT sector. It is followed by healthcare (808), education (658), professional and commercial services (400) and finance technology (362). RR
RVK

RCEP did not address outstanding issues, concerns of India: Goyal

New Delhi, Feb 27 () New Zealand on Thursday said it will look forward to a bilateral trade agreement with India in case New Delhi does not join the China-backed mega trade deal RCEP. The Narendra Modi-led government in November decided not to join Regional Comprehensive Economic Partnership (RCEP) deal as negotiations failed to satisfactorily address New Delhi's "outstanding issues and concerns". However, the possibility of India joining the trade pact is open provided its concerns are addressed by the member nations. "I met with your minister of commerce (Piyush Goyal) yesterday and we discussed those issues. Of course, New Zealand and India have been busy for some years negotiating through the rubric of RCEP and we will know by the end of the year as to whether India chooses to stay out or participate in RCEP. "But if they don't participate in RCEP then we will obviously want to pursue a trading relationship through a different means," New Zealand's Minister for Trade and Export Growth David Parker said at a Ficci conference. Responding to issues concerning the opening of domestic dairy sector, he said New Zealand appreciates the concerns of the Indian dairy industry but expressed hope that some solutions could be arrived at through negotiations. "We know it is an issue of sensitivity to the Indian government on behalf of the people. We know that there is a real issue for India. The only way that a deal is eventually done is if it is mutually beneficial. How might that be done in respect of dairy. Well it would be good if it were a fact based argument". India's dairy industry -- the largest in the world -- had expressed apprehension that the RCEP trade pact would severely impact dairy farmers because of cheaper imports from Australia and New Zealand. Observing that New Zealand was disappointed after India did not join the conclusion of the RCEP negotiations, Parker said the disappointment was not only for lost bilateral opportunities but also because the nation believes there is a strategic benefit for India of being on the table when the regional trade rules are made. "We obviously seek a trade agreement that provides the framework for economic engagement that would facilitate more trade and investments," New Zealand's Minister for Trade and Export Growth said. The RCEP negotiations were launched by leaders from 10 ASEAN member states and six other countries -- India, China, Japan, South Korea, Australia and New Zealand during the 21st ASEAN Summit in Phnom Penh in November 2012. RSN CS MR

New Zealand for bilateral trade pact with India if New Delhi does not join RCEP

New Delhi, Dec 17 () Following are the top business stories at 1815 hours:
 
DEL74 BIZ-LD STOCKS
Sensex, Nifty scale fresh highs on trade optimism, FII inflows
Mumbai: Market gauges Sensex and Nifty hit new milestones on Tuesday as investors cheered easing trade war tensions and sustained foreign fund inflows. 
 
DEL73 BIZ-LD GST
Govt sets Rs 1.1 lakh cr monthly GST collection target; asks taxmen to buckle up
New Delhi: Amid concerns that the government may fall short of tax collection target in a slowing economy, the Centre has set an ambitious Rs 1.1 lakh crore monthly GST target for the remaining four months of the current fiscal and asked taxmen to step up efforts to achieve the goal. 
 
DEL59 BIZ-TELECOM-CALL CHARGE
Six paise per min charge on outgoing calls to other networks extended till Dec 2020: Trai
New Delhi: Telecom regulator Trai on Tuesday said 6 paise per minute charge on mobile calls be made on competitors' networks will continue till December 31, 2020.
 
DEL34 BIZ-PREBUD-INDUSTRY
Industry demands export promoting measures, simplification of labour laws 
New Delhi:Finance Minister Nirmala Sitharaman on Tuesday held discussions on regulatory environment impacting private investment and measures for promoting exports in a pre-budget consultation with stakeholder groups from industry, trade and services sectors. 
 
DCM27 BIZ-JAYPEE-NBCC
Jaypee Infra: Lenders, home buyers approve NBCC's bid
New Delhi: Jaypee Infratech's financial creditors, including lenders and home buyers, have approved the bid of state-owned NBCC to acquire the debt- laden realty firm under insolvency process, according to sources.

DCM19 BIZ-GST-COUNCIL-MEET
GST Council to meet on Wed amidst talk of rate hike to meet revenue shortfall
New Delhi: The GST Council will meet on Wednesday to review the taxation structure for shoring up the revenue as lower-than-expected collections has led to a delay in compensation payment to states.
 
DCM6 BIZ-GOYAL-FTA
Govt decides to go slow on FTAs to avoid RCEP-like impasse 
New Delhi: India will not sign any free trade agreement in a hurry or to the disadvantage of industry and exporters, Union minister Piyush Goyal said on Tuesday, more than a month after the country walked out of the China-backed mega trade deal RCEP. 
 
