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India will get opportunity to grow its exports: CII on joining RCEP bloc

RCEP — which contributed 30.8 per cent of global trade in 2017 — has the potential to become “one of the largest” trading blocs in recent times, CII added.

By: ENS Economic Bureau | New Delhi |
Updated: November 4, 2019 2:18:12 am
Piyush Goyal., Piyush Goyal on RCEP, RCEP deal, RCEP explained, India exports, RCEP india export “Not being a part of the bloc is tantamount to not having an even footing in terms of preferential access and losing export competitiveness. This will only harm India’s export and investment flow in the future,” the body said.

India would be unable to gain preferential market access and will lose its export competitiveness if it holds out on signing the Regional Comprehensive Economic Partnership (RCEP) agreement, said an industry body Sunday. This would also lead to the country hindering its efforts to increase its integration into regional and global chains, it added.

“By being part of the bloc, India will get an opportunity to tap large and vibrant economies and grow its exports,” said the Confederation of Indian Industry (CII) in a statement attempting to outline the cost of the country not being a part of RCEP. The statement comes in the run up to the RCEP Leaders’ Summit in Bangkok on Monday, where India and 15 other nations in the trading bloc are expected to take a call on the future course of the proposed mega trade deal.

Explained: What is the RCEP trade deal?

“Not being a part of the bloc is tantamount to not having an even footing in terms of preferential access and losing export competitiveness. This will only harm India’s export and investment flow in the future,” the body said.

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RCEP — which contributed 30.8 per cent of global trade in 2017 — has the potential to become “one of the largest” trading blocs in recent times, CII added.

“In the RCEP negotiations, India has demanded significant deviation both in terms of lower tariff lines coverage and longer phasing-out period with regards to China,” stated CII.

While members have made “significant progress” on the chapter of tariff modalities, it will take more time to agree on a final text that would satisfy all RCEP countries, it added.

CII president Vikram Kirloskar said, “A large section of Indian industry has expressed serious concerns about joining RCEP on the basis of a very genuine reasons … However, any decision of joining an agreement of this size and magnitude must not be based on our concerns with regards to just one country.”

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