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สรุปข่าวเด่นรายสัปดาห์
2 - 8 มกราคม 2559
- RCEP: India to propose mechanism to resolve non-tariff measures
The non-adversarial mechanism would not alter or diminish the rights and obligation of countries under the RCEP chapter on dispute settlement
India is set to propose a non-legal and non-adversarial mechanism to resolve trade-impeding non-tariff measures (NTMs) among the 16 Regional Comprehensive Economic Partnership (RCEP) countries.
“Every RCEP country shall designate a focal point for implementation of the informal mechanism on NTMs. All the information exchanged under this mechanism would be through this focal point,” said a source. “The requesting country would submit a written request in English to the focal point of the requested country. The requesting country shall send a copy of either the written request or a non-confidential summery of the written request to the other country. The request shall briefly indicate the NTM and the concerns of the requesting country as to how it affects their export to the requested country,” he said, adding that the responding country should submit its reply within 30 days.
However, the informal mechanism would not alter or diminish the rights and obligations of countries under the RCEP chapter on dispute settlement, and is without prejudice to countries’ rights and obligations under the WTO agreements. RCEP is a proposed free trade agreement between 16 countries namely ASEAN (Brunei, Cambodia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam) and its 6 FTA partners: Australia, China, Japan, Korea, New Zealand and India.
Based on the written request of any other country, within 20 days of the submissions of the response, both the parties shall decide, by mutual consent to designate such other country as a third party country, and include the participation of such a third-party country in the informal mechanism.
The parties, may also decided by mutual consent, on the need for the chairperson of the Committee on Trade in Goods (CTG) to moderate or facilitate the informal mechanism.“The parties would be encouraged to use electronic modes of communication, including video conferencing keeping in view the resource constraints of participating countries. They may, if needed and by mutual consent, seek the advice of the experts. Whatever, the mechanism should seek to explore practical trade solutions between the parties,” another official said.
Source: The Financial Express, Delhi Edition, January 6, 2015
- FM: Indian economy has emerged as one of the fastest growing economies in the world with its GDP growth accelerated at 7.3 percent in 2014-15; Economy is firmly on the path of economic revival
The Union Finance Minister Shri Arun Jaitley said that Indian economy has emerged as one of the fastest growing economies in the world with its GDP growth accelerated at 7.3 percent in 2014-15 compared to 6.9 per cent growth in 2013-14 and 5.1 per cent in 2012-13, indicating that the economy is firmly on the path of economic revival. The Finance Minister Shri Jaitley was making the Opening Remarks during his fourth Pre-Budget Consultative meeting with the representatives of IT (Hardware & Software) Sector today in New Delhi.
Highlighting the contribution and importance of IT Sector, the Finance Minister said that the Governments ‘Make in India’ programme has included the electronic systems and IT & BPM (Business Process Management) sector among the 25 key sectors. He said that the Governments recognizes this Sectors potential and the information Technology sector is a key pillar in various flagship initiatives like digital India, Make in India, Skill India as well as Start-up India among others.
The participants expressed their gratitude and congratulated the Government for the measures undertaken in the previous year which facilitated their market performance and enabled them to revive and improve their growth. They expressed full confidence in India being the next big player in the manufacturing field in the world. They further said that Manufacturing will be the major driving force of our economic growth and they will be able to achieve the committed target of creation of job opportunities.
Various suggestions were received during the aforesaid Consultative Meeting. Major recommendations were to continue with measures to facilitate the exports, facilitating ease of doing business, measures for simplifying and rationalizing tax procedures. Other suggestions included the provision of Place of Effective Management (POEM) to be deferred by couple of years as this short period can be a hurdle for industrial growth. There was also suggestion that the scope of POEM need to be rationalized and made applicable to overseas shell companies. It was suggested that GST be implemented at the earliest.
On the proposal of sunset clause in case of SEZ companies, the tax relief to the eligible development activities and the sales activities by a SEZ unit may be extended till March 2019, as it will be unfair to deny the tax benefits to such SEZ developers who have planned large investments in setting-up SEZ infrastructure. Other suggestions were reduction of corporate tax. Specific time bound policy to revive the mobile industry, incentive to pollution free industries and vehicles, TRIPS Plus Agreement on Trade-Related Aspects of Intellectual Property Rights) commitment need to be relooked, directive to make all State and Inter-State duties and procedures and procedures online among others. There is also need to create duty differential benefits for Indian (IT hardware) manufacturers especially in case of mobile and tablets. It was also suggested to reduce Minimum Alternate Tax (MAT) and utilization period under MAT be increased from 10 years to 15 years.
Source: Business Standard, Delhi Edition, January 7, 2015
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