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Govt to set up GoM to look at RCEP issues

Press Trust of India  |  New Delhi 

The government will set up a group of ministers (GoM) to look into issues related to the proposed free trade agreement RCEP, sources said.

The will deliberate upon the issues being raised by the industry as well as government departments, they said.

The (RCEP) bloc comprises 10 Asean group members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, and Vietnam) and their six FTA partners - India, China, Japan, South Korea, and

The first meeting of this group is expected to be held on August 10.

The development assumes significance as domestic industry has raised apprehensions about the presence of in the bloc, with which has huge trade deficit.

had trade deficit with as many as 10 member countries, including China, and Australia, of the RCEP grouping of 16 nations which have been negotiating a trade pact since November 2012.

The trade gap with China, Korea, and has increased to USD 63.12 billion; USD 11.96 billion; USD 12.47 billion and USD 10.16 billion in 2017-18. It was USD 51.11 billion, USD 8.34 billion, USD 9.94 billion and USD 8.19 billion respectively in the previous financial year, 2016-17.

An from an industry chamber said that giving zero duty access to would led to flooding of Chinese goods in the domestic market and impact the

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

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

Member countries are looking to conclude the talks by end of this year but a lot of issues are yet to be finalised including the number of products over which duties will be eliminated. Domestic and other want these sectors to be kept out of the deal.

Under services, India wants greater market access for its professionals in the proposed agreement.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 06 2018. 20:30 IST