Trade agreements like the RCEP are designed to make it easier for foreign multinational corporations to invest and do business. In doing so, they put the rights of citizens and workers second to profits.
In services sector, India is pushing for business visitor commitment for smooth movement of professionals, according to the government official.
Nations have increasingly got entrenched in their positions over reduction in tariffs and opening of market access.
India will register its unhappiness with the “inadequate’’ fresh offers in services made by partner countries negotiating the mega regional comprehensive economic partnership (RCEP) as members converge in Indonesia this week for a crucial round of talks.
As the Trans-Pacific Partnership (TPP) made significant headway in January, negotiating countries in the Regional Comprehensive Economic Partnership (RCEP) are pressured to conclude the trade deal, and they try to make progress in the ongoing talks in Indonesia.
India’s Commerce Minister Suresh Prabhu said RCEP negotiations may be taking longer than expected because of the economic diversity among member countries.
India’s position in the RCEP is the most protectionist among all the member nations. India has been resisting demands from Korea & Japan on intellectual property clauses, and other nations on opening up markets.
India has been resisting pressure from other RCEP member nations to open up 90% of its traded goods to competition. This is due to the reason that the member nations are not ready to improve market access in services, one of India’s core strengths.
The Indian Ministry of External Affairs has taken a strong stand that the country should restrain itself from concluding free trade agreement from which it would not gain in the medium term.
Time and again India has flagged its concerns on the slow pace of services trade.
Countries in the Regional Comprehensive Economic Partnership (RCEP) are against India’s push for liberalisation in services sectors.
During the RCEP talks, India would press for greater market access in the services sector, particularly easy movement of professionals
On 12 October, the closing day of the Asia Pacific Regional Conference in Fukuoka, around 250 delegates representing more than 70 PSI affiliates from 18 countries resolved to intensify the struggle against the ambitious Regional Comprehensive Economic Partnership under negotiation among 16 countries in the region.
In a move likely to inject momentum into the Regional Comprehensive Economic Partnership (RCEP) talks, India has indicated it is willing to compromise on its three-tiered tariff schedule.