Centre assures industry, consumers on RCEP pact

New Delhi: Commerce Minister Piyush Goyal said an environment of fear psychosis was being created against the Regional Comprehensive Economic Partnership (RCEP). The government was under no obligation to sign the mega trade deal without properly assessing its impact on the domestic economy, he added.

Goyal was speaking at an event organised here on Wednesday to release the high-level Advisory Group's report on raising India's share in global merchandise and services trade, managing bilateral trade ties and mainstreaming new-age policy making.

According to Goyal, the government will take a balanced view to protect the domestic industry as well as the consumers. The mega free-trade agreement (FTA) is being negotiated between Asean member states (Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) and Australia, China, India, Japan, South Korea and New Zealand.

The negotiations include issues linked to goods and services trade, investment, economic and technical cooperation, intellectual property, competition, dispute settlement, e-commerce and small and medium enterprises.

The negotiations have gone through several rounds and it is expected that the deal will be signed this year. There are 25 chapters to be negotiated and countries have reached an understanding on majority of them.