India should join RCEP, but negotiate a better deal to safeguard its interests | The Indian Express

India should join RCEP, but negotiate a better deal to safeguard its interests | The Indian Express

Written by VS Seshadri |Updated: September 28, 2019 11:47:07 am

The writer, a former Indian ambassador to Myanmar is currently Vice Chairman, Research and Information System for Developing Countries.

India should join RCEP, but negotiate a better deal to safeguard its interests

The recent drastic reduction effected in corporate tax rates, particularly for new manufacturing units, is a very timely and huge step. These need to be supplemented with other domestic reforms, particularly to facilitate labour intensive manufacturing.

Commerce Minister Piyush Goyal recently said that while the government would strive to protect the interests of a majority of industries, the overall discussion cannot be hijacked by one or two sectors. (PTI File Photo)

The RCEP negotiations have entered the final phase. A ministerial-level meeting earlier this month in Bangkok, following similar consultations last month in Beijing and a trade negotiating committee meeting currently in progress in Vietnam, all signal a quickening pace. Within India too, intensive stakeholder consultations have taken place. A track 1.5 consultation among RCEP countries held in Delhi on September 13 also saw many of the RCEP lead negotiators and their back-up think tanks interacting with their counterparts in India and industry bodies. Will the deal be finalised in time for the ASEAN summit meetings in Bangkok in November? And will India remain a part of it? Mixed signals continue.