ForumIAS announcing GS Foundation Program for UPSC CSE 2025-26 from 19 April. Click Here for more information.
ForumIAS Answer Writing Focus Group (AWFG) for Mains 2024 commencing from 24th June 2024. The Entrance Test for the program will be held on 28th April 2024 at 9 AM. To know more about the program visit: https://forumias.com/blog/awfg2024
‘India’s concerns slowing RCEP talks’ :
(RCEP sluggish talks concerns India)
Context :
- India’s reservations regarding the potential adverse impact of eliminating duties on its local manufacturing and job creation is understood to be slowing down the Regional Comprehensive Economic Partnership (RCEP) negotiations.
RCEP :
- The RCEP is a proposed mega Free Trade Agreement (FTA) involving 16 Asia Pacific nations including India and China.
- The RCEP aims to liberalize investment norms in the region, besides boosting trade by dismantling most tariff and nontariff barriers.
- Asia Pacific is a fast growing region, but trade between countries in the region is affected by several barriers.
- If RCEP talks are not concluded quickly and these barriers are not eliminated, the region will miss out on many opportunities.
Rising concerns :
- Indian companies and industry bodies, including Confederation of Indian Industries (CII), flagged their concerns.
- The Centre’s ‘Make In India’ initiative to boost manufacturing and job creation can get hit by a hurried pact.
- Post India’s FTA with ASEAN, Japan and Korea, India’s trade deficit with them have increased, and the government needs to take this into account during RCEP negotiations.
- Eliminating duties under the RCEP will impact many sectors including steel, aluminum, auto-components, many engineering items and readymade garments.
- India is ought to highlight the need for removal of non-tariff barriers including those in China.
