28.1 C
Delhi
October 25, 2021
Charis Journal

Chemical industry warns against misuse of ‘rules of origin’ RCEP deal:

chemical

Indian Chemical Council (ICC) on Monday said it is not opposed to the signing of RCEP trade agreement among 16 countries, but demanded that the government should protect the interest of the domestic industry and prevent any misuse of the rules of origin.

The proposed Regional Comprehensive Economic Partnership (RCEP) agreement includes 10 member-countries of the Association of Southeast Asian Nations (ASEAN) and six of the bloc’s dialogue partners — China, Japan, South Korea, India, Australia and New Zealand.

“Indian chemical industry is an industry-of-industries with a combined turnover of USD 160 billion. It is growing at 100 basis points more than the economic growth,” ICC President Vijay Shankar told reporters here.

Indian chemical industry has the potential to be the engine of growth in the next decade, he said.

Asked about the RCEP, Shankar said: “We are not saying that do not sign the agreement. We want that the government should protect the interest of the domestic chemical and petrochemical industry”.

He said the government has held various rounds of consultations to understand various concerns of the chemical industry, which manufactures 5,000 products.

The ICC has demanded prevention of misuse of the ‘Rules of Origin’ since the trade deal places the RCEP members into a quasi-bloc with higher dominance of China.

For India, the biggest issue is to protect the economy from the flooding of cheap imports of Chinese chemicals, creating an enormous disadvantage for the Indian chemical industry.

Rules of Origin under the RCEP have a criterion which can potentially prove to be damaging for products with multiple stage production processes.

Termed as ‘Produced Entirely’, it suggests that in a multi-stage production process if all the inputs in the final production stage are from RCEP countries, its origin will be conferred.

ICC’s DG H S Karangle said, “The liberal origin rules adopted under the RCEP coupled with the ‘regional cumulation’ rule would permit the latter country to be treated as the country of origin and accordingly, the goods imported into India from this country would get preferential treatment, as the product figures in the positive list for tariff liberalization for that country. In this way, MFN duties otherwise applicable to the goods imported from China can easily be circumvented.”

 

Related News

15 comments

storno brzinol June 4, 2021 at 1:01 PM

This website online is mostly a walk-through for the entire information you needed about this and didn’t know who to ask. Glimpse right here, and you’ll definitely uncover it.

Reply
hydroxychloroquine use for covid19 July 18, 2021 at 7:14 PM

hydroxychloroquine sulfate buy online

race inflammation universe

Reply
price vidalista usa September 16, 2021 at 6:58 AM

Hi friends, its impressive article concerning educationand completely defined, keep it up all the time. http://herreramedical.org/vidalista

Reply
stromectol price no insurance September 19, 2021 at 9:43 AM

ivermectin 50 mg

big spondylosis comfort

Reply
ivermectin for sale September 19, 2021 at 11:49 AM

bubblegum stromectol

special deep sleep approximately

Reply
stromectol and ibuprofen for rosacea therapy September 24, 2021 at 1:38 PM

t stromectol 6 mg

vary tachycardia jump

Reply
tadalafil 40 mg safe September 25, 2021 at 11:55 AM

Aw, this was an incredibly good post. Finding the
time and actual effort to generate a really good article… but what can I say… I put things off a whole lot and don’t manage
to get nearly anything done. https://tadalafili.com/

Reply
stromectol for eczema September 25, 2021 at 2:03 PM

stromectol teva 3109

maker hyperparathyroidism stress

Reply
ivermectin for humans over the counter in mexico October 5, 2021 at 7:53 AM

ivermectin prescription

stomach aldosterone motivation

Reply
to buy cialis generic October 6, 2021 at 9:59 AM

This post presents clear idea in support of the new
viewers of blogging, that really how to do running a blog. http://ciaalis2u.com/

Reply
ivermectin mexico pharmacy October 6, 2021 at 4:37 PM

ivermectin liquid wormer

back exophthalmos portion

Reply
stromectol over the counter walgreens October 7, 2021 at 2:30 PM

ivermectin 1g

draw conductive hearing loss pitch

Reply
generic ivermectin 1% October 12, 2021 at 5:38 AM

I would like to thank you for the efforts you have put in writing this blog.
I am hoping to see the same high-grade content from you in the future as well.
In truth, your creative writing abilities has
inspired me to get my own, personal website now 😉 http://harmonyhomesltd.com/Ivermectinum-pharmacology.html

Reply
azithromycin drug card October 12, 2021 at 9:19 PM

I read this piece of writing fully about the resemblance of most up-to-date and previous technologies, it’s awesome article. http://antiibioticsland.com/Zithromax.htm

Reply
best generic tadalafil online October 17, 2021 at 10:52 AM

I’m truly enjoying the design and layout of your site.
It’s a very easy on the eyes which makes it much more enjoyable for me to come here and visit more often. Did you hire
out a designer to create your theme? Superb work! http://herreramedical.org/tadalafil

Reply

Leave a Comment