Trade Promotion Council of India (TPCI) has expressed concerns over the Regional Comprehensive Economic Partnership (RCEP) as it could lead to a flooding of imported goods in Indian markets.
According to Mr. Mohit Singla, Chairman, TPCI, “For India, issues of tariff rate (import duty) are as important as other areas under negotiations, mainly because India does not have trade agreements into effect with all countries involved in RCEP”. For instance, India does not have a trade agreement with China, and negotiations with New Zealand and Australia haven’t borne any outcome so far.
He also added that some key sectors need to be protected from the negative impact of RCEP, which include domestic steel and metal industries, pharmaceuticals, e-commerce & food processing. Citing data analysed by Centre for Advanced Trade Research, TPCI, he said that India’s imports may increase by US$ 29 billion annually during the post-RCEP period, implying a 1.3% revenue loss for the GDP.
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