Anybody who is doing oliveboard mock test?
India’s reasons for not joining RCEP:
- Changed scenario due to the China-US trade war:
China has been seeking to tie up the deal expeditiously as the country faces slowing growth from a trade war with the U.S.
This shifted the focus somewhat from crafting an agreement that worked for all to an early conclusion of agreement. - RCEP lacking balance and fairness:
India was not able to get several of its key concerns addressed.
The biggest concern in the bloc is still with China with whom the Indian bilateral trade deficits lurk around USD 55-60 billion.
There are too many non-tariff barriers in place in China which have to be removed.Otherwise, progressively low tariff rates which form the core of the RCEP treaty, will seriously hurt our dairy, steel, MSME and textile sectors. - Lopsided ‘Free Trade Agreements’:
India has already signed a host of free trade agreements (FTAs) and comprehensive economic cooperation agreements (CECAs) with the South-east Asian nations, with whom India’s trade deficit only increased after the agreements came to effect.
Even with other RCEP nations with whom India does not have trade agreements, namely, Australia, New Zealand, and China, India faces a massive and growing trade deficit.
Domestic opposition: Agricultural producers and farmers are fearing that cutting tariffs on dairy and other produce would open the door to cheap Chinese imports and threaten sectors that support a vast swathe of the population. - The economic slowdown: Indian industries facing consumption slowdown, would have been further hit by cheap imports.
- Stagnating Indian exports: India's exports have declined along with an increase in imports.
India’s main issues with RCEP:
- The main issues that need resolution include
e-commerce chapter
number of goods on which import duties should be completely eliminated
norms to relax services trade
investor-state dispute settlement
Rules of Origin (ROO)
- The e-commerce chapter & the issue of cross-border transfer of electronic information:
The e-commerce chapter contains clauses that, if India had agreed to them, would have prevented it from implementing data localisation rules on companies doing business in India.
- India has proposed locating computing facilities inside the country if it is meant to protect its essential security interests and national interests.
- Also Reserve Bank of India’s (RBI) in its April 2018 notification mandated “all system providers shall ensure that the entire data relating to payment systems operated by them are stored in a system only in India”.
RCEP does not want data localization. It said that these requirements raise costs for suppliers of data-intensive services by forcing the construction of unnecessary, redundant data centres.
- Number of goods on which import duties should be completely eliminated
- RCEP members want India to eliminate or significantly reduce customs duties on maximum number of goods it traded globally.
To protect domestic industry against surge in imports, India suggested an auto trigger method that would automatically increase import levies once shipments cross a given threshold limit.
India is negotiating ‘standstill’ and ‘ratchet’ clauses which mean that the governments have to freeze their current levels of market opening, and if they liberalise more they cannot go back.
Dairy Sector - New Zealand and Australia would gain significantly for commodities- Milk powder and fat. Already Malaysia and Indonesia have successfully exploited the Indian market in palm oil, as did Argentina and Brazil in soyabean oil and Ukraine in sunflower oil.
2. Norms to relax services trade
- Under services, India wants greater market access for its professionals in the proposed agreement.
But the RCEP grouping had earlier rejected India’s proposal for a visa fee waiver on a common reciprocal basis, fearing migration and subsequent loss of jobs.
Computer related services is a sector of India’s interest and in that Mode 4 is India’s main concern.
3. Proposed inclusion of the controversial investor-state dispute settlement (ISDS):
- This mechanism gives the exclusive right to bypass domestic legal systems and sue governments at international arbitration tribunals whenever they feel government regulation can limit their profits.
- India does not want an ISDS mechanism in RCEP as it does not want its domestic laws to be challenged in offshore arbitral tribunals.
4. Rules of Origin (ROO):
- Rules of origin are the criteria used to define where a product was made and are important for implementing other trade policy measures, including trade preferences, quotas, anti-dumping measures and countervailing duties.
- India wants strict rules of origin to prevent Chinese goods from flooding the country through member countries that may have lower or no duty levels.
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Artificial Intelligence, the law and the future
AI-driven tech will become counterproductive if a legal framework is not devised to regulate it
In February, the Kerala police inducted a robot for police work. The same month, Chennai got its second robot-themed restaurant, where robots not only.............
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Complete List of Model Essays for RBI Grade B 2019
Index :
- Farmers’ Income will double by 2022. Is it a mirage?
- Economic Slowdown In India In 2019
- Financial inclusion – A requirement for all ages in India
- Digital Empowerment/ Digital Literacy in India
- Pollution: A Menace
- Can India be a 5 Trillion Economy by 2024?
- Indian Chandrayan Mission II Its Prospects
- Skill India Mission Is it a Mirage or Reality
- Was Mahatma Gandhi a Real Management Guru
- Is Gandhism still relevant
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How much marks you are getting in esi and fm mocks?
Anyone having centre at Bangalore?
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Can anyone help with this... GDP contribution by each sector like education,, health, agriculture this year and last year in percentage. Their growth percentage from prev year, their target and budget allocation...
Will result be out in coming week??
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SPECIAL NON-RESIDENT RUPEE ACCOUNT (SNRR ACCOUNT)
In a bid to boost internationalisation of the rupee, the RBI has relaxed norms for the opening of special non-resident rupee (SNRR) accounts and permitted direct remittance from India into these accounts.
Now, RBI has expanded the scope of SNRR Account by permitting person resident outside India to open such account for:
External Commercial Borrowings in INR;
Trade Credits in INR;
Trade (Export/ Import) Invoicing in INR; and
Business related transactions outside International Financial Service Centre (IFSC) by IFSC units at GIFT city like administrative expenses in INR outside IFSC, INR amount from sale of scrap, government incentives in INR, etc.
It has also been decided to rationalise certain other provisions for operation of the SNRR Account, as under:
Remove the restriction on the tenure of the SNRR account opened for the purposes given at paragraph 3 above as the proposed transactions are more enduring in nature.
Apart from Non-Resident Ordinary (NRO) Account, permit credit of amount due/ payable to non-resident nominee from account of a deceased account holder to Non-Resident External (NRE) Account or direct remittance outside India through normal banking channels.