Union Commerce Minister, Nirmala Sitharaman Ms Sitharaman said that it is interesting to know that the TPP has made space for diverse members.
The 12-nation Trans-Pacific Partnership (TPP) trade deal announced early this month is a significant agreement that accounts for 40 per cent of global economy, Union Commerce Minister Nirmala Sitharaman has said.
"It is one of the major agreements because it covers 40 per cent of the world economy," Ms Sitharaman said after she was given a detailed presentation on the recently agreed TPP by senior US officials at a very short notice request from India.
"We wanted to be informed on the developments in TPP. The presentation was very useful," the minister said, adding that at this stage India just wanted to have more information about TPP.
"At this stage, India is engaging with many many groups to have a free trade agreements, preferential trade agreements. And while doing this, in the process, we certainly also want to be informed on what happened at TPP," she said in response to a question.
The US, Japan and 10 other Pacific Rim nations this month reached final agreement on the largest regional trade accord in history.
"We are understanding what TPP is all about. This was the first presentation. I think it is too early to comment on the details of it. I have to go back, look into what is being presented, go through it and then probably comment on it," she said and refrained to respond to questions if India intends to join the grouping or if it is in the interest of India.
Ms Sitharaman also said that it is interesting to know that the TPP has made space for diverse members, after the conclusion of the US-India Trade Policy Forum meeting, which was co-chaired by US Trade Representative Mike Froman.
"Can India afford to be not a member of TPP?" she was asked. "At this stage, India is engaging with many many groups," she replied.
Seven of the ARSEP (ASEAN Regional Comprehensive Economic Partnership) members which consists of ASEAN and ASEAN FTA countries are party to the TPP.
"If everything goes fine somewhere in 2016 we should be near an agreement," she said.