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.
Start Research-backed Investing ...Now. Subscribe to Sapphire
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: