December 2016 Current Affairs

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India, China exchange tariff cut offers under RCEP

India, China exchange tariff cut offers under RCEP
16 March 2016 Current Affairs: Plans to liberalise trade between India and China, the world’s two fastest-growing large economies, have gathered momentum with both sides exchanging offers on removal of a chunk of tariff lines on goods imports. Against India’s offer to remove 42.5% of tariff lines under the 16-country Regional Comprehensive Economic Partnership (RCEP), China has expressed its willingness to abolish equivalent amount of tariff lines for India.Although a final call on the products India would like China to scrap the import duties, trade experts say India may seek duty relief for its textile exports, among others.Cotton fibre and yarn, copper and some organic chemicals are the major items that India has exported to China this fiscal, while its imports from China include electronic items, mechanical appliances, organic chemicals,fertiliser and iron and steel. Earlier, India used to export huge quantities of iron ore to China before curbs were placed on their mining.India’s merchandise exports to China stood at a mere $11.9 billion in 2014-15, while China’s exports to India were to the tune of $60.4 billion. Even if the likely damaging impact of cheaper imports from China on domestic industry such as steel is discounted, the potential customs revenue loss for the country as a percentage of its gross domestic product (GDP) will be much higher than China’s, also because of the fact that China’s GDP is more than four times of India’s.Successful RCEP negotiations would essentially pave the way for a virtual free trade agreement (FTA) between India and China, as India already has FTAs with other members in the grouping. RCEP comprises 10 Asean nations and six others with which these countries have already forged FTAs. According to an initial assessment made in 2013, RCEP nations included more than 3 billion people, have a combined GDP of about $17 trillion, and makes up for roughly 40% of the global trade.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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