Eye huge markets in CIS nations, Africa and Latin America, where Indian exports have a negligible presence
New Delhi resisted calls by most nations, which argued that India should slash existing tariffs on up to 90% of all goods
The upcoming meet is set to see the Asean nations, desperate to sign the deal by 2019-end, make a crucial push to get both India and China on the same page when it comes to tariff reduction
The government reportedly fears the figure for revenue foregone may be as high as Rs 60,000 crore for the proposed Regional Comprehensive Economic Partnership deal once it goes live
India's components exports to China in 2018-19 stood at $300 million
Piyush Goyal met representatives during a series of parleys in Mumbai on Monday to allay fears
Representatives of industry bodies such as CII and FISME would also attend the meeting
If India has to have a globally competitive industry, the government must emulate China on creating the right ecosystem
Centre wants such independent assessment to be framework for all future FTA talks, similar to the BIT
New Delhi will have to negotiate on the tricky services trade issue as pressure from manufacturing behemoth China and the Asean grouping mounts on a speedy deal
India has asked for 20 years period to remove these duties
It remains to be seen how quickly the new government is able to involve itself in the discussions considering the various issues
The RCEP is touted as a significant step to bring the three largest economies of Asia - China, India and Japan - into a regional trading bloc, along with ASEAN member countries
The summit saw nations affirm that 'talks are at final stage'
Swift conclusion of trade negotiations in India's interest
India was represented by Suresh Prabhu at the ministerial negotiations, to be followed by the Leaders' Summit on Wednesday. Narendra Modi will be participating in the summit
Trade ministers of the 16-member RCEP are meeting to continue efforts to resolve the issues are hindering the conclusion of the negotiations
Minister of State for Commere and Industry C R Chaudhary and senior officials from the ministry will attend the meet, the official said
In a bid to fast-track the deal, most nations have agreed to ease the investor-state-dispute settlement (ISDS) clauses
Called the Regional Comprehensive Economic Partnership (RCEP), the trade accord includes the 10 members of the Association of Southeast Asian Nations (ASEAN) and the world's No.2 economy, China