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US can restore India's trade benefits, but a $6-bn condition apply

US wants India to buy another $5-6 bn worth of poultry and farm goods for reinstatement of GSP benefits.
The Economic Times



View: Exports are committee-and ministry-proof, and past surges anticipated by neither

GDP numbers are interlinked to export growth, and India needs to improve both numbers.

India is out of RCEP for now: Piyush Goyal

Blaming the UPA for the higher tariff concessions given to Asean earlier, Goyal said changing the ...

India decided not to join RCEP in national interest, reviewing other FTAs: Piyush Goyal

India stood its ground at RCEP negotiations and in th...

ET Prime Distribution
  • Modi said India is "clear" that a mutually beneficial RCEP, in which all sides gain reasonably, is in interests of the country and of all nations involved in the negotiation. The comments came as negotiators from 10-nation ASEAN and six other countries -- India, China, Japan, South Korea, Australia and New Zealand are engaged in intense negotiations to seal the deal.

    PM Narendra Modi, Australian Prime Minister Scott Morrison, Vietnam's premier Nguyen Xuan Phuc and several other world leaders are in Bangkok to attend meetings related to the ASEAN summit, the East Asia summit and the Regional Comprehensive Economic Partnership (RCEP) summit. Modi also conveyed best wishes to Phuc on Vietnam assuming the chair of ASEAN for next year.

    India on Monday decided not to join the mega Regional Comprehensive Economic Partnership (RCEP) deal as negotiations failed to address New Delhi's concerns, government sources said.

    Ghulam Nabi Azad, Ahmed Patel and Randeep Surjewala of the Congress attended the meeting, which also saw the presence of former Union minister Upendra Kushwaha, CPI general secretary D Raja, CPI(M)'s T K Rangarajan, RJD leader Manoj Jha, DMK's T R Baalu, and Sharad Yadav. The leaders at the meeting were deliberating on a strategy to take on the govt.

    "Indian chemical industry is an industry-of-industries with a combined turnover of USD 160 billion. It is growing at 100 basis points more than the economic growth," ICC President Vijay Shankar told reporters. Indian chemical industry has the potential to be the engine of growth in the next decade, he said.

    PM Modi is expected to take the political call on India joining RCEP on November 4.

    Discussions on a free trade agreement (FTA) with milk-producing countries such as New Zealand and Australia under the proposed Regional Comprehensive Economic Partnership (RCEP) may open up India’s sprawling dairy sector to foreign players from these countries.

    The split is between those who want to toe the Chinese line and those who want India to lead.

    India’s utilisation ratio of its current FTA with ASEAN is just about 6%. In contrast, ASEAN countries have a 36.3% utilisation. Also, unlike with Japan and Korea, the investment component is also not quite large.

    "Our focus is to connect India's northeast with Thailand. northeast is being developed as a gateway to south-east Asia. This initiative will immensely strengthen India's act east policy and Thailand's Act West Policy," PM Modi said in his address at the 'Sawasdee PM Modi' event in Bangkok on day one of his visit for ASEAN, EAS and RCEP Summits.

    Addressing a meeting at the AICC headquarters, Congress president Sonia Gandhi alleged that instead of acknowledging the "severe slowdown" and looking for a comprehensive resolution, Prime Minister Narendra Modi is too busy "managing headlines and events". She claimed that the government is in complete denial and that it is even more worrying.

    The Regional Comprehensive Economic Partnership (RCEP), comprising the 10-member ASEAN bloc and six other countries -India, China, Japan, South Korea, Australia and New Zealand -- is engaged in negotiations for a free-trade pact. PM Modi is in Bangkok on a 3-day visit to attend the annual ASEAN-India Summit, the East Asia Summit and the RCEP Summit.

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