NEW DELHI, Apr 13: India is looking forward to “earliest” conclusion of negotiations for mega trade deal, RCEP, as it will help boost trade, Commerce and Industry Minister Nirmala Sitharaman said today.
The Regional Co-mprehensive Economic Partnership agreement is “very important” arrangement and is required both for India and for the Asean region, she said.
“We are looking at the RCEP to be tied up at the earliest. We have given our offer list for both goods and services. India is keen on having this regional arrangements. We look forward to conclude the RCEP at the earliest,” she said here at a function.
The 16-member bloc RCEP comprises 10 ASEAN members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six free trade agreement partners — India, China, Japan, Korea, Australia and New Zealand.
RCEP negotiations were launched in Phnom Penh in November 2012. The 16 countries account for over a quarter of the world’s economy, estimated to be more than USD 75 trillion.
The deal aims to cover goods and services, investments, economic and technical cooperation, competition and intellectual property.
On the services sector, Sitharaman said this segment contributes about 53 per cent to the country’s GDP and has lot more opportunities as India has a huge, skilled manpower.
She also said that the Government is working on the ambitious Sagarmala initiative.
The project aims at augmenting infrastructure in coastal areas of the country and as many as 13 states and union territories are involved in the initiative which will be implemented across India’s 7,500 km coastline.
The project will help movement of goods at a faster and quicker pace, she said, adding that the Government is putting lot of effort in boosting infrastructure.
The Minister was speaking at the announcement of Kerry Logistics Network, Asia’s leading logistic service provider with extensive operations across Greater China, raising stake in Chennai-based Indev Logistics.
Kerry entered a pact to increase its stake in Indev Logistics, as it takes on an increasingly positive view of India’s economic prospects. The move will see Indev rebranded as Kerry-Indev. (PTI)
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