Experts raise concern over mega trade deal RCEP

Experts today cautioned the government about the proposed mega trade deal RCEP, saying the agreement may have impact on areas like agriculture and access to medicines.
Biswajit Dhar, professor at the Jawaharlal Nehru University, said that such trade agreements only provide market access to big businesses.
The government should look at the outcomes of other free trade agreements that India has implemented as "we end up giving up so much of market access and we have got so little. We need to think," he told reporters here.
Jane Kelsey, professor at the University of Auckland, said that countries like India need to be "extremely cautious" about negotiating the Regional Comprehensive Economic Partnership (RCEP) agreement.

"This agreement has actually become a proxy for the Trans-Pacific Partnership (TPP) pact," she said.
Policy research institute Madhyam's Director Kavaljit Singh said there are strong protectionist sentiments against India's software and services exports industry in key markets.

"This means that countries are not receptive to India's proposals for greater mobility of its service professionals abroad," he said.
About 700 officials from 16 countries, including India, China and Australia have gathered in Hyderabad to negotiate the RCEP.
The RCEP aims at liberalising norms for trade in goods and services and boost investment among 16-member countries.
The talks for the pact started in Phnom Penh in November 2012. The 16 countries account for over a quarter of the world's economy, estimated to be more than USD 75 trillion.

The members comprises 10 ASEAN members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six FTA partners -- India, China, Japan, South Korea, Australia and New Zealand.