{"id":27645,"date":"2018-10-23T15:20:43","date_gmt":"2018-10-23T09:50:43","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=27645"},"modified":"2018-10-23T15:20:43","modified_gmt":"2018-10-23T09:50:43","slug":"breakthrough-achieved-in-rcep-talks-claims-india","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/breakthrough-achieved-in-rcep-talks-claims-india\/","title":{"rendered":"Breakthrough achieved in RCEP talks, claims India"},"content":{"rendered":"<p><a href=\"https:\/\/www.thehindu.com\/todays-paper\/tp-business\/breakthrough-achieved-in-rcep-talks-claims-india\/article24867580.ece\">Breakthrough achieved in RCEP talks, claims India<\/a><\/p>\n<p><strong><u>News:<\/u><\/strong><\/p>\n<ol>\n<li>Recently in 6<sup>th<\/sup> RCEP Ministerial meeting India achieved a greater success under Package of Substantial Deliverables.<\/li>\n<\/ol>\n<p><strong><u>Important Facts:<\/u><\/strong><\/p>\n<p>2. 6<sup>th<\/sup>RCEP Ministerial meeting was held in Singapore on 30 and 31<sup>st<\/sup> August, 2018.<\/p>\n<p><u>3. Major concerns of India for proceeding RCEP talks<\/u>:<\/p>\n<ul>\n<li>India has certain reservations, as RCEP includes China, with which it has a huge trade deficit.<\/li>\n<li>India had argued that, \u2018RCEP is not goods partnership alone, it\u2019s an economic partnership and services should be included.<\/li>\n<li>Many RCEP members want India to commit to abolish duties on 92% of goods.<\/li>\n<li>India may have to scrap duties on 74% of goods from China in the long run.<\/li>\n<li>India needs a grace time period to address concerns by domestic industry and resolve their fears of dumping of cheaper products by China.<\/li>\n<\/ul>\n<ul>\n<li>For China, India would seek a longer period for removal of duties on goods as the domestic industry is apprehensive about the presence of the neighboring country in the grouping.<\/li>\n<li>No concrete progress is made on Preferential Trade Agreement pending for last six years.<\/li>\n<\/ul>\n<p>4<u>. Important Outcomes of the RCEP meetings are: <\/u><\/p>\n<ul>\n<li>Agreement on free trade and addressing the growing protectionism around the world.<\/li>\n<li>Investor State Dispute Settlement (ISDS) mechanism, but only for limited sectors.<\/li>\n<li>Of 16 RCEP countries, India does not have FTA with 3 countries namely China, Newzeland and Australia. Provision for separate negotiation to address this issue.<\/li>\n<li>Linkage between services and goods negotiation accepted.<\/li>\n<\/ul>\n<p><u>5. Key demands of India accepted by members:<\/u><\/p>\n<ul>\n<li>20 years grace period to eliminate tariff on key items from China, Australia and New Zealand.<\/li>\n<li>Differential tariff regimes for different country groups.<\/li>\n<li>Link services \u2018inevitably\u2019 with the goods.<\/li>\n<li>No additional commitment on intellectual property rights beyond the TRIPS Agreement which are already accepted at WTO.<\/li>\n<li>6% margin for eliminating the tariff of 80% products depending on level of development of the other country as a part of the RCEP negotiations.<\/li>\n<li>Binding commitments for easier movement of professionals (called Mode 4 in trade parlance) in the region.<\/li>\n<\/ul>\n<p><u>6. Regional Comprehensive Economic Partnership\u00a0(RCEP):<\/u><\/p>\n<ul>\n<li>It is a 16 nation proposed\u00a0Free Trade Agreement\u00a0(FTA).<\/li>\n<li>It includes ten member states of Association of Southeast Asian Nations (ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam) and the six Asia-Pacific states with which ASEAN has existing FTAs (Australia, China, India, Japan, South Korea and New Zealand).<\/li>\n<li>An RCEP talk was launched in Phnom Penh in November 2012 for an agreement over the removal of customs duties on the maximum number of products traded between the member countries.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Breakthrough achieved in RCEP talks, claims India News: Recently in 6th RCEP Ministerial meeting India achieved a greater success under Package of Substantial Deliverables. Important Facts: 2. 6thRCEP Ministerial meeting was held in Singapore on 30 and 31st August, 2018. 3. Major concerns of India for proceeding RCEP talks: India has certain reservations, as RCEP&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/breakthrough-achieved-in-rcep-talks-claims-india\/\">Continue reading <span class=\"screen-reader-text\">Breakthrough achieved in RCEP talks, claims India<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-27645","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704769471},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/27645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=27645"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/27645\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=27645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=27645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=27645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}