India offers commitments on goods, services in RCEP

India has offered its commitments on opening goods and services sectors in the Regional Comprehensive Economic Partnership (RCEP) negotiations while other members are still struggling to meet their obligations. Commerce Secretary Rita Teaotia has said that the offering commitments in goods and services in this mega regional trade agreement reflect how open the Indian economy is. She said that the there are lot of 'myths' about openness of India and whether its economy is really welcoming to the world.

Rita Teaotia further said that within the mega regional trade pact which India is negotiating -the RCEP, will meet all the commitments on the merchandise goods and services. RCEP is a mega trade agreement which is being negotiated among 16 countries including 10 ASEAN members, India, China, Japan, Korea, Australia and New Zealand.

For the Trans Pacific Partnership (TPP) pact and its impact, the secretary said norms in areas like IPR and labour in this agreement may pose challenges to countries including India. TPP is also a mega trade agreement between 12 countries including Australia, the US and Vietnam.