 
 
 
 SHW
RVK

Business highlights

<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

New Delhi, Dec 1 () Japan on Sunday gave clear indications that efforts were on to make India join the ambitious Regional Comprehensive Economic Partnership (RCEP), saying all member countries of the grouping were committed to address New Delhi's concerns.
 After years of negotiations, India last month pulled out of the proposed RCEP over unresolved "core concerns" at a summit meeting of the participating countries, saying the proposed pact in its current form would have adverse impact on lives and livelihoods of all Indians.
 A spokesperson of the Japanese government said Prime Minister Narendra Modi explained India's position on the RCEP during a meeting with Japanese Foreign Minister Toshimitsu Motegi and Defence Minister Taro Kono on Saturday.
 In the meeting, the Japanese ministers explained Tokyo's views on the matter, Deputy Press Secretary in Japan's Ministry of Foreign Affairs Atsushi Kaifu told reporters while referring to a statement issued by RCEP countries in Bangkok on November 4.
 The two Japanese ministers were here to attend the first edition of Indo-Japan defence and foreign ministerial dialogue.
 When asked whether efforts are on to address India's concerns and whether Japan was hopeful of New Delhi joining the grouping, Kaifu said the RCEP statement mentioned that all negotiating countries will work together to resolve outstanding issues.
 "It was mentioned that efforts will be made to address India's concerns," he said when asked whether back-channel talks are on to convince New Delhi to join the RCEP.
 The negotiations for the proposed free-trade agreement included 10 member countries of the Association of Southeast Asian Nations (Asean) and six of the bloc's dialogue partners -- China, Japan, South Korea, India, Australia and New Zealand.
 In their statement, 15 RCEP participating countries said that they concluded text-based negotiations for all 20 chapters and that the deal could be signed early next year.
 In the RCEP summit in Bangkok, Modi conveyed India's decision not to join the RCEP deal at a summit meeting of the 16-nation bloc, effectively wrecking its aim to create the world's largest free trade area having half of the world's population. MPB RT

Japan indicates efforts on to address India's concerns over RCEP

<keyword id="1334" type="COUNTRY" weightage="20" keywordseo="China">China</keyword> and 14 other countries have agreed to set up the world's largest trading bloc, encompassing nearly a third of all economic activity, in a deal many in Asia are hoping will help hasten a recovery from the shocks of the pandemic. The Regional Comprehensive Economic Partnership, or RCEP, is to be signed virtually on Sunday on the sidelines of the annual summit of the 10-nation Association of Southeast Asian Nations. After eight years of negotiating with blood, sweat and tears, we have finally come to the moment where we will seal the RCEP Agreement," Malaysia's trade minister, Mohamed Azmin Ali, said in a statement. The deal sends a signal that RCEP countries have chosen to open our markets instead of resorting to protectionist measures during this difficult time," he said. The accord will take already low tariffs on trade between member countries still lower, over time, and is less comprehensive than an 11-nation trans-Pacific trade deal that President Donald Trump pulled out of shortly after taking office. It includes the 10 nations belonging to the Association of Southeast Asian Nations, China, Japan, South Korea, Australia and New Zealand, but not the United States. Officials said the accord leaves the door open for India, which dropped out due to fierce domestic opposition to its market-opening requirements, to rejoin the bloc. It is not expected to go as far as the European Union in integrating member economies but does build on existing free trade arrangements. The deal has powerful symbolic ramifications, showing that nearly four years after Trump launched his America First" policy of forging trade deals with individual countries, Asia remains committed to multi-nation efforts toward freer trade that are seen as a formula for future prosperity. Ahead of Sunday's RCEP special summit" meeting, Japanese Prime Minister Yoshihide Suga said he would firmly convey his government's support for broadening a free and fair economic zone, including a possibility of India's future return to the deal, and hope to gain support from the other countries. The accord is also a coup for China, by far the biggest market in the region with more than 1.3 billion people, allowing Beijing to cast itself as a champion of globalisation and multilateral cooperation" and giving it greater influence over rules governing regional trade, Gareth Leather, senior Asian economist for Capital Economics, said in a report. Now that Trump's opponent Joe Biden has been declared president-elect, the region is watching to see how U.S. policy on trade and other issues will evolve. Analysts are skeptical Biden will push hard to rejoin the trans-Pacific trade pact or to roll back many of the U.S. trade sanctions imposed on China by the Trump administration given widespread frustration with Beijing's trade and human rights records and accusations of spying and technology theft. Critics of free trade agreements say they tend to encourage companies to move manufacturing jobs overseas. So, having won over disaffected rust-belt voters in Michigan and western Pennsylvania in the Nov. 3 election, Biden is not going to squander that by going back into TPP," Michael Jonathan Green of the Center for Strategic and International Studies said in a web seminar. But given concerns over China's growing influence, Biden is likely to seek much more engagement with Southeast Asia to protect U.S. interests, he said. The fast-growing and increasingly affluent Southeast Asian market of 650 million people has been hit hard by the pandemic and is urgently seeking fresh drivers for growth. RCEP originally would have included about 3.6 billion people and encompassed about a third of world trade and global GDP. Minus India, it still covers more than 2 billion people and close to a third of all trade and business activity. The United States-Mexico-Canada Agreement, or USMCA, the retooled version of the North American Free Trade Agreement under Trump, covers slightly less economic activity but less than a tenth of the world's population. The EU and Comprehensive and Progressive Trans-Pacific Partnership, the revised version of the deal Trump rejected, also are smaller. RCEP includes six of the 11 remaining CPTPP members. India balked at exposing its farmers and factories to more foreign competition. Among other concerns, Indian dairy farmers are worried about competition from New Zealand and Australian milk and cheese producers. Automakers fear imports from across the region. But overall the biggest fear is over a flood of manufactured goods from China. Trade and investment flows within Asia have vastly expanded over the past decade, a trend that has accelerated amid feuding between the U.S. and China, which have imposed billions of dollars' worth of punitive tariffs on each other's exports. The RCEP agreement is loose enough to stretch to fit the disparate needs of member countries as diverse as Myanmar, Singapore, Vietnam and Australia. Unlike the CPTPP and EU, it does not establish unified standards on labor and the environment or commit countries to open services and other vulnerable areas of their economies. But it does set rules for trade that will facilitate investment and other business within the region, Jeffrey Wilson, research director at the Perth USAsia Center, said in a report for the Asia Society.

