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RCEP

Dec 08, 2019, 07.52 AM IST

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View: Indian exporters in need of export subsidy scheme to compete with global players

Based on a complaint by the US, a World Trade Organisation (WTO) panel has determined that India’s export subsidies are inconsistent with WTO requirements. India has appealed against the decision.

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India should have joined RCEP. The deal on offer was a good one and many of our fears ha...

All 16 leaders working to resolve India's concerns over RCEP: Japan

"All the 16 leaders are working to resolve issues related to India on RCE...

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  • “We aren’t thinking about that at all yet,” Japan's Deputy Minister for Economy, Trade and Industry said.

    Modi has already reinvented himself once, from a business-friendly CM to a welfarist PM.

    India will stoutly promote the interests of domestic industry and adopt a more proactive approach to secure a mutually beneficial deal in trade negotiations, Piyush Goyal, Union minister for commerce and industry, and railways, said.

    Prime Minister Narendra Modi is ready to bite the bullet and because of that India decided to walk out from the mega free trade pact Regional Comprehensive Economic Partnership (RCEP) as the concerns of India was not addressed, Goyal said.

    Areas where workers faced foreign competition tended to have greater reduction in poverty rates.

    Government was taking efforts to ensure more regulatory mechanism in the banking sector to benefit bank account-holders, she said in the context of the PMC Bank and IL&FS issues. India took the call not to the join RCEP despite spending considerable amount of time on the negotiating table, she said addressing the 6th G Ramachandran Memorial Lecture.

    “The investment will transform availability and quality of infrastructure at airports, roads, highways, railways, ports... All infrastructure-related sectors (aviation, shipping, electricity, and oil & gas) are going to see a huge thrust in the next five years,” Goyal said at an awards ceremony organised by the India Trade Promotion Organisation here.

    Piyush Goyal in a written reply to the House said that during the third RCEP Leaders Summit on November 4 in Bangkok, India stated that the current structure did not reflect its guiding principles or address the outstanding issues and concerns of India, in the light of which India did not join the agreement.

    Washington is also said to have asked New Delhi to reduce the import duty on pulses. The US, along with Canada and Australia, had moved the WTO against India’s ban on import of certain pulses to check falling prices in the domestic market. India, however, doesn’t have any issues with increased import of pistachios from the US, sources said.

    Goyal said that the UPA government was willing to make India a part of RCEP ‘without going into details of how it would impact’ India’s interest. This was checked when Nirmala Sitharaman, as commerce minister in the last government, wrote in an official file India’s interests would be impacted by China and other RCEP members.

    “During the 3rd RCEP Leaders Summit which was held on November 4 in Bangkok, India stated that the current structure of the RCEP did not reflect its Guiding Principles or address the outstanding issues and concerns of India, in the light of which India did not join RCEP,” Piyush Goyal said in a written reply to the Lower House.

    External Affairs Minister S Jaishankar and Commerce and Industry Minister Piyush Goyal briefed BJP MPs on the issues in the parliamentary party's first meeting in the Winter session. Modi did not attend the meeting. BJP sources said Jaishankar told MPs that Modi's foreign visits have boosted India's standing and furthered the country's interests.

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