2 Reasons Why Commerce Minister sees RCEP as Economic Opportunity
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Regional Comprehensive Economic Partnership (RCEP) is considered as a mega economic regional agreement between 10 ASEAN countries and its Free trade agreement partners. The members of the proposed RCEP including India have decided to conclude the trade agreement by the month of November this year. RCEP is the advantageous summit to achieve the economy gains through free trade agreements and foreign investors’ policy.
Here are the 2 reasons why Piyush Goyal has emphasized on RCEP
Ease in Market Access for India’s export
According to the Union Minister for Railways,Commerce and Industry, Piyush Goyal, PM Modi has directed to enter RCEP arrangements while finding a way to ensure the household business. Simultaneously, officials have to keep in mind the export section and its opportunity to increase new foreign investments and new market access to Indian exporters.
Facilitate MSME integration in regional value and supply chain
According to the PTI report, earlier, the Commerce and Industry Minister Piyush Goyal focused on the need to help MSMEs in creating nations to spike work creation and advance exchange a supportable way. MSMEs involvement in supplying products would create profitable margin for the industries falling under the category. Promoting it would directly impact the employment status of the country and its need to spur income generation.
MSMEs contribute around 45 percent in India's export, around 25 percent to the GDP from administration exercises and more than 33 percent to the assembling yield of India.
This year, seventh RCEP ministerial meeting was held in September in Bangkok. According to the ET, Piyush Goyal mentioned during his RCEP meeting this month that sooner the trade agreement is concluded with adequate protection for domestic industry, the better it is for India and that not all industries are opposed to the pact.