China and other ASEAN countries sign the world's biggest trade pact – the door has been left open for India to rejoin the 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

New Delhi, Dec 17 () India will not sign any free trade agreement in a hurry or to the disadvantage of industry and exporters, Union minister Piyush Goyal said on Tuesday, more than a month after the country walked out of the China-backed mega trade deal RCEP.
 On November 4, Prime Minister Narendra Modi announced in Bangkok that India will not join RCEP as negotiations failed to address New Delhi's "outstanding issues and concerns".
Speaking at an event organised by CII, Goyal said the government took the bold decision in the national interest because clearly, the pact had become nothing but an India-China FTA which "nobody wants".
This, according to Goyal, was a bold decision "as for the first time it reflected the resolve of the government that diplomacy will not prevail over trade. Trade will stand on its feet, on its leg."
 The commerce and industry minister further said Indian business and industry have been put to disadvantage over the years and instead of addressing some of the real issues that industries face, more and more distress was caused to them.
 Simultaneously, India's export faced huge amount of trade barriers in other countries, he said.
 Goyal said after the 2010-11 FTAs were finalised, India's exports barely inched up while imports shot up drastically and therefore the country's trade imbalance became manifold.
 The minister said he has been told that "voice of industry did not resonate" when India signed FTAs during the previous government.
 "I can assure all of you that going forward, none of the FTAs will be settled in a hurry or will be settled to the disadvantage of Indian industry and exporters," he said.
 Referring to the proposed US-India trade pact, the minister said several rounds of engagements have taken place.
 "We are ensuring that even the first leg of our trade deal with them (the US) is for the benefit of both countries equitably," he said.
 On the Regional Comprehensive Economic Partnership (RCEP), Goyal said India's point of view was not being adequately addressed, national interest was being compromised and the country was not getting balanced outcomes. That is why India took the decision to stay out of RCEP.
 The minister also said walking out of RCEP does not mean that India does not want to be a part of the global value chain.
 "But are the global value chains only in China...global value chains are across the world," he said, and stressed "lets first prepare our industry" and empower those who want to be part of the global chain.
 He said industry should focus on becoming part of value chain with Europe, the US, ASEAN nations, Japan and Korea, among others.
 The minister also told the industry leaders present at the event that the government was working relentlessly to support and strengthen domestic manufacturing.
 He said India will have to prepare itself for a rules-based multilateral trading system and for that, it will have to look at ways which are WTO-compliant, support industry from the base and then stand on its own feet. NKD ANU
ANU

