Working on RCEP agreement: Comm Secy

Aimed at providing a level playing field for exporters, the government is working on forming a Regional Comprehensive Economic Partnership covering Asean nations, Japan and South Korea, Union Commerce Secretary Rita Teaotia said here today.
"The biggest negotiation currently underway is RCEP. The Regional Comprehensive Economic Partnership which covers the ASEAN countries, Japan and Korea. The basic idea is that you give a level playing field across the countries to exporters..", Teaotia told reporters.
She said there was a huge potential for realising the benefits of the 11 Free Trade Agreements, India has signed with other countries, as only around 28 per cent of it has been utilised.

"We believe that we need more and more share for the facilities available under these FTAs to our exporters so that they take the maximum benefit.
"The idea is that if you are out of multi-lateral agreements, you are at an disadvantage in creating a level playing field for the exporters", she said.
Currently the Ministry was working on signing bilateral Free Trade Agreements with Canada, Australia and New Zealand, the top official said.

Asked about the impact of devaluation of China's currency Yuan on Indian exporters, she said, this would not affect all sectors "uniformly".
"Secondly, India's foreign exchange reserves are quite stable...I believe that the Reserve Bank of India is extremely vigilante on these matters and will intervene if required. That is what (RBI) Governor has also said", she said.

Teaotia clarified that so far the Commerce Ministry has not received any intimation of any one particular sector being affected due to devaluation of Chinese currency.
"No sector has approached (us) for any specific relief (from the Ministry). If there is a specific sector getting affected, a specific intervention will come", she said.
On the status of the Special Economic Zones present in the country, she said, "the Ministry would hold a meeting with state governments on SEZ management next week".
"A meeting has been scheduled on 10th of this month with stake holders to reassess the SEZ policy to see what needs to be done depending upon current requirements", she said.