{"id":9962,"date":"2019-09-08T15:29:06","date_gmt":"2019-09-08T09:59:06","guid":{"rendered":"http:\/\/factly.forumias.com\/?p=9962"},"modified":"2019-09-08T15:29:06","modified_gmt":"2019-09-08T09:59:06","slug":"rcep-trade-ministerial-meeting","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/rcep-trade-ministerial-meeting\/","title":{"rendered":"RCEP Trade Ministerial meeting"},"content":{"rendered":"\n<p><strong>News:<\/strong>Union Minister of Commerce &amp; Industry and Railways will be attending the 7th Regional Comprehensive Economic Partnership(RCEP) Ministerial Meeting in Bangkok.Thailand.<br><\/p>\n\n\n\n<p><strong>Facts:<\/strong><br><\/p>\n\n\n\n<p><strong>What is RCEP?<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>RCEP is a proposed regional free trade agreement (FTA) comprising of ASEAN countries (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their 6 FTA partners (India, China, Japan, South Korea, Australia and New Zealand).<\/li><\/ul>\n\n\n\n<p><strong>Aim:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>RCEP aims to boost goods trade by eliminating most tariff and non-tariff barriers \u2014 a move that is expected to provide the region\u2019s consumers greater choice of quality products at affordable rates.&nbsp;<\/li><li>It also seeks to liberalise investment norms and do away with services trade restrictions.<\/li><\/ul>\n\n\n\n<p><strong>Importance of RCEP:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The RCEP member countries represent 49% of the world\u2019s population and accounts for 30% of world GDP. It also makes up 29% of world trade and 26% of world FDI inflows.&nbsp;<\/li><li>It will also reduce the overlapping between Asian FTAs.<\/li><li>It will reduce the trade barriers in Asia and the new rules will be consistent with WTO agreements.<\/li><li>It will promote easier FDI flows and technology transfers by multinational corporations.<\/li><\/ul>\n\n\n\n<p><strong>India and RCEP:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Under RCEP negotiations,India has been asked to eliminate import duties on 92% of its traded goods with RCEP members.However,India has offered to eliminate tariffs on 80% of products.<\/li><li>Further,India is also concerned that the trade pact will allow greater access to Chinese goods which may have an impact on the Indian manufacturing sector.<\/li><\/ul>\n\n\n\n<p><strong>Significance of RCEP for India:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>India should join the RCEP as if India is left out of the RCEP,it would make its exports price uncompetitive with other RCEP members countries.<\/li><li>The rise in protectionism and non- tariff barriers and regulatory measures and the deadlock in WTO negotiations are also important reasons for India to join the RCEP agreement.<\/li><li>RCEP also has the potential to influence India\u2019s strategic and economic status in the Asia-Pacific region and help in fulfilment of India\u2019s Act East Policy<\/li><li>RCEP will facilitate Indian companies to access new markets. Further, it will give a boost to Foreign Direct Investment(FDI).<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/aTbnnBW2rkwdphVHFvcxBbtxLTx6gQqCu7gZTZAnBq2goBYcJQVFr19_WP9IBpT3Nw9pdZKd7vWLK8WMYKyHTp_UkMzJM5KmFCJFsCgcw8Zalx_KhP9PGaSJp25qJTA-q5c8hDIC\" alt=\"\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>News:Union Minister of Commerce &amp; Industry and Railways will be attending the 7th Regional Comprehensive Economic Partnership(RCEP) Ministerial Meeting in Bangkok.Thailand. Facts: What is RCEP? RCEP is a proposed regional free trade agreement (FTA) comprising of ASEAN countries (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their 6 FTA partners&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/rcep-trade-ministerial-meeting\/\">Continue reading <span class=\"screen-reader-text\">RCEP Trade Ministerial meeting<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[164],"tags":[42,697],"class_list":["post-9962","post","type-post","status-publish","format-standard","hentry","category-international-relations-daily-factly-articles","tag-india","tag-rcep","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704868498},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/9962","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=9962"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/9962\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=9962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=9962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=9962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}