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India is working for a fair deal on RCEP that does not allow unfair market access: Goyal

Updated: Jul 16, 2019 10:22:06am
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India is working for a fair deal on RCEP that does not allow unfair market access: Goyal

New Delhi, July 16 (KNN) On proposed free trade pact, Regional Comprehensive Economic Partnership (RCEP), India is working for a fair deal which protects the country’s interests and does not allow unfair market access, said Piyush Goyal, Union Minister of Commerce & Industry and Railways.

From now no agreement or trade pact on commerce will be at the cost of India's interests, the country’s sovereign requirements and interests of the citizens, he added.

He made the above remarks while interacting with the Indian diaspora in London.

During his hour-long interaction with the Indian Diaspora the Commerce Minister explained the strategy and focus of the newly elected Government.

He said that Indian government is looking for ideas from all sides to strengthen and to give confidence to international investors, with the best of technologies, to come to India and invest.

Speaking on trade with the UK and the US, the Minister said that there are obviously some red lines, which each side may find very difficult to compromise. Until we can respect that, as one would do in a business transaction or while negotiating a good deal, it will not be impossible to resolve it. Every country has to protect its national interest, legal sovereignty and the interests of its citizens added the Minister.

Goyal further said that the FTAs entered into by India in 2009-10 had not been good deals and some of them are causing agony which is why India is looking at the United States to put that baggage behind and move forward.

Commerce & Industry Minister informed that the Ministry is now trying to speed up the entire process and streamline the patent office. There was a 7-year backlog in 2014.

He informed that from now on all patent applications will be in the public domain and transparency will be maintained.

Speaking on IPR enforcement, Goyal said that India has a long way to go as the process itself is very slow at the moment. The entire framework around IPR has to be strengthened in order to give confidence to international investors, with best of technologies, to come to India and invest.

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