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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 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

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, 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

If India's concerns addressed by RCEP, Govt may take call on what needs to done: Jaishankar

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

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

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

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If India's concerns addressed by RCEP, Govt may take call on what needs to done: Jaishankar

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