Search Result for : Regional Comprehensive Economic Partnership Agreem

The Dollar Business Bureau Commerce Ministry said on Monday that the recent round of discussions in Hyderabad for the Regional Comprehensive Economic Partnership (RCEP) would provide a push to the negotiations. Around 700 officials representing 16 nations including Australia and China, gathered in the city during July 17-28 to negotiate the mega trade deal RCEP. It is vital that the RCEP provides a forward looking and positive alternative with regards to rising protectionism across the world, Commerce Secretary Rita Teaotia said in a statement. “India is constructively engaged in RCEP and hopes that the 19th RCEP Round in Hyderabad would find innovative ways to provide impetus to the negotiations,” Teaotia said. The Commerce Secretary further said that the real success of RCEP will be assessed ...

The Dollar Business Bureau India is likely to remain the favoured destination for foreign direct investment (FDI) inflows this year despite a stagnant inflow of $44 bn in 2016 the United Nations Conference on Trade and Development (UNCTAD) report detailed. India is favoured by the MNCs for its cross-border merger and acquisitions the report said. The report details that FDI inflows to developing Asia are expected to increase by 15% in 2017, to $515 billion, as an improved economic outlook in major Asian economies is likely to boost investor confidence. In major recipients such as China, India and Indonesia, renewed policy efforts to attract FDI could contribute to an increase of inflows in 2017. The report, however, cautioned that tax-related challenges may pose as ...

The Dollar Business Bureau Upon her return to India, Commerce Minister Nirmala Sitharaman gave a press briefing on the discussions, deliberations and developments that happened at Hanoi during the proposed Regional Comprehensive Economic Partnership meet. On day 2, 22nd May, she said the ministers took stock of the state of negotiations across various negotiating groups and sub-working groups, particularly in the area of goods, services and investment. She pointed out that while considerable progress was made several areas still needed some finality. Referring to the protectionist measures adopted by some countries she said that the negotiations for the services sector were either slowed down or stalled. Though the Indian side put up a valiant fight to protect its industry in goods, discussions on the ...

The Dollar Business Bureau (sourced from Reuters) The 3rd Regional Comprehensive Economic Partnership (RCEP) Intersessional Ministerial Meeting at Hanoi was held between 21-22 May. The Indian side was led by Commerce and Industries Minister Nirmala Sitharaman. Trade ministers from Asia-Pacific region were meeting to speed up the stalled negotiations and finalize a trade agreement, amidst growing fears of trade protectionism. The RCEP, with the attendance of Ministers and Vice Ministers from ASEAN, Australia, New Zealand, China, Japan, Korea and India led by China is seeking to finalize an agreement by the end of 2017. The 1st RCEP negotiation round was held in Brunei Darussalam in 2013 and since then 18 rounds of senior level negotiations have been held. The convening of the Intersessional Minister’s meeting ...

Sreenivasa Rao Dasari The Federation of Indian Export Organisations (FIEO) sees many factors affecting the export performance of the Indian industry. Despite several free trade agreements (FTAs), Indian exporters failed to tap the potential as several micro issues were not addressed in the trade pacts, FIEO Chairman (southern region) Dr Sakthivel tells The Dollar Business correspondent. Recently FIEO observed that Indian exporters are not making use of 27 FTAs that India signed with other nations, why? India currently engaged with 19 Regional Trade Agreements (RTAs) apart from several bi-lateral engagements. However, several studies point out that while partner countries could make inroads into our country by increasing their exports, India could not utilise the free-trade agreements (FTAs) fully for increasing our exporters. What are ...

The Dollar Business Bureau  Before the departure of Chinese President Xi Jinping for  the Asia-Pacific Economic Cooperation (APEC) summit to be held in Peru from November 19-20, Li Baodong, the country’s Vice Foreign Minister cautioned about the upsurge of protectionism and said that the region required a free trade agreement (FTA) as soon as possible.  “Trade and investment protectionism is rearing its head, and Asia-Pacific faces insufficient momentum for internal growth, and difficulties in advancing reforms,” Li said, while briefing reporters.  Li also opined that China thinks it should set a very practical and fresh working plan, to respond positively to the industry’s expectations, and maintain momentum in order to create a free trade area in the Asia-Pacific region at an early date.  During ...

The Dollar Business Bureau In order to review the progress in RCEP (Regional Comprehensive Economic Partnership) and to iron out the issues that are holding back the negotiations, trade ministers of 16 nations, including India, Japan and China, will be meeting early next month.  “There is going to be a ministerial meeting early November in the Philippines,” Commerce and Industry Minister Nirmala Sitharaman told reporters in New Delhi.The minister said that in the last round of discussions, held in China, all the nations talked in detail on investment, goods and services chapters. “In RCEP talks, we have gone into more details and are considering the offers made by other nations,” she said. There are various issues, such as the recommended single-tier system for tariff relaxation and the ...

The Dollar Business Bureau The deadline of closing the negotiations for the proposed Regional Comprehensive Economic Partnership (RCEP) by December this year would be missed, said Commerce and Industry Minister Nirmala Sitharaman on Wednesday.  The members of RCEP wanted to finish the discussions by December 2016. However, this seems not possible. The negotiations might go into 2017,” the minister told reporters. The next meeting of ministers for progress review of the negotiations is going to be held in November. The trade ministers of RCEP including India, Japan and China had a meeting in Laos on August 5 to end the deadlock and sort out the issues which are holding back the negotiations. There are various complex issues, such as from the services sector, which are holding ...