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RCEP will enhance trade and investment flow: Sharma
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SME Times News Bureau | 21 Aug, 2013
India has said the formation of the Regional Comprehensive Economic
Partnership (RCEP) will enhance flow of trade and investment, create
employment and bridge the development gaps among the 16 Asia-Pacific
countries.
Ministers of the 10 members of the Association of
Southeast Asian Nations (ASEAN) and their six regional partners (India,
Japan, China, South Korea, Australia and New Zealand) discussed at the
Brunei capital ways to proceed with negotiations on lowering and
eliminating tariffs for the creation of one of the world's largest free
trade blocs.
"India firmly believes that greater economic
integration among participating countries will boost economic growth,
enhance flow of trade and investment, create employment opportunities
and bring down the development gaps among the countries," Commerce and
Industry Minister Anand Sharma said while taking part in the meeting
which began Monday.
"Besides hoping to carve out a niche for
itself in the regional value chains, India expects to benefit from the
large integrated market for services and investments."
The RCEP
economies announced the start of talks in November 2012 and held the
first round of working-level negotiations in May, aiming to conclude a
deal by 2015.
Sharma said the diversity in the economies of the
RCEP demanded cooperation and compromise among the participants. "India,
while maintaining a single schedule, will need adequate flexibility to
address her sensitivities which may differ for each individual
participating country."
Besides the Trade Negotiating Committee,
Working Groups were established for Trade in Goods, Trade in Services
and Investment. The TNC has finalised the Scoping Paper and the three
working groups, namely on trade in goods, trade in services and
investment, have initiated discussions towards finalising the approach
and modalities for the negotiations.
The RCEP envisages regional
economic integration leading to the creation of a trading bloc
amounting for almost 45 per cent of the world population with a combined
GDP of $21.4 trillion. This will greatly facilitate the development of
regional supply chains and increase the efficiency and competitiveness
of the manufacturing industry in this region with a view to jointly
improve their global standing.
It is a comprehensive arrangement involving agreements in areas like trade in goods, trade in services and investment.
The second round of RCEP negotiations will be held in Brisbanefrom Sept 24 to 27.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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₹88.70
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₹87 |
UK Pound
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₹119.90
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₹116 |
Euro
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₹104.25
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₹100.65 |
| Japanese
Yen |
₹59.20 |
₹57.30 |
| As on 30 Oct, 2025 |
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