The Government has constituted the Ministerial Group (GoM) under the chairmanship of Union Commerce and Industry Minister Suresh Prabhu for the Regional Comprehensive Economic Partnership (RCEP) Dialogue. This ministerial group has been formed to decide on continuation or termination of the RCEP negotiation. This ministerial group will give advice to the Prime Minister in this regard.
This ministerial group includes Interim Finance and Power Minister Piyush Goyal, Defense Minister Nirmala Sitharaman, Housing and Urban Development Minister Hardeep Puri. This GoM will provide consultation to decide whether or not to join the RCEP. The Ministerial Meeting of the RCEP will be held in Singapore in August 2018, while the Summit will be held in November 2018.
The purpose of RCEP is to include member countries in a modern, comprehensive and mutually beneficial economic partnership agreement. This agreement will include items, services, investments, intellectual property etc.
There is considerable pressure on RCEP member countries (including China) to enter the market. Many RCEP member countries want 92% of business items to enter the Indian market, but they are not willing to enter Indian skilled professionals in their country.
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