RCEP trade pact to impact Indian export services : TPCI
21/05/2019 16:35
The mega free trade agreement, Regional Comprehensive Economic Partnership (RCEP), may affect India's export business as the trade balance is already disturbed.

As per the report released by Trade Promotion Council of India (TPCI), the agreement could lead to flooding of goods in the Indian market from the member countries due to which, Indian negotiators need to move with caution on this.

The ten association members of RCEP are from South East Asian Nations group named Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam; it also comprises six FTA partners named India, China, Japan, South Korea, Australia and New Zealand.

Mohit Singla, Chairman of TPCI mentioned that India needs to move with optimism and caution on this mega trade agreement.

He further stated that issues of tariff rate (import duty) for India, are as important as other areas under negotiations, mainly because India does not have trade agreements into effect with all countries involved in RCEP.

Mohit also said that India does not have a trade agreement with China, and the negotiations with Australia and New Zealand have not come into effect.

The country is being pressurised to reach the conclusion of the proposed trade pact soon.