India, Chinese officials discuss RCEP issues

Senior officials from China and India today held deliberations on issues hampering negotiations of the proposed mega free trade deal -- Regional Comprehensive Economic Partnership (RCEP).

"The two-day meet concluded today. Both the sides discussed issues pertaining to goods and services sector in the RCEP," an official said.

In similar lines, officials from Australia too would be holding bilateral discussions next week here with their Indian counterparts.

The pact, negotiations for which started in Cambodian capital Phnom Penh in November 2012, aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights.

The RCEP bloc 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.

The meeting was crucial as Indian industry and exporters are apprehensive about the presence of China in the grouping. They have stated that lowering or eliminating duties for China may flood Indian markets with Chinese goods.

India's trade deficit with China stood at USD 63.12 billion in 2017-18. India wants certain deviations for such countries. Under deviations, India may propose a longer duration for either reduction or elimination of import duties for such countries.

Pressure is also mounting on India for early conclusion of the proposed trade pact.