Govt decides to go slow on FTAs to avoid RCEP-like impasse

New Delhi, Nov 27 () The Centre has chalked out a plan envisaging an investment of Rs 100 lakh crore in the infrastructure sector over the next five years, Union Minister Piyush Goyal said on Wednesday.
 "The investment will transform availability and quality of infrastructure at airports, roads, highways, railways, ports... All infrastructure-related sectors (aviation, shipping, electricity, and oil &amp; gas) are going to see a huge thrust in the next five years," Goyal said.
 The railways and commerce &amp; industry minister said that "Rs 100 lakh crore in the next five years is not a small amount".
 He said the railways has drawn up a 12-year plan entailing an investment of Rs 50 lakh crore.
 "Rs 50 lakh crore in 12 years is an unheard of investment spree that the railways is planning. Obviously, the government cannot put in this kind of money so we will have to engage the private sector. We will have to work closely through the public-private partnership model," Goyal said at the India International Trade Fair here.
 The minister said Prime Minister Narendra Modi's decision not to join the mega trade deal Regional Comprehensive Economic Partnership (RCEP) was a bold decision to stand up to and protect the rights and the interests of the Indian business community and ensure fair access.
 "We cannot have a situation that India opens its markets to the world but we do not get an equal access, equal opportunity in the rest of the world. We have to engage with other countries to ensure non-tariff barriers do not stop our exports," Goyal said.
 He was addressing an awards ceremony organised by the India Trade Promotion Organisation here. RSN HRS

Govt chalks out plan for Rs 100-lakh cr investment in infra over 5 years: Goyal

New Delhi, Nov 28 () Union External Affairs Minister S Jaishankar on Thursday said in the Rajya Sabha that if India's concerns are addressed by the RCEP grouping, the government may take a call on what needs to done, otherwise the present stand will continue.
 The Regional Comprehensive Economic Partnership (RCEP) is a mega free-trade agreement (FTA) which was negotiated by 16 countries, including India and China.
 On November 4 in Bangkok, Prime Minister Narendra Modi took the call for not joining the RCEP agreement as its concerns were not addressed in the pact.
 The external affairs minister said if the country's concerns are not addressed, the current call will continue.
 "On RCEP, what will happen in the future is speculative. It depends on whether our concerns are addressed or not. So, if your concerns are addressed then obviously somebody will take whatever call needs to be taken. If they are not, then obviously the current call will continue," he said in the Rajya Sabha.
 Jaishankar said negotiations for the agreement, which started in Cambodian capital Phnom Penh in 2012, were not initiated by this government.
 "These negotiations have carried out for many years. What happens in a negotiation? You negotiate till a point comes when you have to take the decision. So, when we reached Bangkok, we had issues and concerns..." he said.
 At the Bangkok summit, the country had to assess whether its interests are adequately met in the set of outcomes or not.
 "We came to the conclusion (that) our concerns and the interests were not fully cleared," he said.
 "I believe it is a matter of pride, it is a positive thing that the prime minister actually looked at it and said it is not in the best interest of the nation and not the right time to go ahead with it," he added.
 He said the House should be welcoming to the prime minister who stood for the interest of the country and is willing to take tough decisions and not let pressure of international diplomacy hustle him into taking a decision which is not good for the country.
 "Members should be rest assured that this government and this prime minister will do what is right for the country on trade matters and on all other matters," he added.
 Talking about free-trade agreements of India, he said there is no in-principle opposition to do these pacts.
 He said every agreement must be judged on the basis of what it offers to India and whether India is gaining or not.
 "If India loses, we should not be hustled into it. If india gains, naturally (it is) in our interest to do it," he said.
 He added that in the past, India has signed a lot of FTAs and "today we are studying what has been the impact of these agreements on our economy and its a very mixed pitch. I have urged the partner countries to do review as well".
 The minister added that India is reviewing its agreement with ASEAN and it has also urged Japan to do the same.
 "So if an FTA offers us benefits, we are open minded about it," he said.
 The minister also said that India is open to resume the stalled negotiations for a free trade agreement with European Union.
 "There is a bilateral BTIA (Bilateral Trade and Investment Agreement) with EU. We are open to resume the FTA," he added.
 Further he said that there is a great deal of synchronisation between India's economic, financial and foreign policies.
 "This is a very very cohesive government . All of us work together so there are no mixed messages, discontinuity among us," he said. MSS RR MSS HRS

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