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Hey , I join t.me/upsciasexams channel on telegram recently....They Caters Daily Current Affairs , Highlighted The Hindu (Which Reduce my time) , Daily Current Affairs , History , Geography, Polity & Economy Quiz for practice... but i want to ask one question that should i join other channel for preparation or it is enough??
Context: The Association of South East Asian Nations (ASEAN), which announced the idea of a Regional Comprehensive Economic Partnership (RCEP) in 2012, is pushing stakeholders to conclude talks by the end of 2019 and take it forward. (Pg 13, The Hindu)
Analysis
The concept of the Regional Comprehensive Economic Partnership (RCEP) was promoted by the Association of South East Asian Nations (ASEAN) countries (Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam) and six ASEAN FTA partners (Australia, People’s Republic of China, India, Japan, Republic of Korea, and New Zealand) in 2011, but an RCEP declaration came at the ASEAN summit in Phnom Penh in 2012, and negotiators met for the first time in 2013.
The RCEP includes countries that make up 45% of the world’s population with 33% of its GDP, and at least 28% of all trade in the world today.
The RCEP is modelled on FTAs of the ASEAN group with others and hence it is in an ASEAN+1 FTAs format.
ASEAN +1 FTAs refers to the FTAs that ASEAN group have signed with each of the neighbouring six countries – China, Japan, Korea, India, Australia and New Zealand. COVERAGE AREAS
The RCEP negotiation includes: trade in goods, trade in services, investment, economic and technical cooperation, intellectual property, competition, dispute settlement, e-commerce, small and medium enterprises (SMEs) and other issues but does not set environmental or labour standards.
RECP countries proposes that 90% of traded items should be tariff-free.
Stumbling blocks for the RCEP
Six years later, the main stumbling blocks for the RCEP are the India-China trade relationship, as well as some concerns from Australia and New Zealand on labour and environmental protections.
In May this year, China proposed a plan to conclude the negotiations without the naysayers, i.e. take the ASEAN+3 (China, Japan and South Korea) into the agreement, while leaving space for India, Australia and New Zealand to join later. Malaysia also echoed the idea.
Why is India holding up the deal?
India’s chief concern with the RCEP is the fact that it needs to protect its economy from the flooding of cheap imports from China.
Of all the countries in the RCEP, India is the only one not involved in any bilateral or multilateral negotiations for an FTA with China, and the worry for the government and industry is that an FTA within the RCEP will just become a cover for duty free trade into India for Chinese goods particularly affecting manufacturers of steel and aluminium, copper, pharmaceuticals and textile, which will be the worst hit in such a scenario.
RCEP negotiators have thus far agreed to allowing India a differential tariff ladder, for its FTA partners and its non-FTA partners (China, Australia and New Zealand) within the grouping.
India has asked for strict “Rules of Origin” markings on all goods, so they don’t come in through a third country.
In addition, India wants to ensure the free flow of services (manpower) to RCEP countries as well, but has faced an uphill task as most countries tighten their immigration laws.
Except the Philippines, Laos, Myanmar and Cambodia, India has a trade deficit with all the remaining countries of RECP.
In decreasing order, the largest trade deficits of India within the RECP are with: China > South Korea > Indonesia > Australia
During the current round of talks in Melbourne, trade negotiators are focusing on market access for goods, services, and investment as well as negotiations on Rules of Origin, Intellectual Property and E-commerce.
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Comments
Below i am copy-pasting the analysis of the Hindu dated 4th August 2019:
THE HINDU ANALYSIS 4th AUGUST 2019
REGIONAL COMPREHENSIVE ECONOMIC PARTNERSHIP (RCEP)
Context: The Association of South East Asian Nations (ASEAN), which announced the idea of a Regional Comprehensive Economic Partnership (RCEP) in 2012, is pushing stakeholders to conclude talks by the end of 2019 and take it forward. (Pg 13, The Hindu)
Analysis
The concept of the Regional Comprehensive Economic Partnership (RCEP) was promoted by the Association of South East Asian Nations (ASEAN) countries (Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam) and six ASEAN FTA partners (Australia, People’s Republic of China, India, Japan, Republic of Korea, and New Zealand) in 2011, but an RCEP declaration came at the ASEAN summit in Phnom Penh in 2012, and negotiators met for the first time in 2013.
The RCEP includes countries that make up 45% of the world’s population with 33% of its GDP, and at least 28% of all trade in the world today.
The RCEP is modelled on FTAs of the ASEAN group with others and hence it is in an ASEAN+1 FTAs format.
ASEAN +1 FTAs refers to the FTAs that ASEAN group have signed with each of the neighbouring six countries – China, Japan, Korea, India, Australia and New Zealand.
COVERAGE AREAS
The RCEP negotiation includes: trade in goods, trade in services, investment, economic and technical cooperation, intellectual property, competition, dispute settlement, e-commerce, small and medium enterprises (SMEs) and other issues but does not set environmental or labour standards.
RECP countries proposes that 90% of traded items should be tariff-free.
Stumbling blocks for the RCEP
Six years later, the main stumbling blocks for the RCEP are the India-China trade relationship, as well as some concerns from Australia and New Zealand on labour and environmental protections.
In May this year, China proposed a plan to conclude the negotiations without the naysayers, i.e. take the ASEAN+3 (China, Japan and South Korea) into the agreement, while leaving space for India, Australia and New Zealand to join later. Malaysia also echoed the idea.
Why is India holding up the deal?
India’s chief concern with the RCEP is the fact that it needs to protect its economy from the flooding of cheap imports from China.
Of all the countries in the RCEP, India is the only one not involved in any bilateral or multilateral negotiations for an FTA with China, and the worry for the government and industry is that an FTA within the RCEP will just become a cover for duty free trade into India for Chinese goods particularly affecting manufacturers of steel and aluminium, copper, pharmaceuticals and textile, which will be the worst hit in such a scenario.
RCEP negotiators have thus far agreed to allowing India a differential tariff ladder, for its FTA partners and its non-FTA partners (China, Australia and New Zealand) within the grouping.
India has asked for strict “Rules of Origin” markings on all goods, so they don’t come in through a third country.
In addition, India wants to ensure the free flow of services (manpower) to RCEP countries as well, but has faced an uphill task as most countries tighten their immigration laws.
Except the Philippines, Laos, Myanmar and Cambodia, India has a trade deficit with all the remaining countries of RECP.
In decreasing order, the largest trade deficits of India within the RECP are with: China > South Korea > Indonesia > Australia
During the current round of talks in Melbourne, trade negotiators are focusing on market access for goods, services, and investment as well as negotiations on Rules of Origin, Intellectual Property and E-commerce.
OPEN MARKET OPERATIONS (OMO’S)
Context: An article. (Pg 14, The Hindu)