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‘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.
