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100 plus consultations held on RCEP in 6 years
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SME Times News Bureau | 24 Aug, 2019
The central government has held
over 100 consultations with stakeholders on the proposed Regional
Comprehensive Economic Partnership (RCEP), in the last six years.
According
to the Ministry of Commerce & Industry, consultations were held to
seek industry inputs for formulating India's interests in a wide
spectrum of the economy, including agriculture, chemicals,
petrochemicals, pharmaceuticals, plastics, textiles, ferrous and
nonferrous metals, automobiles and machinery.
The RCEP, the mega
trade partnership, is a proposed free-trade agreement (FTA) between 10
member states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the
Philippines, Singapore, Thailand and Vietnam) of the Association of
Southeast Asian Nations (ASEAN) and its six FTA partners (China, Japan,
India, South Korea, Australia and New Zealand).
The RCEP negotiations began in November 2012 in Cambodia.
Accordingly,
the Commerce Department has recieved industry feedback in the areas of
"rules of origin, sanitary and phytosanitary, and technical barriers to
trade, anti-dumping, countervailing duties, safeguards measures and
intellectual property rights (IPR)".
"The consultations, in
recent times, also included interactions with stakeholders under the
guidance of Minister for Commerce and Industry & Railways, Piyush
Goyal," the ministry said in a statement.
"State governments are
also important stakeholders in these negotiations. Recognising this, the
Commerce Secretaries have held regular engagements with the Chief
Secretaries and other officials of states on various aspects of RCEP to
make them aware of the developments and encouraged to further interact
with industry and other stakeholders," it said.
In 2017, the
prospective RCEP member states accounted for 3.4 billion people with a
gross domestic product (GDP at purchasing power parity) of $49.5
trillion, 39 per cent of the global GDP. The combined GDPs of India and
China accounted for more than half of that.
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