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India offering far deeper proposals in proposed mega RCEP deal: Commerce Secretary
Mar-28-2017

The Commerce Secretary Rita Teaotia has said that India is offering far deeper proposals in the proposed mega Regional Comprehensive Economic Partnership (RCEP) agreement than most of the other member nations of the grouping, for liberalisation of trade in services. She also said that the country will give more concessions in RCEP than any other country will do.

Highlighting on the importance of trade in goods and services, the commerce Secretary has said that the sector holds huge potential to boost economic growth and create employment in all economies. Talking on the second review of India-Singapore free trade agreement, she said that there have been difficulties in concluding this review due to certain small issues.

Citing certain issues, Rita Teaotia said that the asset management ratio for Indian banks has tended to be higher than it is for counterpart banks from other nationalities. She also pointed out that in India, this ratio is same for both foreign and Indian banks, but in Singapore, it is hard to know on exactly what premise the asset management ratio is based. Therefore, it leads to worries and concerns in the industry. She added that the other issue is the restrictions in the movement of professionals.

The RCEP is a mega trade agreement being negotiated among 16 countries including ASEAN, India, China, Japan, South Korea, Australia and New Zealand. It aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights.

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