India \u2013 ASEAN\nTroika Trade Ministers\u2019 meeting was held in New Delhi today for informal\nconsultation on the ongoing Regional Comprehensive Economic Partnership (RCEP).\nThe meeting was attended by Union Minister of Commerce & Industry and\nRailways, Piyush Goyal,Acting Minister of Commerce of Thailand, Ms. Chutima\nBunyapraphasara, Minister of Trade of Indonesia, Enggartiasto Lukita, Secretary\nGeneral, ASEAN, Lim Jock Hoi and TNC Chair of RCEP, Iman Pambagyo. <\/p>\n\n\n\n
Addressing the\nmeeting Piyush Goyal said that India looks at RCEP as a logical extension of\nits Act East Policy and it holds enormous potential for economic growth and\nstability for the entire region. He said that inthe 26th<\/sup> round\nof RCEP negotiations at the Experts level,which has concluded recently in\nMelbourne, some progress has been achieved with member countries showing a degree\nof flexibility and accommodation. India too has shown significant flexibility\nduring the negotiations and helped to achieve convergence in few important\nareas. Two more chapters are close to conclusion, which will take the number to\n9 of the total 16 chapters. He expressed hope that the negotiations will\nachieve even greater convergence during the coming rounds in China and Vietnam.\n<\/p>\n\n\n\n Commerce and\nIndustry Minister said there is apprehension and pessimism in Indian industry\nabout the impact of previous Free Trade Agreements. India made\nasymmetrical sacrifice in goods, giving much more than it received. The promise\nof commensurate offers in services subsequently by ASEAN countries did not\nfructify. The surge in goods imports into India is accentuated by instances of\nnon-adherence to the Rules of Origin provisions and lack of full cooperation in\ninvestigating and addressing such breaches. The utilization of preferential\ntariffs by India under the India-ASEAN FTA is below 30% because of standards,\nregulatory measures and other non-tariff barriers in the region. <\/p>\n\n\n\n Market access\nissues with China for Indian goods have been particularly problematic. Indian\nIndustry is not convinced that RCEP will create a win-win situation for all by\nensuring balanced outcomes in an across the key pillars, particularly goods and\nservices. <\/p>\n\n\n\n The Commerce and\nIndustry Minister emphasized on adherence to the RCEP guiding principles to\nbalance high ambition on goods tariff reduction with addressing of sensitives\nin bilateral parings like India \u2013 China through temporary and permanent\ndeviations\/ exclusions becomes important. <\/p>\n\n\n\n He also stressed on\npossible mechanism to address persistent and wide imbalances in trade to give\ncomfort to stakeholders. Services negotiations must also target commensurate\nlevels of ambition, with offers covering most sub-sectors of interest in all\nmodes in a binding manner. <\/p>\n\n\n\n He said that\nconstraints and difficulties can be overcome easily even with a slight degree\nof mutual understanding and cooperation. <\/p>\n","protected":false},"excerpt":{"rendered":" India \u2013 ASEAN Troika Trade Ministers\u2019 meeting was held in New Delhi today for informal consultation on the ongoing Regional Comprehensive Economic Partnership (RCEP). The meeting was attended by Union Minister of Commerce & Industry and Railways, Piyush Goyal,Acting Minister of Commerce of Thailand, Ms. Chutima Bunyapraphasara, Minister of Trade of Indonesia, Enggartiasto Lukita, Secretary […]<\/p>\n","protected":false},"author":13,"featured_media":3643,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[45],"tags":[82],"offerexpiration":[],"class_list":["post-3642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles","tag-economy-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/3642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=3642"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/3642\/revisions"}],"predecessor-version":[{"id":3644,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/3642\/revisions\/3644"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/3643"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=3642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=3642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=3642"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/offerexpiration?post=3642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}