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NEW DELHI – India is committed to the Global Regional Economic Partnership (RCEP), but must see concessions on services, said Friday, July 20 a senior official of his Department of Commerce
. led RCEP is an ambitious trading pact being negotiated between the 10 members of Asean and its six major trading partners – Australia, China, India, Japan, New Zealand and South Korea. Collectively, the 16 countries account for about half of the world's population, 30% of the economy and trade, and a quarter of world exports.
At the 10th Delhi Dialogue, Commerce Secretary Rita Teaotia said the RCEP makes no sense for India as it gets concessions on services. Services include movements of workers and professionals.
India is committed to constructively participate in negotiations for a rapid and satisfactory conclusion of the RCEP, but noted that ASEAN and others Member countries were not willing to
"That's the difficulty," she said
Talks for the mega trade agreement were launched in 2012 with countries negotiating a deal on goods as well as services and investment. India faces criticism for delaying negotiations.
India has been reluctant to open its markets to China with which it already has a huge trade deficit of 51 billion US dollars (69.5 billion dollars) in 2016-17. He is looking for a service agreement that will enable millions of skilled professionals across the country to work in the RCEP member countries.
The Delhi Dialogue is an annual gathering of political and economic leaders, policymakers and think tanks to discuss issues related to India. and Asean
A set of issues between India and Asean were discussed during this two-day event, which India views as an important part of its East Act policy, a approach to Southeast Asia. Minister Vivian Balakhrishnan was among the speakers of the event
In his speech on Thursday, Dr. Balakhrishnan said that he hoped that the RCEP would be concluded by the end of the year. ;year.
"That's why, in fact, this time when there is a setback against liberalizing trade in some of the most advanced parts of the world, it's all the more important that the company does it. India and Asean resort to the cause of free trade ", he declared
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