Citing a total of 45% global trade between RCEP countries, Centre convenes sector specific meetings on mega trade deal

New Delhi, July 23: Ahead of trade minister level deliberations in China on the proposed RCEP agreement, the Commerce Ministry on July 22, convened a meeting of sector specific players, particularly from steel and MSME engineering sector.

 

 

While industry players from sectors including steel, automobile, MSME, engineering and heavy industry participated in the day long meeting, Goyal expressing apprehensions about signing RCEP, said that remaining nations out of the mega trade deal would isolate India and put it at a disadvantage, as around 45 per cent of global trade was between RCEP countries.

 

Viewing to take the industry's opinions, concerns and aspirations when negotiations resume in Beijing, the minister reviewed all chapters during the meeting, right from upstream to downstream stakeholders.

The Regional Comprehensive Economic Partnership is a mega free trade agreement being negotiated among 16 countries. It comprises 10 ASEAN group members consisting of Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam and India, China, Japan, South Korea, Australia and New Zealand.

 

The deliberations assumed significance as base metal and steel sector had raised reservations over proposed import duty cuts under the RCEP agreement. However, certain steel sector players had already demanded removal of the segment from the purview of existing free trade agreements with Japan and South Korea, claiming that the pact did not benefit them.

 

RCEP trade ministers are meeting in Beijing, China next month to take stock of the progress of negotiations. The 27th round of meeting at chief negotiators level is also happening in China later this month with India registering trade deficit in 2018-19 with as many as 11 RCEP member countries including China, South Korea and Australia.