Pune: India is batting for a special mechanism in the Regional Comprehensive Economic Partnership (RCEP) trade agreement, being negotiated among 16 Asia-Pacific countries, which will help to protect itself from sudden surges in imports from China.
"India’s trade deficit with the 16 member trade grouping is $105.2 billion, of which $ 53.6 billion is with China alone.In India, there is apprehension among Government Departments and Industry that a trade deal on the current terms will lead to China dumping goods in India," a release from SEA said.
The ministries of steel, agriculture and chemicals, and executives of industries such as dairy, steel, copper, textiles, aluminium, engineering, pharmaceuticals, leather and food have expressedtheir reservations on it.
"We understand the Agreement on Trade in Goods under the Framework Agreement on Comprehensive Economic Cooperation Between The Republic of India and the Association of Southeast Asian Nations (ASEAN Agreement) and Regional Comprehensive Economic Cooperation (RCEC) between India and Malaysia will expire on 31st December 2019 and negotiation has started for renewing the same," said SEA.
Each Country protects its own industries when negotiating Trade Agreements with other countries or Trading Blocks. "When these negotiations are held, it is imperative that Government Negotiators should take all relevant stake holders into confidence to avoid pitfalls at a later date. Needless to say Domain knowledge of the Stakeholders needs to be tapped as is done by other countries when they engage in trade negotiations," felt SEA.
SEA is an apex body of the edible oil industry and all the major importers and refiners of edible oils including palm oil are the members of the Association. "We would therefore request the Commerce Ministry to kindly consult and involve SEA when the negotiations on Vegetable Oil Sector are held. This would help in taking Industries view point into consideration in the decision making process," the release mentioned.
"India’s trade deficit with the 16 member trade grouping is $105.2 billion, of which $ 53.6 billion is with China alone.In India, there is apprehension among Government Departments and Industry that a trade deal on the current terms will lead to China dumping goods in India," a release from SEA said.
The ministries of steel, agriculture and chemicals, and executives of industries such as dairy, steel, copper, textiles, aluminium, engineering, pharmaceuticals, leather and food have expressedtheir reservations on it.
"We understand the Agreement on Trade in Goods under the Framework Agreement on Comprehensive Economic Cooperation Between The Republic of India and the Association of Southeast Asian Nations (ASEAN Agreement) and Regional Comprehensive Economic Cooperation (RCEC) between India and Malaysia will expire on 31st December 2019 and negotiation has started for renewing the same," said SEA.
Each Country protects its own industries when negotiating Trade Agreements with other countries or Trading Blocks. "When these negotiations are held, it is imperative that Government Negotiators should take all relevant stake holders into confidence to avoid pitfalls at a later date. Needless to say Domain knowledge of the Stakeholders needs to be tapped as is done by other countries when they engage in trade negotiations," felt SEA.
SEA is an apex body of the edible oil industry and all the major importers and refiners of edible oils including palm oil are the members of the Association. "We would therefore request the Commerce Ministry to kindly consult and involve SEA when the negotiations on Vegetable Oil Sector are held. This would help in taking Industries view point into consideration in the decision making process," the release mentioned.
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