GoM may decide fate of RCEP trade negotiations today

NEW DELHI: Four top ministers are likely to discuss India’s participation in a regional trade pact on Friday, ahead of a key meeting of ministers from the 16 Asia-Pacific member-countries, including China, later this month to chart the way forward as the agreement is negotiated.

Commerce and industry minister Suresh Prabhu, finance minister Piyush Goyal, defence minister Nirmala Sitharaman and housing & urban affairs minister Hardeep Singh Puri will consider whether India should continue with or withdraw from the Regional Comprehensive Economic Partnership (RCEP) trade agreement negotiations.

The government decided last week to set up the group of ministers after the agriculture, defence and economic affairs ministries opposed the trade pact.

The RCEP consists of the 10-member Association of Southeast Asian Nations (Asean), China, India, Japan, South Korea, Australia and New Zealand.

India is under pressure from the other members to commit to eliminate duties on at least 90% of the goods that it trades with them and conclude the RCEP this year, reasoning that it is the last window of opportunity before the nation gets into election mode.