Washington, Oct 30 (KNN) The 12-nation Trans-Pacific Partnership trade deal announced early this month is a significant agreement that accounts for 40 per cent of global economy, Union Commerce Minister Nirmala Sitharaman has said.
 
“It is one of the major agreements because it covers 40 per cent of the world economy,” Sitharaman said after the detailed presentation on the recently agreed TPP by senior US officials at a very short notice request from India, according to a media report.
 
“We wanted to be informed on the developments in TPP. The presentation was very useful,” she said, adding that at this stage India just wanted to have more information about TPP.
 
“At this stage, India is engaging with many groups to have a free trade agreements, preferential trade agreements. And while doing this, in the process, we certainly also want to be informed on what happened at TPP,” she said in response to a question.
 
 “We are understanding what TPP is all about. This was the first presentation. I think it is too early to comment on the details of it. I have to go back, look into what is being presented, go through it and then probably comment on it,” she said.
 
Seven of the ARSEP (ASEAN Regional Comprehensive Economic Partnership) members which consists of ASEAN and ASEAN FTA countries are party to the TPP.
“If everything goes fine somewhere in 2016 we should be near an agreement,” she said. (KNN Bureau)