Current Affairs - Persons - Discussion

Four-member Group of Ministers (GoM) headed by Union Minister of Commerce and Industry Suresh Prabhu has been constituted to to discuss concerns of trade pact with RCEP countries. This meeting will determine whether India is willing to give 92% of its market access to these countries or not for free trade or not. The trade pact will affect the sectors of steel, pharmaceuticals, agriculture, electronics, heavy industry, textiles and chemicals as there will be an influx of Chinese products effecting the domestic markets. These talks are to be held before the upcoming trade negotiations in RCEP Summit with member nations - including Japan, China, Australia, New Zealand and South Korea in November 2018.