Suresh Prabhu Current Affairs

6th RCEP Trade Ministers’ Meeting held in Singapore

The sixth Regional Comprehensive Economic Partnership (RCEP) Trade Ministers’ Meeting was held in Singapore. Indian delegation was led by Union Minister of Commerce & Industry and Civil Aviation Suresh Prabhu.

Key Facts

This RCEP Trade Ministers’ Meeting will see participation of representatives from 10 ASEAN countries and six ASEAN FTA partners namely, India, China, Japan, Korea, Australia and New Zealand. They will give guidance to the Trade Negotiating Committee of RCEP to enable negotiations move forward. India has been constructively engaged in RCEP negotiations with aim to work towards a high quality, balanced and inclusive outcomes that take into consideration sensitivities and interests of member countries.

Regional Comprehensive Economic Partnership (RCEP)

RCEP is a proposed proposed free trade agreement (FTA) or comprehensive regional economic integration agreement between the 10-ASEAN countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam) and its six FTA partners (Australia, New Zealand, India, China, Japan and Korea).

The negotiations for this mega trade deal were formally launched at 2012 ASEAN Summit in Cambodia. It aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights under its ambit.

Till 2017, 16 RCEP member states accounted for population of 3.4 billion people with total GDP (in terms of PPP) of $49.5 trillion, approximately 38% of the world’s GDP (combined GDPs of China and India makes up more than half that amount) and 29% of world trade.

ASEAN is amongst the fastest growing markets in the world and presents substantial trade and investments opportunities for India. It has emerged as second largest trade partner of India in 2017-18 with bilateral trade valued at US $ 81.33 billion, comprising 10.58% of India’s total trade with the world. RCEP is viewed as alternative to the Trans-Pacific Partnership (TPP), a proposed trade agreement that includes several Asian and American nations but excludes China and India.

Month: Categories: International Current Affairs 2018

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National Conference on Counterfeiting & Role of Enforcement Agencies held in New Delhi

The National Conference on Counterfeiting and Role of Enforcement Agencies was held in New Delhi. It was organised by Cell for IPR Promotion and Management (CIPAM) in collaboration with European Union (EU). It was inaugurated by Minister of Commerce and Industry Suresh Prabhu.

Key Facts

The conference aimed to provide common platform to national and international experts to have dialogue and exchange best practices for benefit of enforcement agencies, and industry representatives and provide fresh ideas for further strengthening IPR protection ecosystem.

It provided platform to officials to share their experiences and better inter-agency coordination with respect to tackling menace of counterfeiting. It was attended by officials of various enforcement agencies, many IP professionals, lawyers, e-commerce stakeholders and people from industry associations.

Cell for IPR Promotion and Management (CIPAM)

CIPAM is a professional body under the aegis of the Department of Industrial Policy & Promotion (DIPP) Ministry of Commerce & Industry. Its mandate is to effectively implement National Intellectual Property Rights (IPR) Policy adopted in May 2016 with slogan – “Creative India; Innovative India”. It has undertaken several measures to strengthen IP ecosystem in the country.

Month: Categories: India Current Affairs 2018

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