The FTA will provide Indian trade and industry with access to a large and vibrant market in a region that is increasingly prosperous. This market is bound to expand further as the Asean trading bloc is already in talks with countries like China, Japan, South Korea, Australia and New Zealand for free or preferential trade pacts.
Existing trade deals, especially the 2009 pact with the Asean bloc, have been panned by the Centre for not boosting exports but flooding the domestic market with cheap imports. Subsequently, New Delhi has called for reviewing FTAs with Japan and South Korea. Going by that, a trade deal with the US is unlikely to be beneficial, say experts.
Prime Minister Manmohan Singh on Monday mooted a Pan-Asian Free Trade Area, along the lines of North American Free Trade Area and the European Union, as part of efforts to make the Asian region an economic power house.
US said no to a free trade deal with India as India cannot fully open agricultural imports from American farmers.
India has been forcefully raising the issue of market access as well as protected lists of goods mainly to shield its domestic market as there have been fears that the country may be flooded with cheap Chinese agricultural and industrial products once it signs the deal.
India can become one of the world's automotive export hubs of the 21st century.
Sources said China was forcefully pushing for inking the deal during the RCEP summit later in the day, which was seen as an attempt to counter-balance the impact of its lingering trade war with the US as well as to project the region's economic might to the West.
Panagariya also stressed that India must continue the liberalisation of its top tariff rates and the country should not revert back to import substitution.
The agenda prepared by ministers will be discussed by Prime Minister Narendra Modi and other RCEP leaders in Nonthaburi, a city north of Bangkok, on November 4, the official deadline to close talks.
There is nothing specific announced for Chemicals Industry, however, reduction in customs duty
'RCEP may be in India's long-term interest, but it is certainly not in India's short-term and medium-term interest.'
Industry seeks cut in customs duty on natural rubber.
'It seems a wiser decision to pull out at the right moment than regret after joining the pact,' explains Dr Rahul Mishra.
Having invested close to $15 billion in Indonesia, Indian firms have lined up further $15-16 billion investments.
Chinese manufacturers are re-routing their products through the markets of other countries that India has Free Trade Agreements with.
The Shanghai Cooperation Organisation is very much aligned with the foreign policy priorities of the Modi 2.0 government, says Sana Hashmi.
Goyal was to visit Beijing from August 2 to 3 to take part in the RCEP Intersessional Ministerial meet.
As India strives to make its Act East Policy a comprehensive politico-diplomatic and economic success, Brunei gains more salience, says Dr Rahul Mishra.
The South Asian nations could script a new history of cooperation and prosperity that could serve as an example for other nations, notes Dr Rahul Mishra.
The road will help in transportation of goods and further development of SMEs in North East India
Surjewala said the party's 10-day agitation was formalised at a meeting in which Rahul Gandhi participated in, but neither he nor Sonia Gandhi would be participating in the state and district level programmes.
One of the biggest ways in which recent government actions have been seen as investor-unfriendly is New Delhi's decision to unilaterally revisit almost every Bilateral Investment Treaty it has signed with other countries, says Mihir S Sharma.
With EU, it is part of the FTA that we will need to negotiate.
Chinese alumina refining and metal smelting technologies have emerged as a match for the best anywhere in the world. In fact, Vedanta and Hindalco have bought technologies from China. Our aluminium makers will be haunted by twin fears of rising imports and low metal prices squeezing margins over a long time.
Indian talent may soon be allowed to work in France without a degree from a French institute.
Dealers are selling gold at a discount of Rs 175 for 10 gm.
An ambitious long-term vision to ensure economic connectivity between India and the rest of Southern Asia is critical to India's trade policy objectives.
India's indigenous paper manufacturers are forced to use a variety of raw materials.
Business reacted with caution to the reforms of 1991, and demanded protection from multinationals and imports. Twenty-five years later, traces of that demand can still be found, reports Bhupesh Bhandari.
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